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Microeconomics, 4e (Perloff)
Chapter 2
Supply and Demand
2.1 Demand
1) According to the Law of Demand, the
demand curve for a good will
A) shift leftward when the price of the
good increases.
B) shift
rightward when the price of the good
increases.
C) slope
downward.
D) slope
upward.
Answer:
C
Topic: Demand
2) An increase in the
price of pork will lead to
A) a
movement up along the demand curve.
B) a movement down along the demand
curve.
C) a rightward shift
of the demand curve.
D) a
leftward shift of the demand curve.
Answer: A
Topic:
Demand
3) An increase in consumer incomes
will lead to
A) a
rightward shift of the demand curve for plasma
TVs.
B) a movement upward
along the demand curve for plasma TVs.
C) a rightward shift of the supply
curve for plasma TVs.
D) no
change of the demand curve for plasma
TVs.
Answer: A
Topic: Demand
4) Consider the demand function Qd =
150 - 2P. The effects of other determinants of Qd
is reflected in
A) the
intercept of the function.
B) the slope of the
function.
C) neither the
slope nor the intercept of the
function.
D) in both the
slope and the intercept of the
function.
Answer:
A
Topic: Demand
5) Consider the demand
functions: A) Qd = 250 - 2P B) Qd = 300 - 3P.
Which of the demand functions reflects
a higher level of consumer incomes?
A) A
B)
B
C) A and B reflect the
same consumer incomes.
D)
More information is needed.
Answer: D
Topic:
Demand
6)
Holding all other factors constant, consumers
demand more of a good the
A) higher its price.
B) lower its price.
C) steeper the downward slope of the
demand curve.
D) steeper
the upward slope of the demand curve.
Answer: B
Topic:
Demand
1
7) As the
price of a good increases, the change in the
quantity demanded can be shown by
A) shifting the demand curve
leftward.
B) shifting the
demand curve rightward.
C)
moving down along the same demand
curve.
D) moving up along
the same demand curve.
Answer: D
Topic:
Demand
8) If
the price of automobiles were to increase
substantially, the demand curve for gasoline would
most likely
A) shift
leftward.
B) shift
rightward.
C) become
flatter.
D) become
steeper.
Answer:
A
Topic: Demand
9) If the price of
automobiles were to decrease substantially, the
demand curve for automobiles would most
likely
A) shift
rightward.
B) shift
leftward.
C) remain
unchanged.
D) become
steeper.
Answer:
C
Topic: Demand
10) If the price of
automobiles were to decrease substantially, the
demand curve for public transportation
would most likely
A) shift rightward.
B) shift leftward.
C) remain unchanged.
D) remain unchanged while quantity
demanded would change.
Answer: B
Topic:
Demand
11) An
increase in the demand curve for orange juice
would be illustrated as a
A) leftward shift of the demand
curve.
B) rightward shift
of the demand curve.
C)
movement up along the demand curve.
D) movement down along the demand
curve.
Answer: B
Topic: Demand
12) The term
A) a demand curve that slopes
upward.
B) expressing the
demand curve in terms of price as a function of
quantity.
C) the demand for
D) the difference between
quantity demanded and supplied at each
price.
Answer: B
Topic: Demand
2
13)
If the demand for oranges is written as Q = 100 -
5p, then the inverse demand function is
A) Q = 5p - 100.
B) Q = 20 - .2p.
C) p = 20 - 5Q.
D) p = 20 - .2Q.
Answer: D
Topic:
Demand
14) To
determine the total demand for all consumers, sum
the quantity each consumer demands
A) at a given price.
B) at all prices and then sum this
amount across all consumers.
C) Both A and B will generate the same
total demand.
D) None of
the above.
Answer:
A
Topic: Demand
15)
The above figure shows a graph of the market for
pizzas in a large town. No pizzas will be demanded
unless price is less than
A) $$0.
B)
$$5.
C) $$12.
D) $$14.
Answer:
D
Topic: Demand
For the following, please
answer
16) If a good is
not produced, then there is no demand for
it.
Answer: False. The
demand for a product is independent of its supply.
It is possible that people want to buy
some of the product but at prices that
are below what sellers would require to begin
production.
Topic:
Demand
17)
Because people prefer name-brand pain-relieving
drugs over store-brand pain-relieving drugs,
demand
curves do not slope downward for
pain-relieving drugs.
Answer: False. Demand curves slope
downward assuming all other factors do not change.
Consumers may
view brand-name drugs to
be of higher quality than store-brand drugs, and
therefore the demand curve for
brand-
name drugs lies to the right of the demand curve
for store-brand drugs.
Topic: Demand
3
18)
The quantity of a good that consumers demand
depends only on the price of the good.
Answer: False. The quantity of a good
demanded depends on many factors including: price,
consumers'
incomes, and the price of
related goods.
Topic:
Demand
19)
During the winter of 1997-1998, the northeastern
United States experienced warmer than usual
conditions. The price of home heating
oil was less than it was during the previous
winter, but people bought
less home
heating oil. This contradicts the Law of
Demand.
Answer: False. The
statement claiming a contradiction confuses a
change in quantity demanded with a
change in the demand curve. The law of
demand refers to movements along a given demand
curve. The mild
weather caused a
leftward shift of the demand curve.
Topic: Demand
20) Suppose an individual inverse
demand curve is given as P = 2 - 1/2 q
,
where q
is the quantity demanded
by individual i. There are 50
individual consumers with this identical,
individual inverse demand curve.
Solve
for the market demand curve.
i
Answer: Solve for the
individual, regular demand curve, q
= 4
- 2P. Multiply the individual demand curve by
D
50 to yield q
=
200 - 100P.
Topic:
Demand
i
i
21)
Suppose the market demand curve for pizza can be
expressed as QD = 100 - 2P + 3Pb, where QD is the
quantity of pizza demanded, P is the
price of a pizza, and Pb is the price of a
burrito. What is the slope of this
demand function, and what information
does the slope provide?
Answer: The slope is -2. The slope
tells us how a change in the price of pizzas
affects the quantity of pizzas
demanded. An increase in the price of
pizzas by $$1 will result in a decrease of the
quantity demanded by 2
pizzas.
Topic:
Demand
22)
Suppose the demand for a particular product can be
expressed as Q = 100/p. Calculate the total amount
spent on this good when p = 10, 20, and
50. Can you make a generalization about the
mathematical form of
this demand curve
and consumer behavior in this market?
Answer: In all cases, total expenditure
equals 100 (since p * Q = 100). In general, a
nonlinear demand curve
of the form Q =
A/p means that consumers wish to spend a total of
A on this good regardless of its price.
Topic: Demand
4
2.2
Supply
1) Suppose the
demand curve for a good shifts rightward, causing
the equilibrium price to increase. This
increase in the price of the good
results in
A) a rightward
shift of the supply curve.
B) an increase in quantity
supplied.
C) a leftward
shift of the supply curve.
D) a downward movement along the supply
curve.
Answer: B
Topic: Supply
2) A rise in the oil price
will
A) shift the supply
curve to the left.
B) shift
the supply curve to the right.
C) leave the supply curve
unchanged.
D) not enough
information.
Answer:
A
Topic: Supply
3)
The above figure shows a graph of the market for
pizzas in a large town. No pizzas will be supplied
unless
the price is above
A) $$0.
B)
$$5.
C) $$12.
D) $$14.
Answer:
B
Topic: Supply
4) Supply curves
A) slope
upward.
B) slope
downward.
C) are
horizontal.
D) can have
many shapes.
Answer:
D
Topic: Supply
5
5) Suppose there are 100 identical
firms in the rag industry, and each firm is
willing to supply 10 rags at any
price.
The market supply curve will be a(n)
A) vertical line where Q =
10.
B) vertical line where
Q = 100.
C) vertical line
where Q = 1000.
D)
horizontal line where Q = 1000.
Answer: C
Topic:
Supply
6) The
expression
A) leftward
shift in the supply curve.
B) rightward shift in the supply
curve.
C) movement up along
the supply curve.
D)
movement down along the supply curve.
Answer: C
Topic:
Supply
7) If
the supply curve of a product changes so that
sellers are now willing to sell 2 additional units
at any
given price, the supply curve
will
A) shift leftward by 2
units.
B) shift rightward
by 2 units.
C) shift
vertically up by 2 units.
D) shift vertically down by 2
units.
Answer: B
Topic: Supply
8) The market supply curve is found
by
A) horizontally summing
all individual supply curves.
B) vertically summing all individual
supply curves.
C) Either A
or B above since they both give the same
answer.
D) None of the
above.
Answer: A
Topic: Supply
9) Technological innovation in the
production of computers has led to
A) a decrease in the quantity demanded
for computers.
B) a
rightward shift of the supply curve for
computers.
C) a decrease in
the quantity supplied of computers.
D) None of the above.
Answer: B
Topic:
Supply
10)
Restricting imports tends to
A) shift the demand curve for the
product to the left.
B)
shift the demand curve for the product to the
right.
C) change the shape
of the supply curve.
D)
increase the quantity supplied of a
product.
Answer:
C
Topic: Supply
6
For the following, please answer
11) The Law of Supply
insures that supply curves slope
upward.
Answer: False.
There is no Law of Supply. Supply curves can take
multiple shapes and thus don't have to be
upward-sloping. (p. 22)
Topic: Supply
12) Suppose the following information
is known about a market:
1.
Sellers will not sell at all below a price of $$2.
2. At a price of $$10, any given seller
will sell 10 units.
3. There are 100
identical sellers in the market.
Assuming a linear supply curve, use
this information to derive the market supply
curve.
Answer: First, Q =
100q since all firms are identical. This gives two
points: (p = 2, Q = 0) and (p = 10, Q =
1000). From the first point, it is
known that p = 2 + bQ. When Q = 1000, 10 = 2 +
b(1000). Solving for b
yields b = .008.
Rearranging to solve for Q yields: Q = -250 + 125p
or P= 2 + .008Q.
Topic:
Supply
7
2.3 Market
Equilibrium
1) Equilibrium
is defined as a situation in which
A) neither buyers nor sellers want to
change their behavior.
B)
no government regulations exist.
C) demand curves are perfectly
horizontal.
D) suppliers
will supply any amount that buyers wish to
buy.
Answer: A
Topic: Market Equilibrium
2) Once an equilibrium is
achieved, it can persist indefinitely
because
A) shocks that
shift the demand curve or the supply curve cannot
occur.
B) shocks to the
demand curve are always exactly offset by shocks
to the supply curve.
C) the
government never intervenes in markets at
equilibrium.
D) in the
absence of supply/demand shocks no one applies
pressure to change the price.
Answer: D
Topic:
Market Equilibrium
3) If price is initially above the
equilibrium level,
A) the
supply curve will shift rightward.
B) the supply curve will shift
leftward.
C) excess supply
exists.
D) all firms can
sell as much as they want.
Answer: C
Topic:
Market Equilibrium
4) A competitive equilibrium is
described by
A) a price
only.
B) a quantity
only.
C) the excess supply
minus the excess demand.
D)
a price and a quantity.
Answer: D
Topic:
Market Equilibrium
8
5) The above
figure shows a graph of the market for pizzas in a
large town. At a price of $$14, there will
be
A) no pizzas
supplied.
B)
equilibrium.
C) excess
supply.
D) excess
demand.
Answer:
C
Topic: Market
Equilibrium
6) The above figure shows a graph of
the market for pizzas in a large town. At a price
of $$5, there will be
A)
excess demand.
B) excess
supply.
C)
equilibrium.
D) zero
demand.
Answer:
A
Topic: Market
Equilibrium
7)
The above figure shows a graph of the market for
pizzas in a large town. What are the equilibrium
price
and quantity?
A) p = 8, Q = 60
B) p = 60, Q = 8
C) p = 14, Q = 140
D) p = 5, Q = 60
Answer: A
Topic:
Market Equilibrium
8) The above figure shows a graph of a
market for pizzas in a large town. At a price of
$$7, what is the amount
of excess
demand?
A) 0; there is
excess supply at $$7.
B) 20
units
C) 30
units
D) 10
units
Answer: C
Topic: Market Equilibrium
9
9) The above figure shows a graph of a
market for pizzas in a large town. At a price of
$$10, the market
A) is not
in equilibrium.
B) has
excess supply.
C) does not
have excess demand.
D) All
of the above.
Answer:
D
Topic: Market
Equilibrium
10) The above figure shows three
different supply-and-demand graphs. Which graph
best represents the
market for
vacations on Mars?
A) Graph
A
B) Graph B
C) Graph C
D)
None of the above.
Answer:
A
Topic: Market
Equilibrium
10
11) The above figure shows three
different supply-and-demand graphs. Which graph
best represents the
market for workers
at your nearest fast-food restaurant?
A) Graph A
B)
Graph B
C) Graph
C
D) None of the
above.
Answer: C
Topic: Market Equilibrium
12) The above figure shows
three different supply-and-demand graphs. Which
graph best represents the
market for
the air we are currently breathing?
A) Graph A
B)
Graph B
C) Graph
C
D) None of the
above.
Answer: B
Topic: Market Equilibrium
13) After tickets for a
major sporting event are purchased at the official
box office price, a market often
develops whereby these tickets sell at
prices well above the official box office price.
Which of the following
scenarios would
NOT be able to explain this result?
A) The official price was below
equilibrium from the moment the tickets were
available.
B) Increased
publicity causes the demand curve for the event to
shift rightward.
C) The
event was not a sellout.
D)
Not everyone who wanted a ticket was able to buy
one at the box office.
Answer: C
Topic:
Market Equilibrium
For the following, please answer
14) When a market is in
disequilibrium consumers and producers change
their behavior. As a result the
market
reaches equilibrium.
Answer: True. For example, when a
shortage exists at a given price consumer bid up
the price and firms
increase production
until the equilibrium is reached.
Topic: Market Equilibrium
15) Suppose the market for
potatoes can be expressed as follows:
S
Supply: Q
= -20
+ 10p
D
Demand: Q
= 400 - 20p
Solve for the
equilibrium price and quantity.
Answer: Equate the RHS of the supply
equation to the RHS of the demand equation: -20 +
10p = 400 - 20p.
Rearrange: 30p = 420
or p = 14. Plug this into either S or D to get Q:
Q = 400 - 20(14) = 120.
Topic: Market Equilibrium
11
16) Use supply-and-demand graphs to
explain why parking is free at the suburban
shopping mall but one
typically must
pay to park when shopping downtown.
Answer:
See the
above figure. At the suburban shopping mall, the
only cars typically on the lot belong to shoppers
and
employees. Mall lots are usually
built to be large enough to handle peak crowds.
For the relevant quantities,
the supply
curve is horizontal at a price of zero. As a
result, the quantity demanded never exceeds the
amount
that is provided freely.
Downtown, shoppers compete with a larger quantity
and greater variety of drivers for
parking spaces. The quantity that is
available freely is not enough to accommodate all
of those who wish to
park
downtown.
Topic: Market
Equilibrium
17)
Explain why the equilibrium price is called the
market clearing price.
Answer: At the equilibrium price,
sellers want to sell the exact amount consumers
want to buy. There is no
excess demand
or excess supply. The market is exactly cleared of
all goods.
Topic: Market
Equilibrium
12
2.4 Shocking
the Equilibrium
1) From
the 1970s through the 1990s, the relative price of
a college education has increased greatly. During
the same time period, college
enrollment has also increased. This evidence
suggests that during this time
period
A) the
demand curve for a college education has shifted
leftward.
B) the demand
curve for a college education has shifted
rightward.
C) the supply
curve for a college education has shifted
leftward.
D) the supply
curve for a college education has shifted
rightward.
Answer:
B
Topic: Shocking the
Equilibrium
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