Question 1

Figure 4-21 
-Refer to Figure 4-21. Which of the following movements would illustrate the effect in the market for doctor's visits of an increase in the number of medical students graduating from medical school and successfully completing their residency programs?

Accepted Answer

A)  Point A to Point B
B)  Point C to Point B
C)  Point C to Point D
D)  Point A to Point DE) None of the above
F) A) and B)

Question 2

Figure 4-10 
-Refer to Figure 4-10. Which of the following would cause the supply curve to shift from Supply B to Supply A in the market for tennis racquets?

Accepted Answer

A)  a decrease in the price of tennis balls
B)  an expectation by firms that the price of tennis racquets will increase in the very near future
C)  a decrease in the price of tennis racquet strings
D)  an improvement in technology that allows firms to use less labor in the production of tennis racquetsE) B) and D)
F) All of the above

Question 3

Suppose you like to make, from scratch, pies filled with banana cream and vanilla pudding. You notice that the price of bananas has increased. As a result, your demand for vanilla pudding would

Accepted Answer

A)  decrease.
B)  increase.
C)  be unaffected.
D)  There is insufficient information given to answer the question.E) B) and C)
F) All of the above

Question 4

A decrease in the price of a good will

Accepted Answer

A)  increase supply.
B)  decrease supply.
C)  increase quantity supplied.
D)  decrease quantity supplied.E) All of the above
F) B) and C)

Question 5

An increase in the price of a good would

Accepted Answer

A)  increase the supply of the good.
B)  increase the amount purchased by buyers.
C)  give producers an incentive to produce more.
D)  decrease both the quantity demanded of the good and the quantity supplied of the good.E) A) and D)
F) B) and C)

Question 6

Table 4-7
   Price  Quantity  Denanded  Quantity  Supplied $101060$82045$63030$44015$2500\begin{array} { | c | c | c | } \hline 	ext { Price } & \begin{array} { c } 	ext { Quantity } \	ext { Denanded }\end{array} & \begin{array} { c } 	ext { Quantity } \	ext { Supplied }\end{array} \\hline \$ 10 & 10 & 60 \\hline \$ 8 & 20 & 45 \\hline \$ 6 & 30 & 30 \\hline \$ 4 & 40 & 15 \\hline \$ 2 & 50 &0 \\hline\end{array} Price $10$8$6$4$2​ Quantity  Denanded ​1020304050​ Quantity  Supplied ​604530150​​ 
-Refer to Table 4-7. The equilibrium price and quantity, respectively, are

Accepted Answer

A)  $2 and 50 units.
B)  $6 and 30 units.
C)  $6 and 60 units.
D)  $12 and 30 units. E) All of the above
F) B) and C)

Question 7

Table 4-4
   Price  Firm A’s  Quantity  Supplied  Firm B’s  Quantity  Supplied  Firm C’s  Quantity  Supplied  Firm D’s  Quantity  Supplied $010000$28345$466810$6491215$8212820$10015425\begin{array}{|c|c|c|c|c|}\hline 	ext { Price } & \begin{array}{c}	ext { Firm A&#x27;s } \	ext { Quantity } \	ext { Supplied }\end{array} & \begin{array}{c}	ext { Firm B&#x27;s } \	ext { Quantity } \	ext { Supplied }\end{array} & \begin{array}{c}	ext { Firm C&#x27;s } \	ext { Quantity } \	ext { Supplied }\end{array} & \begin{array}{c}	ext { Firm D&#x27;s } \	ext { Quantity } \	ext { Supplied }\end{array} \\hline \$ 0 & 10 & 0 & 0 & 0 \\hline \$ 2 & 8 & 3 & 4 & 5 \\hline \$ 4 & 6 & 6 & 8 & 10 \\hline \$ 6 & 4 & 9 & 12 & 15 \\hline \$ 8 & 2 & 12 & 8 & 20 \\hline \$ 10 & 0 & 15 & 4 & 25 \\hline\end{array} Price $0$2$4$6$8$10​ Firm A’s  Quantity  Supplied ​1086420​ Firm B’s  Quantity  Supplied ​03691215​ Firm C’s  Quantity  Supplied ​0481284​ Firm D’s  Quantity  Supplied ​0510152025​​

-Refer to Table 4-4. If these are the only four sellers in the market, then the market quantity supplied at a price of $4 is

Accepted Answer

A)  4 units.
B)  7.5 units.
C)  10 units.
D)  30 units. E) A) and B)
F) C) and D)

Question 8

Figure 4-13 
-Refer to Figure 4-13. The shift from S to S' is called a(n)

Accepted Answer

A)  decrease in supply.
B)  decrease in quantity supplied.
C)  increase in supply.
D)  increase in quantity supplied.E) All of the above
F) None of the above

Question 9

Sellers respond to a surplus by cutting their prices.

Accepted Answer

A) True 
 B)False

Exam 4: The Market Forces of Supply and Demand

Correct Answer
verified

Figure 4-10 -Refer to Figure 4-10. Which of the following would cause the supply curve to shift from Supply B to Supply A in the market for tennis racquets?

Correct Answer
verified

Figure 4-13 -Refer to Figure 4-13. The shift from S to S' is called a(n)

Correct Answer
verified

A decrease in the price of a good will

Correct Answer
verified

An increase in the price of a good would

Correct Answer
verified

Suppose you like to make, from scratch, pies filled with banana cream and vanilla pudding. You notice that the price of bananas has increased. As a result, your demand for vanilla pudding would

Correct Answer
verified

Figure 4-21 -Refer to Figure 4-21. Which of the following movements would illustrate the effect in the market for doctor's visits of an increase in the number of medical students graduating from medical school and successfully completing their residency programs?

Correct Answer
verified

Sellers respond to a surplus by cutting their prices.

Correct Answer
verified

Correct Answer
verified

Exam 4: The Market Forces of Supply and Demand

Correct AnswerverifiedShow Answer

Figure 4-10 -Refer to Figure 4-10. Which of the following would cause the supply curve to shift from Supply B to Supply A in the market for tennis racquets?

Correct AnswerverifiedShow Answer

Figure 4-13 -Refer to Figure 4-13. The shift from S to S' is called a(n)

Correct AnswerverifiedShow Answer

A decrease in the price of a good will

Correct AnswerverifiedShow Answer

An increase in the price of a good would

Correct AnswerverifiedShow Answer

Suppose you like to make, from scratch, pies filled with banana cream and vanilla pudding. You notice that the price of bananas has increased. As a result, your demand for vanilla pudding would

Correct AnswerverifiedShow Answer

Figure 4-21 -Refer to Figure 4-21. Which of the following movements would illustrate the effect in the market for doctor's visits of an increase in the number of medical students graduating from medical school and successfully completing their residency programs?

Correct AnswerverifiedShow Answer

Sellers respond to a surplus by cutting their prices.

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified