# The phrase demand has increased means that a demand

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21.The phrase "demand has increased" means that
23.Figure 3-7Refer to Figure 3-7.Assume that the graphs in this figure represent the demand and supply curves for potatoes and that steak and potatoes are complements. What panel describes what happens in this market when the price of steak rises?
24.Figure 3-8Refer to Figure 3-8.The graph in this figure illustrates an initial competitive equilibrium in the market for apples at the intersection ofD2andS1(pointC). Which of the following changes would cause the equilibrium to change to pointB?
25.
Refer to Figure 3-7.Assume that the graphs in this figure represent the demand and supply curves for rice. What happens in this market if buyers expect the future price of rice to fall?
26.The following equations represent the demand and supply for bird feeders.QD= 35 -PQS= -5 + 3PWhat is the equilibrium price (P) and quantity (Q- in thousands) of bird feeders?
27.Last month, the Tecumseh Corporation supplied 400 units of three-ring binders at \$6 perunit. This month, the company supplied the same quantity of binders at \$4 per unit. Based on this evidence, Tecumseh has experienced
28.Figure 3-5Refer to Figure 3-5.In a free market such as that depicted above, a shortage is eliminated by
29.If in the market for apples the supply has decreased then
30.A demand curve shows the relationship between THE PRICE OF A PRODUCT AND T HE QUANTITY OF THE PRODUCT DEMANDED.The following equations represent the demand and supply equations for widgets.QD= d - c∙PQS= -b + a∙PWhat is the equilibrium quantity in the market of widgets?
31.Figure 3-7Refer to Figure 3-7.Assume that the graphs in this figure represent the demand and supply curves for Fruitopia, a soft drink. Which panel describes what happens in the market for Fruitopia when the price of Snapple, a substitute product, decreases?
32.Figure 3-8
Refer to Figure 3-8.The graph in this figure illustrates an initial competitive equilibrium in the market for apples at the intersection ofD2andS2(pointE). Which of the following changes would cause the equilibrium to change to pointA?
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