Demand, Supply, and Equilibrium E-Learning Edit

What does this curve represent?

• supply
• equilibrium
• demand
• surplus

Thousands of people leave a small town due to a factory closing down.  Sales at the local grocery store become slow. What causes this change?

• Prices or availability of substitutes
• Prices or availability of complementary goods
• Change in the weather or season
• Change in the number of buyers

The diagram represents a

• increase in demand
• decrease in demand
• change in quantity demand
• none of the above

Which of the following is likely to increase the demand for peanut butter?

• Fewer children in the population
• News that insects have destroyed much of the peanut crop and that there will be less peanut butter on the shelves in three months.
• A big increase in the price of jelly.
• A report from the Surgeon General of the United States that eating peanut butter makes people nutty.

What does this graph show?

• Shortage
• Surplus
• Supply Table
• Equilibrium

What is the Equilibrium Price?

• 1
• 2
• 3
• 4

When there is a shortage the price will usually? 

• rise
• fall
• remain the same
• equilibrium

The diagram represents a(n)

• increase in supply
• decrease in supply
• change in quantity supplied
• none of the above

Assume the image is showing the market for apples.  Which of the headlines could indicate the pictured shift is occurring in the market?

• Pesticides on apples linked to mouth cancer.
• Storms destroy apple orchards.
• An apple a day really does keep the doctor away.
• New genetic strain leads to apple trees that produce twice as many apples.

It is an implicit agreement between the buyers and the sellers

• Equilibrium

• Surplus

• Shortage

• Waste