2. For each of the following, state (and support with a graph) how the change will affect supply, demand, quantity supplied, quantity demanded, equilibrium quantity, and equilibrium price in the market for French fries in Laramie. a. The Burger King on Grand Avenue closes for a remodel ). b. UW has the largest incoming freshmen class this year . c. Consumers' income increases and the price of potatoes increases .

1. Which of the following is true of any market?  a. The interaction of demand and supply determines the price and quantity in that market.  b. There must be a supply of the item but not necessarily a demand for the item.  c. Demand and supply are always equal for an item.  d. There must be a demand for the item but not necessarily a supply of the item.  e. The market will always be in equilibrium  2. During the fall of 2015, many vacationers on cruise liners became ill while on board their ships.  Consequently, there was a  a. Decrease in the quantity demanded of cruise vacations but no change in the demand for cruise vacations.  b. Decrease in the demand for cruise vacations.  c. Increase in the quantity supplied of cruise vacations but no change in the supply of cruise vacations.  d. Increase in the supply of cruise vacations.  3. Which of the following statements is false?  a. As more buyers enter the market, the market demand curve shifts to the right.  b. As income falls, the…

12. What is the difference between a change in supply and a change in quantity supplied? A (change in supply) or to the right (an increase in supply). A change in supply, therefore, is a change in the entire supply schedule or curve. ) is a shift in the entire supply curve either to the left (a decrease in In contrast, a ( change in schedule from one price-quantity combination to another. A change in product price causes the change in quantity supplied. ) is a movement along an existing supply curve or PA P (Increase, Decrease) in (Increase, Decrease) in

When timber mills process logs, they produce both beams and sawdust. In the market for timber beams, which of the following events increases the supply of timber beams?   The supply of timber beams increases when ________.     A. the price of sawdust rises or the price of a timber beam is expected to rise next year   B. the price of sawdust rises or new technology lowers the cost of producing timber beams   C. a new law reduces the amount of forest that can be cut for timber   D. the price of a timber beam rises