Question :
71) Refer to Figure 3-2. A shift of the supply : 1384146
71) Refer to Figure 3-2. A shift of the supply curve from S to S1 could be caused by
A) an increase in the price of energy-efficient light bulbs.
B) a decrease in the price of energy-efficient light bulbs.
C) an expectation that new government regulations will ban the use of energy-efficient light bulbs.
D) a change in consumers’ preferences away from ordinary light bulbs toward energy-efficient light bulbs.
E) a decrease in the price of glass, a major input in the production of energy-efficient light bulbs.
72) Refer to Figure 3-2. A shift of the supply curve for energy-efficient light bulbs from S to could be caused by
A) an increase in the price of energy-efficient light bulbs.
B) a decrease in the price of energy-efficient light bulbs.
C) an increase in the number of suppliers.
D) the elimination of existing government subsidies to suppliers of energy-efficient light bulbs.
E) a change in consumers’ preferences away from ordinary light bulbs.
73) Choose the best description of an “equilibrium price.”
A) The price in the middle of supply and demand.
B) The price at which quantity demanded of the commodity is equal to the quantity supplied.
C) The price that consumers are willing to pay.
D) The price that producers want to charge.
E) The price at which demand for the commodity is equal to supply.
74) An equilibrium price can be described as
A) the price at which excess demand equals excess supply.
B) an aggregate price.
C) the final price.
D) one at which there is neither excess demand nor excess supply.
E) a regulated price
75) “Excess demand” can also be described as
A) excess supply.
B) the area to the left of the equilibrium price on a supply and demand diagram.
C) quantity demanded exceeding quantity supplied.
D) quantity supplied exceeding quantity demanded.
E) the area to the right of the equilibrium price on a supply and demand diagram.
76) A surplus exists in the market when
A) the quantity demanded exceeds the quantity supplied.
B) supply and demand are equal.
C) the quantity demanded is less than the quantity supplied.
D) the equilibrium price is too low.
E) the supply curve has shifted to the left.
77) At the market-clearing price for a commodity
A) prices will remain unchanged, even if there is excess demand.
B) there may be excess demand for a product but not excess supply.
C) shifts in the supply or demand curves will not cause price changes.
D) the quantity supplied of the commodity equals quantity demanded.
E) there will never again be any pressure for prices to change, independent of what happens to demand or supply.
78) Refer to Table 3-1. The equilibrium price for a dozen roses is
A) $10.
B) $20.
C) $30.
D) $40.
E) $50.
79) Refer to Table 3-1. How many dozens of roses would actually be purchased if the price in this market were $10?
A) 200
B) 300
C) 350
D) 400
E) 500
80) Refer to Table 3-1. At a price of ________ there would be an excess ________ of 300 dozen roses.
A) $10; supply
B) $30; supply
C) $10; demand
D) $50; demand
E) $30; demand
