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EC110

Supply & Demand Questions

QuestionAnswer
An early frost in Napa Valley would cause A decrease in the supply of wine, increasing price.
Suppose the number of buyers in the market increases and a technological advancement occurs also. What would we expect to happen in the market? Equilibrium quantity would increase, but the impact on equilibrium price would be ambiguous.
Suppose buyers of computers and printers regard the two goods as complements. Then an increase in the price of computers will cause A decrease in the demand for printers and a decrease in the quantity supplied of printers.
Which of the following would unambiguously cause a decrease in the equilibrium price of cotton shirts? A decrease in the price of wool shirts and a decrease in the price of raw cotton.
Workers at Starbucks currently earn the federal mandatory minimum wage of $7.25 an hour. If the federal government increases the minimum wage to $10.50 an hour, then it is likely that the Supply curve for Starbucks coffee will shift to the left.
Today’s supply curve for gasoline would shift in response to a change in The expected future price of gasoline.
Which of the following would occur in response to a decrease in the price of milk? An increase in the supply of ice cream. An increase in the quantity of demanded milk. A decrease in the demand of hot chocolate made with water.
What will happen to the equilibrium price and quantity of new cars if the price of gasoline rises, the price of steel rises, public transportation becomes cheaper and more reliable, and auto workers negotiate higher wages? Quantity will decrease and the effect on price is ambiguous.
Which of the following demonstrates the law of demand? Randy buys more doughnuts at $0.25 per doughnut than at $0.50 per doughnut, other things equal.
Which of the following would cause a movement upward and to the right along the supply curve for olives? The price of olives rises due to an increase in the demand for olives.
The market for diamond rings is closely related to the market for high quality diamonds. If a large quantity of high quality diamonds is discovered, then the Supply curve for diamond rings will shift to the right, causing the price of diamond rings to decrease and causing the quantity demanded of diamond rings to increase.
You wear either shorts or sweatpants every day. You notice that sweatpants have gone on sale, so your demand for shorts will decrease.
Good X and Y are substitutes. If the price of good Y increases, then the Demand for good X will increase and the equilibrium price and quantity of good X will increase as well.
An increase in the number of college scholarships issued by private foundations would Increase the demand for education.
Suppose there are news reports that 50% of the peanut crop in the South has been wiped out by drought and this will cause the price of peanuts to double by the end of the year. As a result, today’s demand curve for peanut butter Shifts to the right.
Created by: dylan_barker
 

 



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