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Supply and Demand Analysis of Commodities

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An announcement that smoking will harm your ability to think clearly will most likely result in
a. an increase in the quantity of cigarettes demanded
b. a decrease in the demand for cigarettes
c. no change in smoking habits
d. an increase in the price of cigarettes

my answer is D

Given that chicken and beef are substitute goods, if the price of chicken decreases substantially, there would be
a. an increase in the demand for beef
b. decrease in the demand for beef
c. Decrease in the quantity of beef demanded.
d. No change in the demand for beef

My answer is A

Given that pizza is a normal good, if student's income at your college increases substantially, there would be
a. an increase in the demand for pizza
b. an increase in the quantity of pizza demanded.
c. A decrease in the demand for pizza
d. No change in the demand for pizza

Hmmm I think the answer should be B

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Remember that suppliers will not be affected by this announcement. They wouldn't be liable to raise prices because of it. Prices are determined by the intersection of the supply and demand curves, so an increase in price would have to come from a shift in one ...

Solution Summary

Multiple choice supply and demand analysis questions

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a. Define economics
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c. Define the Law of supply
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e. Identify the factors that lead to a change in supply and a change in demand

Analyze the basis for the trends in consumption patterns as discussed in the article. In your analysis, consider the utility derived from the products mentioned in the article, describe what has occurred to change the demand for, or the supply of, the good or service, and market prices of those products or services.

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