111 the table below represents the demand for bottles

This preview shows page 8 - 11 out of 16 pages.

111) The table below represents the demand for bottles of sunscreen at Daytona Beach on a sunny June day. Demand for Sunscreen Price (dollars) Quantity of Sunscreen Demanded (bottles) $4 7,200 6 6,800 8 6,400 10 6,000 12 5,600 If the price of a bottle of sunscreen is $8, what will be the quantity demanded?
112) When economists say that the demand for a product has decreased, they mean that
113) 114)
Which of the following will not cause a change in the demand for product A?
115) For most products, purchases tend to fall with decreases in consumers' incomes. Such products are known as normal goods 116) If the price of Pepsi decreases, all else held constant, then we’d expect to see a consequent shift of the demand curve for coke to the left 117) When economists speak of "demand" in a particular market, they refer to the whole demand curve or schedule 118) Prices usually allocate resources efficiently because they allocate resources to the highest value good or service 119) The horizontal axis of a graph that shows a market demand curve indicates the quantities that consumers are willing and able to buy at various prices. 120) When economists describe "a market," they mean any place where, or mechanism by which, buyers and sellers interact to trade goods, services, or resources. 121) All else held constant, the law of demand suggests that as the price of tablets decreases, the quantity of tablets demanded will increase 122) In order to derive a market demand curve from individuals’ demand curves, we add up the various individuals’ quantities demanded at each price 123) I n moving along a demand curve, which of the following is not held constant?
124) Who determines the price and quantity traded in a market?
125) Which of the following scenarios would likely shift the supply curve for potatoes to the right (increase in supply)? 126)
Which of the following scenarios would likely shift the supply of cars to the left (decrease in supply)?
127) When economists say that the supply for a product has decreased, they mean that the supply curve has shifted to the left.
129) Use the figure below to answer the following question.
The figure above shows three supply curves for wheat. Which of the following would cause the supply of wheat to shift from S 1 to S 3 ?
130) Use the figure below to answer the following question.

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture