Supply and Demand

Front

A curve indicating the quantities that buyers are willing to purchase at various prices is known as a ___________ curve.

Back

demand

Front

Total market supply of full course dinners tonight at $20, with ten restaurants each producing up to twenty dinners.

Back

200

Front

The demand curve for a good shows the same information as the demand schedule.

Back

true

Front

What event could have triggered the shift in demand for sofas from D1 to D2? (Sofas and arm chairs are substitute goods)

Back

The price of armchairs decreased

Front

Which of the following is an example of movement along a supply curve?

• quantity of apples offered for sale increases as the price of apples rises
• price of pears doubles, increasing demand for apples
• price of fertilizer increases, making it more expensive to produce apples
• thanks to good weather conditions, apple growers enjoy a bumper crop

Back

quantity of apples offered for sale increases as the price of apples rises

Front

Which of the following is not an example of a “nonprice determinant of supply” of handmade rugs?

• Available technology for making rugs
• The price of looms for weaving rugs
• Number of rug producers
• Price of handmade rugs

Back

Price of handmade rugs

Front

What would most likely increase the demand for public transportation? Options: Increasing the frequency of bus stops, Higher gasoline prices, Lower fares for bus tickets, Lower automobile prices.

Back

Higher gasoline prices

Front

When the supply of a good increases (shift to the right), what happens to equilibrium price and quantity?

Back

Price decreases, quantity increases

Front

Example of selling limited lemonade to those willing to pay the most.

Back

rationing by price