Question 1

An increase in the price of hamburger would probably result in _____ in the demand for hamburger buns.

Accepted Answer

A)   a decrease
B)   an increase
C)   no change
D)   random fluctuationsE) C) and D)
F) None of the above

Question 2

Suppose the equilibrium price of good Y is $5 and the equilibrium quantity is 150 units.Supply in this market is upward sloping.If the price of good Y is $12:

Accepted Answer

A)   the quantity demanded will be greater than 150 units.
B)   the quantity supplied will be less than 150 units.
C)   there will be an excess demand for good Y.
D)   there will be an excess supply of good Y.E) C) and D)
F) A) and D)

Question 3

Use the following to answer questions:
Figure: Shifts in Demand and Supply IV 
-(Figure: Shifts in Demand and Supply IV) Use Figure: Shifts in Demand and Supply IV.The figure shows how supply and demand might shift in response to specific events.Suppose half of the people in Vancouver move to Calgary.Which panel BEST describes how this will affect the market for houses in Calgary?

Accepted Answer

A)   Panel (a) 
B)   Panel (b) 
C)   Panel (c) 
D)   Panel (d) E) B) and D)
F) All of the above

Question 4

When an increase in the price of wheat,an important ingredient in the production of bread,happens at the same time as an increase in the number of people consuming bread:

Accepted Answer

A)   both the equilibrium price and quantity will increase.
B)   the equilibrium quantity will decrease,but the equilibrium price may decrease,increase,or stay the same.
C)   both the equilibrium price and quantity will decrease.
D)   the equilibrium price will increase,but the equilibrium quantity may decrease,increase,or stay the same.E) B) and C)
F) None of the above

Exam 3: Supply and Demand

When an increase in the price of wheat,an important ingredient in the production of bread,happens at the same time as an increase in the number of people consuming bread:

Correct Answer
verified

An increase in the price of hamburger would probably result in _____ in the demand for hamburger buns.

Correct Answer
verified

Correct Answer
verified

Suppose the equilibrium price of good Y is $5 and the equilibrium quantity is 150 units.Supply in this market is upward sloping.If the price of good Y is $12:

Correct Answer
verified

Exam 3: Supply and Demand

When an increase in the price of wheat,an important ingredient in the production of bread,happens at the same time as an increase in the number of people consuming bread:

Correct AnswerverifiedShow Answer

An increase in the price of hamburger would probably result in _____ in the demand for hamburger buns.

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

Suppose the equilibrium price of good Y is $5 and the equilibrium quantity is 150 units.Supply in this market is upward sloping.If the price of good Y is $12:

Correct AnswerverifiedShow Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified