Question 1

Refer to the first energy bars market graph. At what price and quantity does the market for energy bars reach equilibrium?

Accepted Answer

$$1.50$$ per bar and $$10$$ million bars per week

Question 2

If the price of energy bars is set at $$2.00$$ per bar, what will occur in the market according to the second graph?

Accepted Answer

There will be a surplus of $$6$$ million bars

Question 3

According to the third energy bars graph, what happens at a price of $$1.00$$ per bar?

Accepted Answer

There is a shortage of $$9$$ million bars

Question 4

Which of the following is NOT a demand shifter as listed in the 'Demand Shifters' slide?

Accepted Answer

Technology

Question 5

Which of the following is a factor that can shift the supply curve, according to the 'Factors influence Supply' slide?

Accepted Answer

Prices of productive resources

Question 6

Suppose technological advances reduce the cost of producing computer chips. What is the effect on the equilibrium price and quantity of computers, as shown in the relevant diagram?

Accepted Answer

Equilibrium price falls, equilibrium quantity rises

Question 7

If the price of computers falls and software is a complement to computers, what happens to the market for computer software?

Accepted Answer

Demand for software increases, equilibrium price rises

Question 8

If the price of computers falls and typewriters are substitutes for computers, what happens to the market for typewriters?

Accepted Answer

Demand for typewriters decreases, equilibrium price falls

Question 9

Refer to the sweatshirt market diagram with a leftward shift in supply. What could cause this shift?

Accepted Answer

A hurricane damaging the cotton crop

Question 10

Refer to the sweatshirt market diagram with a leftward shift in demand. What event could cause this?

Accepted Answer

A decline in the price of leather jackets

Question 11

If all colleges require morning exercise in appropriate attire, what happens to the market for sweatshirts?

Accepted Answer

Demand increases, shifting the demand curve to the right

Question 12

If new knitting machines are invented, what is the likely effect on the market for sweatshirts?

Accepted Answer

Supply increases, shifting the supply curve to the right

Question 13

Which of the following best describes the law of demand?

Accepted Answer

As the price of a good increases, the quantity demanded decreases

Question 14

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

Accepted Answer

An increase in the price of pizza

Question 15

Which of the following will shift the demand curve for pizza to the right?

Accepted Answer

An increase in the price of hamburgers, a substitute for pizza

Question 16

Which of the following will shift the supply curve for pizza to the right?

Accepted Answer

A decrease in the price of cheese, an input to pizza

Question 17

Movie tickets and film streaming services are substitutes. If the price of film streaming increases, what happens in the market for movie tickets?

Accepted Answer

The demand curve shifts to the right

Question 18

Which of the following best describes the relationship between the supply curve and marginal cost in a perfectly competitive market?

Accepted Answer

The supply curve is the marginal cost curve above the shutdown point

Question 19

If the price of a substitute good increases, what happens to the demand for the original good?

Accepted Answer

Demand for the original good increases

Question 20

If the price of a complement good falls, what happens to the demand for the original good?

Accepted Answer

Demand for the original good increases

3. Demand, Supply, and Market Equilibrium: Foundations of Microeconomics

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