The market supply curve shows the quantity of a good or service that , holding other possible influences constant. firms would sell at various prices households would buy at various outputs firms would buy at various prices households would sell at various prices households would buy at various prices

Which of the following does NOT cause a shift in demand? O change in the price of a related good - substitutes or complements O change in tastes and preferences O change in income O change in the price of the good

Consider that the price of basketball tickets at your college is determined by market forces. Currently, the demand and supply schedule is as follows: Quantity Demanded (# of tickets) Price Quantity Supplied (S) (# of tickets) 4 10000 7000 8 8000 7000 12 7000 7000 16 3000 7000 20 2000 7000 What are the equilibrium price and quantity of tickets? $16 and 3000 tickets. $8 and 8000 tickets. $12 and 7000 tickets. None of these answers. O O

Using your knowledge of both demand and supply curves, show and explain the impact of the following: an increase in consumer incomes on the price of restaurant meals an increase in the price of cheese on the price of pizza a decrease in the price of Starbucks coffee on the price of Second Cup coffee the introduction of a new Xbox model on the market for the current Xbox model the expectation of future price increases on the present price of houses.

In what direction will the supply curve shift if the prices of the raw materials needed to produce goods X are rising? Draw this curve.

What is the difference between demand and derived demand? What examples do you have of goods and services you buy in product markets? What examples do you have of resources your workplace (or another workplace) buys in resource markets?

The firm supply and the market supply of bread are shown in the diagram. Which of the following statements about the diagram is incorrect?  Select one: a. There is a close relationship between the firm supply and the market supply. b. The market supply illustrates the total amount supplied by all firms in the market at each price. c. The market supply curve shows the relationship between the price and the amount supplied, ceteris paribus. d. If the price increases, more firms supply bread. e. If the price is 1.5, the amount supplied by a firm is 60.