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Supply and Demand Quiz 2 (You may identify more than one correct answers to each questions.) 1.Which of the following would result in an increase in demand for music CDs? a. An increase in the price of CD players b. A decrease in the price CD players c. An increase in the price of CDs d. A decrease in the price of CDs e. A technological improvement that lowers the cost of CD production. f. The unavailability of cassette players in most new cars. 2. Which of the following (ceteris paribus) would cause an increase in the equilibrium price of gasoline but a reduction in its equilibrium quantity? a. An in crease in the demand for gasoline due to the increased number of SUVs on the road b. A reduction in the crude oil price due to the discovery of new oil reserves c. An increase in demand due to increased consumers’ interest in larger SUVs and trucks along with a reduction the crude oil prices that have resulted in a significant increase in the supply of gasoline. d. A new environmental law results in a significant increase in the cost of gasoline production. 3. If New York State gave a $2000 cash grant to each person who enrolls, as a full-time student, in one of SUNY colleges, a. Demand for education at SUNY schools would increase b. Quantity demanded for education at SUNY schools would increase c. Demand for education at New York private colleges might decrease d. Supply of private college education would increase e. Supply of public education by SUNY colleges would increase f. Both supply of and demand for private college education would increase 18 P S 15 12 9 6 3 0 D 50 100 150 200 250 300 350 Q 4. The above diagram represents (daily) supply of and demand for seats in the only movie theatre in small town. What price or prices would guarantee that all the seats in the theatre would be sold? 18 P S 15 12 9 6 3 0 D 50 100 150 200 250 300 350 Q 5. The above diagram represents (daily) supply of and demand for seats in the only movie theatre in small town. At what price will 100 seats of the theatre go unsold?
