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145) The price of jet fuel falls. This fall shifts the A) supply curve of airplane trips rightward. B) demand curve for airplane trips leftward. C) demand curve for airplane trips rightward. D) supply curve of airplane trips leftward. 146) If there is surplus of a good, then the quantity demanded the quantity supplied and the price will A) is less than; rise B) is less than; fall C) is greater than; fall D) is greater than; rise 147) Pizza and hamburgers are substitutes for consumers. A fall in the price of a pizza the price of a hamburger and the quantity of hamburgers. A) raises; decreases B) lowers; decreases C) raises; increases D) lowers; increases 148) How does an unusually warm winter affect the equilibrium price and quantity of gloves? A) It lowers both the price and the quantity. B) It raises both the price and the quantity. C) It raises the price and decreases the quantity. D) It lowers the price and increases the quantity. 149) You notice that the price and quantity of wheat both decrease. This observation can be the result of the A) demand curve for wheat shifting leftward. B) supply curve of wheat shifting rightward. C) demand curve for wheat shifting rightward. D) supply curve of wheat shifting leftward. 150) A technological improvement lowers the cost of producing coffee. At the same time, consumers' preferences for coffee increase. The equilibrium price of coffee will A) rise, fall, or stay the same, depending on the relative size of the shifts in the demand and supply curves. B) remain the same. C) fall. D) rise. 151) Which of the following definitely causes a fall in the equilibrium price? A) a decrease in both demand and supply B) an increase in demand combined with a decrease in supply C) a decrease in demand combined with an increase in supply D) an increase in both demand and supply137) Let Qa stand for the quantity demanded, @, stand for the quantity supplied, and P stand for price. If Qa =20 - 2P and Qs = 5 + 3P, then the equilibrium price is A) $2. B) $3. C) $4. D) $1. 138) LetQa stand for the quantity demanded, Os stand for the quantity supplied, and P stand for price. If Qa = 20 - 2P andQs = 5+ 3P, then the equilibrium quantity is A) 14. B) 5. C) 20. D) 3. 139) A consumer might consider in-line skates and elbow-pads to be A) unrelated goods. B) substitutes. C) products with upward sloping demand curves. D) complements. 140) A decrease in the price of a game of bowling shifts the A) demand curve for bowling balls rightward. B) supply curve of bowling balls leftward. C) supply curve of bowling balls rightward. D) demand curve for bowling balls leftward. 141) If a decrease in the price of gasoline increases the demand for large cars, then A) gasoline and large cars are complements in consumption. B) large cars are an inferior good. C) gasoline is an inferior good. D) gasoline and large cars are substitutes in consumption. 142) Gruel is an inferior good. Hence, a decrease in people's incomes A) shifts the supply curve of gruel leftward. B) shifts the demand curve for gruel rightward. C) shifts the demand curve for gruel leftward. D) decreases the quantity of gruel supplied. 143) An unusually warm winter A) shifts the supply curve of gloves leftward. B) shifts the demand curve for gloves rightward. C) shifts the demand curve for gloves leftward. D) shifts the supply curve of gloves rightward. 144) A rise in the price of a good causes producers to supply more of the good. This statement illustrates A) the nature of an inferior good. B) the law of demand. C) the law of supply- D) a change in supply.133) In the above figure, if Dy is the original demand curve and consumers come to expect that the price of the good will rise in the future, which price and quantity may result? A) point a, with price P2 and quantity Q2 B) point c, with price P3 and quantity Q3 C) point d, with price P1 and quantity@3 D) point b, with price Py and quantity Q1. 134) In the above figure, if Dy is the original demand curve and the population falls, which price and quantity may result? A) point d, with price P1 and quantity Q3 B) point c, with price P3 and quantity 23 C) point b, with price Py and quantity Q1 D) point a, with price Py and quantity Q2 Price (dollars per bushel of wheat) N 0 100 200 300 400 500 600 Quantity (millions of bushels of wheat) 135) In the figure, the equilibrium price is initially $3 per bushel of wheat. If suppliers come to expect that the price of a bushel of wheat will rise in the future, but buyers do not, the current equilibrium price will A) not change. B) fall. C) rise. D) perhaps rise, fall, or stay the same, depending on whether there are more demanders or suppliers in the market. 136) In the figure, the equilibrium price is initially $3 per bushel of wheat. If buyers come to expect that the price of a bushel of wheat will rise in the future, but sellers do not, the current equilibrium price will A) rise. B) fall. C) not change. D) perhaps rise, fall, or stay the same, depending on whether there are more demanders or suppliers in the market.Price P2 PA Da Qo Q1 Q2 Q3 Q4 Quantity 128) In the above figure, a change in quantity demanded with unchanged demand is represented by a movement from A) point a to point c. B) point a to point e. C) point a to point b. D) None of the above represent a change in the quantity demanded with an unchanged demand. 129) In the above figure, a change in quantity supplied with unchanged supply is represented by a movement from A) point b to point e. B) point b to point a. C) point e to point c. D) point a to point e. 130) In the above figure, if Dy is the demand curve, then a price of P3 would result in A) a surplus of 23 - 21- B) a shortage of Q4 - Q3- C) a surplus of 24 - 20- D) a shortage of Q3 - 21- 131) In the above figure, if D2 is the original demand curve for a normal good and income decreases, which price and quantity may result? A) point c, with price P3 and quantity Q3 B) point a, with price P2 and quantity Q2 C) point b, with price Py and quantity Q1 D) point d, with price P1 and quantity Q3 132) In the above figure, if Dy is the original demand curve and the price of a substitute in consumption rises, which price and quantity may result? A) point c, with price P3 and quantity Q3 B) point d, with price Pj and quantity Q3 C) point a, with price P2 and quantity Q2 D) point b, with price Pj and quantity Q1123) The price will fall and the equilibrium quantity might increase, decrease, or stay the same when the 1 A) demand for a good increases and the supply of it decreases. B) demand and the supply of a good both decrease. C) demand for a good decreases and the supply of it increases. D) demand and the supply of a good both increase. 124) The equilibrium quantity will decrease and the price might rise, fall, or stay the same when the A) demand and the supply of a good both decrease. B) demand for a good increases and the supply of it decreases. C) demand for a good decreases and the supply of it increases. D) demand and the supply of a good both increase. 125) The equilibrium quantity of a good will increase and its equilibrium price might rise, fall, or stay the same when A) its demand decreases and supply increases. B) its demand increases and supply decreases. C) its demand and supply both increase. D) its demand and supply both decrease. 126) The price of compact disc players fell over the past decade because a combination of improving technology, rising incomes, and falling prices of compact discs caused the A) demand curve for compact disc players to shift rightward faster than the supply curve of compact disc players shifted rightward. B) supply curve of compact disc players to shift rightward faster than the demand curve for compact disc players shifted rightward. C) demand curve for compact disc players to shift leftward and the supply curve of compact disc players to shift leftward. D) supply curve of compact disc players to shift rightward and the demand curve for compact disc players to shift leftward. 127) Which of the following will always raise the equilibrium price? A) an increase in demand combined with a decrease in supply B) a decrease in both demand and supply C) an increase in both demand and supply D) a decrease in demand combined with an increase in supply117) Beef and leather belts are complements in production. If people's concern about health shifts the demand curve for beef leftward, the result in the market for leather belts will be a A) lower equilibrium price for a leather belt because there is an increase in the supply of leather belts. B) higher equilibrium price for a leather belt because there is a decrease in the supply of leather belts. C) lower equilibrium price for a leather belt because there is a decrease in the supply of leather belts. D) higher equilibrium price for a leather belt because there is an increase in the supply of leather belts. 118) You observe that the price of a good rises and the quantity decreases. These observations can be the result of A) the supply curve shifting rightward. B) the demand curve shifting rightward. C) the demand curve shifting leftward. D) the supply curve shifting leftward. 119) Leather belts and leather shoes are substitutes in production. If style changes increase the demand for leather belts, the supply curve of leather shoes will shift A) rightward and the equilibrium price of leather shoes will fall. B) leftward and the equilibrium price of leather shoes will rise. C) leftward and the equilibrium price of leather shoes will fall. D) rightward and the equilibrium price of leather shoes will rise. 120) If both demand and supply increase, what will be the effect on the equilibrium price and quantity? A) The price will rise but the quantity could either increase, decrease, or remain the same. B) The quantity will increase but the price could either rise, fall, or remain the same. C) Both the price and the quantity will increase. D) The price will fall but the quantity will increase. 121) If both the demand and supply increase, the equilibrium quantity A) decreases and the price rises. B) increases and the effect on price is indeterminate. C) decreases and the effect on price is indeterminate. D) increases and the price falls. 122) The price will rise and the equilibrium quantity might increase, decrease, or stay the same when the A) demand and the supply of a good both increase. B) demand and the supply of a good both decrease. C) demand for a good decreases and the supply of it increases. D) demand for a good increases and the supply of it decreases