Understanding Weight Gain
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Questions and Answers

According to the text, what happens when there is a shortage in the market for coffee?

  • Buyers lower their prices
  • Buyers raise their prices
  • Sellers raise their prices (correct)
  • Sellers lower their prices

At the equilibrium price of $4 per pound, how many pounds of coffee would be demanded per month?

  • 15 million pounds
  • 35 million pounds (correct)
  • 25 million pounds
  • 5 million pounds

What happens when there is a surplus in the market for coffee?

  • Sellers raise their prices
  • Buyers lower their prices
  • Sellers lower their prices (correct)
  • Buyers raise their prices

According to the text, what happens to the demand curve when there is a reduction in price?

<p>The demand curve does not shift (A)</p> Signup and view all the answers

What does a surplus represent in the market?

<p>The quantity supplied exceeds the quantity demanded at the current price (B)</p> Signup and view all the answers

What is the equilibrium price in the market for coffee according to the text?

<p>$6 per pound (B)</p> Signup and view all the answers

What happens to prices in a market when demand and supply curves shift?

<p>Prices remain the same (B)</p> Signup and view all the answers

According to the text, what happens to the equilibrium price if the demand curve shifts farther to the left than the supply curve?

<p>The equilibrium price will be lower than it was before (C)</p> Signup and view all the answers

What happens to the equilibrium price if the shift to the left of the supply curve is greater than that of the demand curve?

<p>The equilibrium price will be higher than it was before (C)</p> Signup and view all the answers

What happens to the equilibrium price if both the demand and supply curves shift to the left by the same amount?

<p>The equilibrium price will remain unchanged (A)</p> Signup and view all the answers

What happens to the equilibrium quantity when both the demand and supply curves shift to the left?

<p>The equilibrium quantity decreases (D)</p> Signup and view all the answers

According to the text, what happens to the equilibrium price and quantity of peas demanded and supplied when there is a decrease in supply?

<p>The equilibrium price rises and the quantity demanded decreases (D)</p> Signup and view all the answers

According to the text, what happens to the equilibrium price and quantity of coffee demanded and supplied when there is an increase in supply?

<p>The equilibrium price falls and the quantity demanded increases (C)</p> Signup and view all the answers

According to the text, what happens to the equilibrium price and quantity of coffee demanded and supplied when there is a decrease in demand?

<p>The equilibrium price falls and the quantity supplied decreases (A)</p> Signup and view all the answers

According to the text, what happens to the equilibrium price and quantity of coffee demanded and supplied when there is an increase in demand?

<p>The equilibrium price rises and the quantity supplied increases (C)</p> Signup and view all the answers

According to the circular flow model, which of the following statements is true?

<p>Firms supply goods and services to households. (A)</p> Signup and view all the answers

What is the purpose of the circular flow model?

<p>All of the above. (D)</p> Signup and view all the answers

What do factor markets refer to in the circular flow model?

<p>Markets where households demand factors of production from firms. (A)</p> Signup and view all the answers

How does the demand and supply model relate to the circular flow model?

<p>The demand and supply model shows the interaction of households and firms in the circular flow of economic activity. (A)</p> Signup and view all the answers

According to the law of supply and demand, what happens to supply and demand when the price of a resource, commodity, or product increases?

<p>Supply rises while demand declines (D)</p> Signup and view all the answers

What is the equilibrium price in a market?

<p>The price at which demand equals supply (D)</p> Signup and view all the answers

What is price elasticity of demand?

<p>The degree to which price changes affect the demand for a product (B)</p> Signup and view all the answers

What factors can shift the supply or demand curves in a market?

<p>Taxes and government regulation, market power of suppliers, availability of substitute goods, and economic cycles (D)</p> Signup and view all the answers

According to the law of demand, what happens to the level of demand as the price of a product increases?

<p>The level of demand decreases (B)</p> Signup and view all the answers

What are Giffen goods?

<p>Goods that see an increase in demand when incomes rise (A)</p> Signup and view all the answers

What are Veblen goods?

<p>Goods that are considered luxury goods (C)</p> Signup and view all the answers

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