What is there are so many buyers and so many sellers that each has a negligible impact on the price of the product
100
If, at a current price, there is a shortage of a good
What is the price is below the equilibrium price
100
If a good is normal, then an increase in income will result in
What is an increase in the demand for the good
200
If the number of sellers in a market increase, the
What is supply in that market will increase
200
Which of the following would not be a determinant of the demand for a particular good?
What is the prices of the inputs used to produce the good
200
In a competative market, each seller has limited control over the price of his product because
What is other sellers are offering similar products
200
Suppose roses are currently selling for $40.00 per dozen, while the equilibrium price for roses is $30.00 per dozen. We would expect a
What is surplus to exist and the market price of roses to decrease
200
Currently you purchase 6 packages of hot dogs a month. You will graduate from college in December and you will start a new job in January. You have no plans to purchase hot dogs in January. For you, hot dogs are
What is an inferior good
300
A movement along the supply curve might be caused by a change in
What is the price of the good or service that is being supplied
300
When we move along a given demand curve
What is all nonprice determinants of demand are held constant
300
Which of the following is not a characteristic of a perfectly competative market?
What is sellers possess market power
300
A surplus exists in a market if
What is the current price is above equilibrium price
300
Two goods are substitutes if a decrease in the price of one good
What is decreases the demand for the other good
400
Suppose you make jewelry. If the price of gold falls, we would expect you to
What is be willing and able to produce more jewelry than before at each possible price
400
To find the market demand for a product, individual demand curves are summed
What is horizontally
400
If a seller in a competative market chooses to charge more than the market price, then
What is buyers will tend to make purchases from other sellers
400
If excess demand exists in a market we know that the actual price is
What is below equilibrium price and quantity demanded is greater than quantity supplied
400
Suppose you like to make, from scratch, pies filled with banana cream and vanilla pudding. You notice that the price of bananas has increased. How would this price increase affect your demand for vanilla pudding?
What is it would decrease
500
A dress manufacturer recently has come to expect higher prices for dresses in the near future. We would expect
What is the dress manufacturer to supply fewer dresses now than it was supplying previously
500
Suppose scientists provide evidence to the effect that chocolate pudding increases cholesterol. We would expect to see
What is a decrese in the demand for chocolate pudding
500
If buyers and sellers in a certain market are price takers, then individually
What is they have no influence on market price
500
In markets, prices move toward equilibrium because of
What is the actions of buyers and sellers
500
If goods A and B are complements, then an increase in the price of good A will result in