Mirco exam

Mirco In a market economy, supply and demand determine - both the quantity of each good produced and the price at which it is sold. Suppose that the federal government is concerned about obesity in the United States. Congress is considering two plans. One would require "junk food" producers to include warning labels on all junk food. The other would impose a tax on all products considered to be junk food. If the warning labels are successful, we could illustrate the plan as producing a movement from - Point A to Point B in Panel 1. Which of the following would cause the demand curve to shift from Demand C to Demand A in the market for tennis balls in the United States? - a decrease in the number of people in the United States under age 70 Which of the following would shift the demand curve for gasoline to the right? - an increase in consumer income, assuming gasoline is a normal good What will happen in the artichoke market now if buyers expect higher artichoke prices in the near future? - The demand for artichokes will increase. Suppose that a decrease in the price of good X results in fewer units of good Y being demanded. This implies that X and Y are - substitute goods. If Producer A and Producer B are the only producers in the market, then the market quantity supplied when the price is $4 is - 12 units The sum of all the individual supply curves for a product is called - market supply. Which of the following would cause the supply curve to shift from Supply A to Supply C in the market for winter coats? - a decrease in the price of zippers and snaps