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ECON Textbook Chapter 3
Supply and Demand
Terms in this set (12)
is the amount that buyers are willing and able to buy at a particular price.
The demand curve:
shows how much buyers are willing and able to buy at different prices.
Which of the following statements is TRUE?
Consumer surplus is the difference between the maximum price a consumer is willing to pay for a good or service and its market price.
There are 100 consumers, each of whom values a concert ticket at a unique whole number dollar amount between $1 and $100. One customer is willing to pay $1, a second is willing to pay $2, a third is willing to pay $3, and so on. An unlimited number of concert tickets are on sale for $15 each. Create a simple demand curve to represent this scenario and using that curve calculate the total consumer surplus.
Imagine that millions of refugees move out of country A and into country X. This would cause the demand for housing in country A to _____ and the demand for housing in country X to _____.
The quantity of DVDs that people plan to buy this month will increase when:
movie theater ticket prices increase.
Which of the following would cause the demand for hot dog buns to increase?
a fall in the price of hot dogs
The quantity supplied is the:
amount of a good that firms are willing and able to sell at a particular price during a given period of time.
The difference between the market price and the minimum price at which a seller is willing to sell a certain quantity of a good is:
Which of the following choices contains only factors that cause the supply curve to shift to the right?
a rise in technology, a fall in the costs of production, a fall in taxes on output
As the price of lead falls (a key input in the production of automobile batteries), the costs of producing batteries decreases, shifting the supply curve of batteries:
down and to the right.
Firms are willing and able to sell 100 guitars per day at a price of $250 per guitar. What price will firms require to sell 100 guitars per day if there is a tax of $15 per guitar?
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