Econ 2020 Chapter 3

Suppose that at prices of $1, $2, $3, $4, and $5 for product Z, the corresponding quantities supplied are 3, 4, 5, 6, and 7 units, respectively. Which of the following would increase the quantities supplied of Z to, say, 6, 8, 10, 12, and 14 units at these prices?

A government subsidy to the producers of a product:

(Advanced analysis) Answer the question on the basis of the following information. The demand for commodity X is represented by the equation P = 10 - 0.2Q and supply by the equation P = 2 + 0.2Q. Refer to the above information. If demand changed from P = 10 - .2Q to P = 7 - .3Q, the new equilibrium quantity is:

Allocative efficiency involves determining:

Suppose that tacos and pizza are substitutes, and that soda and pizza are complements. We would expect an increase in the price of pizza to:

In the following question you are asked to determine, other things equal, the effects of a given change in a determinant of demand or supply for product X upon (1) the demand (D) for, or supply (S) of, X, (2) the equilibrium price (P) of X and (3) the equilibrium quantity (Q) of X. Refer to the above. Consumer expectations that the price of X will rise sharply in the future will:

At the equilibrium price:

Economists use the term "demand" to refer to:

In the following question you are asked to determine, other things equal, the effects of a given change in a determinant of demand or supply for product X upon (1) the demand (D) for, or supply (S) of, X, (2) the equilibrium price (P) of X and (3) the equilibrium quantity (Q) of X. Refer to the above. A decrease in the number of consumers of product X will:

In moving along a demand curve which of the following is not held constant?

In the following question you are asked to determine, other things equal, the effects of a given change in a determinant of demand or supply for product X upon (1) the demand (D) for, or supply (S) of, X, (2) the equilibrium price (P) of X and (3) the equilibrium quantity (Q) of X. Refer to the above. An increase in the prices of resources used to produce X will:

An effective price floor will:

In the following question you are asked to determine, other things equal, the effects of a given change in a determinant of demand or supply for product X upon (1) the demand (D) for, or supply (S) of, X, (2) the equilibrium price (P) of X and (3) the equilibrium quantity (Q) of X. Refer to the above. If X is an inferior good, a decrease in income will:

A government tax per unit of output reduces supply.

Which of the following statements is correct?

In the following question you are asked to determine, other things equal, the effects of a given change in a determinant of demand or supply for product X upon (1) the demand (D) for, or supply (S) of, X, (2) the equilibrium price (P) of X and (3) the equilibrium quantity (Q) of X. Refer to the above. An increase in the prices of resources used to produce X will:

Which of the following statements is true about price ceilings?

The law of supply indicates that, other things equal:

In the following question you are asked to determine, other things equal, the effects of a given change in a determinant of demand or supply for product X upon (1) the demand (D) for, or supply (S) of, X, (2) the equilibrium price (P) of X and (3) the equilibrium quantity (Q) of X. Refer to the above. A reduction in the number of firms producing X will:

Which of the following statements is true about price ceilings?

The law of supply indicates that, other things equal:

In the following question you are asked to determine, other things equal, the effects of a given change in a determinant of demand or supply for product X upon (1) the demand (D) for, or supply (S) of, X, (2) the equilibrium price (P) of X and (3) the equilibrium quantity (Q) of X. Refer to the above. A reduction in the number of firms producing X will:

A market that is achieving allocative efficiency must also be achieving productive efficiency

If producers must obtain higher prices than before to produce a given level of output, then the following has occurred:

(Advanced analysis) The equation for the supply curve in the below diagram is approximately:

If there is a surplus of a product, its price:

Which of the following statements is true about productive and allocative efficiency?

Tennis rackets and ballpoint pens are:

Which of the following would most likely increase the demand for gasoline?

Assuming conventional supply and demand curves, changes in the determinants of both supply and demand will:

In the following question you are asked to determine, other things equal, the effects of a given change in a determinant of demand or supply for product X upon (1) the demand (D) for, or supply (S) of, X, (2) the equilibrium price (P) of X and (3) the equilibrium quantity (Q) of X. Refer to the above. A decrease in the number of consumers of product X will:

In the following question you are asked to determine, other things equal, the effects of a given change in a determinant of demand or supply for product X upon (1) the demand (D) for, or supply (S) of, X, (2) the equilibrium price (P) of X and (3) the equilibrium quantity (Q) of X. Refer to the above. A reduction in the number of firms producing X will:

If market demand increases and market supply decreases, the change in equilibrium price is unpredictable without first knowing the exact magnitudes of the demand and supply changes.

In the following question you are asked to determine, other things equal, the effects of a given change in a determinant of demand or supply for product X upon (1) the demand (D) for, or supply (S) of, X, (2) the equilibrium price (P) of X and (3) the equilibrium quantity (Q) of X. Refer to the above. An increase in the prices of resources used to produce X will:

Since their introduction, prices of DVD players have fallen and the quantity purchased has increased. This statement:

(Advanced analysis) Answer the question on the basis of the following information. The demand for commodity X is represented by the equation P = 10 - 0.2Q and supply by the equation P = 2 + 0.2Q. Refer to the above information. If demand changed from P = 10 - .2Q to P = 7 - .3Q, the new equilibrium price is:

An inferior good is:

If an economy produces its most wanted goods but uses outdated production methods, it is:

The law of supply indicates that, other things equal:

Allocative efficiency is concerned with:

Which of the following will cause the demand curve for product A to shift to the left?

A price floor in a competitive market will result in persistent shortages of a product.

In the following question you are asked to determine, other things equal, the effects of a given change in a determinant of demand or supply for product X upon (1) the demand (D) for, or supply (S) of, X, (2) the equilibrium price (P) of X and (3) the equilibrium quantity (Q) of X. Refer to the above. An improvement in the technology used to produce X will:

The demand for most products varies directly with changes in consumer incomes. Such products are known as

College students living off-campus frequently consume large amounts of ramen noodles and boxed macaroni and cheese. When they finish school and start careers, their consumption of both goods frequently declines. This suggests that ramen noodles and boxed macaroni and cheese are:

(Advanced analysis) Answer the question on the basis of the following information. The demand for commodity X is represented by the equation P = 10 - 0.2Q and supply by the equation P = 2 + 0.2Q. Refer to the above information. The equilibrium price for X is:

A surplus of a product will arise when price is:

The term "quantity demanded"

Which of the following statements is correct