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Terms in this set (12)
Identical products, as well as a large number of buyers and sellers, are characteristics of a _________ market.
In such markets, sellers of goods _________ influence the prevailing market price,
giving them the role of price _______ in the market.
-perfectly competitive
-cannot
-takers
True or False: The market for digital cable does exhibit the two primary characteristics that define perfectly competitive markets.
False
Consider the market demand for cereal.
Complete the following table by indicating whether an event will cause a movement along the demand curve for cereal or a shift of the demand curve for cereal, holding all else
constant.
An increase in income of consumers
shift
An increase in the price of cereal
movement along curve
A change in the expectations of consumers about their future income
shift
Because you understand the law of supply, you can deduce that the correct graphical representation of the supply for CDs must be _______. Moreover, you know that at a price of $10 per CD, thequantity supplied _________ is five million CDs.
S1, quantity supplied
A decrease in the price of labor (used in the production of cereal)
shift
A decrease in the number of producers
shift
The following graph shows the market for pizzas in Houston, where there are over 1,000 pizza restaurants at any given moment. Suppose the number of pizza restaurants increases significantly.
supply shifts to the right and demand stays the same
A change in which of the following will not shift the demand curve for hamburgers?
The
price of hot dogs
The price of hamburgers
The price of hamburger buns
The income of hamburger consumers
The price of hamburgers
An increase in ________ will cause a movement along a given demand curve, which is called a change in ________.
supply, demand
supply, quantity demanded
demand, supply
demand, quantity supplied
supply, quantity demanded
Movie tickets and film streaming services are substitutes. If the price of film streaming increases, what happens in the market for movie tickets?
The demand curve shifts to the right.
Let me tell you - Quiz 3
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Ameera4821
Who Dat- Quiz 6
9 terms
Ameera4821
Unit 11
9 terms
Ameera4821
Unit 10
2 terms
Ameera4821
Verified questions
economics
On September 21, 1995, "House Speaker Newt Gingrich threatened today to send the United States into default on its debt for the first time in the nation's history, to force the Clinton Administration to balance the budget on Republican terms" (New York Times, September 22, 1995, p. A1). That same day, the interest rate on 30-year U.S. government bonds rose from 6.46 to 6.55 percent, and the dollar fell in value from 102.7 to 99.0 yen. Use the model of the large open economy to explain this event.
Verified answer
economics
A con artist has a great idea: he'll open a bank without investing any capital and lend all the deposits at high interest rates to real estate developers. If the real estate market booms, the loans will be repaid and he'll make high profits. If the real estate market goes bust, the loans won't be repaid and the bank will fail- but he will not lose any of his own wealth. How would modern bank regulation frustrate his scheme?
Verified answer
question
A person who is unemployed because of a mismatch between the quantity of labor supplied and the quantity of labor demanded is experiencing what type of unemployment? A. frictional B. structural C. cyclical D. natural E. non e of the above
Verified answer
economics
What are the main disadvantages of a corporation?
Verified answer
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