Quiz 3 econ 251

Question 12 pts Skip to question text.

The exhibit shows how supply and demand might shift in response to specific events. Suppose the price of lumber falls dramatically. Which panel best describes how this will affect the market for houses?

	Panel (c)
	Panel (d)

	Panel (b)
	Panel (a)

 

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Question 22 pts

The highest price per unit that buyers would be willing to pay for 250 units is:

	$5.
	$10.

	$15.
	$0.

 

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Question 32 pts

What are the equilibrium price and quantity in this wheat market?

	$4 and 10,000 bushels
	$8 and 12,000 bushels

	$4 and 2,000 bushels
	$6 and 6,000 bushels

 

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Question 42 pts

Which of the following would result in a movement along the demand curve?

	a decrease in income
	a change in preferences

	an increase in the number of buyers
	an increase in the number of suppliers

 

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Question 52 pts

If the quantity of housing supplied in a community is greater than the quantity of houses demanded, the existing price:

	will either rise or remain unchanged.
	is above the market equilibrium price.

	is below the market equilibrium price.
	will rise to clear the market.

 

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Question 62 pts

Define demand, supply, and equilibrium price.

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Question 72 pts

An increase in price will result in a decrease in the quantity supplied.

	false
	true

 

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Question 82 pts

The primary difference between a change in demand and a change in the quantity demanded is:

	a change in demand is a movement along the demand curve, and a change in quantity demanded is a shift in the demand curve.
	both a change in quantity demanded and a change in demand are shifts in the demand curve, only in different directions.

	both a change in quantity demanded and a change in demand are movements along the demand curve, only in different directions.
	a change in quantity demanded is a movement along the demand curve, and a change in demand is a shift in the demand curve.

 

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Question 92 pts

If the price of hamburger increases, it would probably result in ________ in the demand for hamburger buns.

	no change
	random fluctuations

	an increase
	a decrease

 

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Question 102 pts Skip to question text.

The exhibit shows how supply and demand might shift in response to specific events. Suppose consumer incomes increase. Which panel best describes how this will affect the market for used furniture, an inferior good?

	Panel (b)
	Panel (a)

	Panel (d)
	Panel (c)