University of Arizona Competitive Market Worksheet

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DescriptionIn the U.S., governments at various levels engage in significant
regulation of which kinds of market prices between private parties?
Question 1 options:
Rent.
Wages.
Transportation.
Mineral commodities.
Agricultural products.
Utilities (e.g. natural gas, electricity, water)
Question 2 (1 point)
In a competitive market, which situation allows buyers to discriminate
arbitrarily among sellers in certain groups, at little or no cost to
themselves?
Question 2 options:
Excess supply.
Excess demand.
Supply curve is a vertical line.
Demand curve is a vertical line.
Question 3 (1 point)
Economists generally think that government action to redistribute
wealth:
Question 3 options:
is undesirable because it reduces economic growth.
is the best way to achieve fairness in a capitalist system.
should be achieved through direct transfers of wealth rather than by regulating market prices.
should be done by regulating market prices rather than through taxes.
Question 4 (1 point)
In the market for cotton, which events cause the supply curve to shift?
(Mark all that apply.)
Question 4 options:
Demand for cotton increases.
Market price of cotton increases.
Excess supply in the market for cotton.
Technology for harvesting cotton improves.
The main ingredient for making paper is wood pulp. For the next two
questions, suppose that the price of wood pulp falls.
Question 5 (1 point)
What happens to the demand curve for paper?
Question 5 options:
It shifts left.
It shifts right.
There is no clear shift.
Question 6 (1 point)
What happens to the supply curve for paper?
Question 6 options:
It shifts left.
It shifts right.
There is no clear shift.
Question 7 (1 point)
A change in the demand curve has no effect on the equilibrium quantity
if the ______ curve is a ______ line.
Question 7 options:
Supply; vertical.
Demand; vertical.
Supply; horizontal.
Demand; horizontal.
None of the above: if the demand curve shifts, then the equilibrium price should also change.
Question 8 (1 point)
If the stock market rises, then, for most goods, we expect the ______
curve to shift ______.
Question 8 options:
Supply; left.
Supply; right.
Demand; left
Demand; right
Question 9 (1 point)
If the demand for gasoline (made from petroleum) falls, then in the
market for petroleum:
Question 9 options:
Supply increases.
Supply decreases.
Demand increases.
Demand decreases.
Question 10 (1 point)
If the government increases a mining company’s responsibility to treat
toxic waste generated by its copper mines, then the equilibrium price of
copper _____ and the equilibrium quantity of copper _____.
Question 10 options:
Falls; falls.
Falls; rises.
Falls; does not change.
Rises; falls
Rises; rises.
Rises; does not change.
Question 11 (1 point)
Suppose that coal companies open new mines. In the market for coal,
what happens (mark all that apply).
Question 11 options:
Supply shifts left.
Supply shifts right.
Demand shifts left.
Demand shifts right.
Question 12 (1 point)
Assume that cars and horses are substitutes. If the price of cars falls
then, in the market for horses, the price ______ and the quantity traded
______.
Question 12 options:
Falls; falls.
Falls; rises.
Rises; falls.
Rises; rises.
Question 13 (1 point)
Suppose that the price of health insurance, provided for teachers by the
schools, rises. Then, in the market for private schools, tuition ______
and the number of students enrolled ______.
Question 13 options:
Falls; falls.
Falls; rises.
Rises; falls.
Rises; rises.
Question 14 (1 point)
Assume that computers and monitors are complements. If the price of
computers falls then, in the market for monitors, the price ______ and
the quantity traded ______.
Question 14 options:
Falls; falls.
Falls; rises.
Rises; falls.
Rises; rises.
Question 15 (1 point)
Assume that midwest farmland can be used to grow corn or wheat, and
that a major use of corn is to make ethanol as fuel for cars. If regulatory
changes require more use of ethanol, then what happens in the market
for wheat?
Question 15 options:
Supply curve shifts left.
Supply curve shifts right.
Demand curve shifts left.
Demand curve shifts right.
There are no clear curve shifts in the market for wheat.
For the next three questions, assume that cocoa, sugar, and corn syrup
are all used in the production of chocolate. Sugar and corn syrup are
substitutes as sweeteners in that production, and cocoa is a
complement with each sweetener.
Question 16 (1 point)
If the demand for chocolate falls, then how do we expect the four
prices to change?
Question 16 options:
Price of cocoa.
Price of chocolate.
1. Rise.
2. Fall.
Price of corn syrup.
3. No clear reason for the price to change.
Price of sugar.
Question 17 (1 point)
If the price of corn (used to make corn syrup) rises, then how do we
expect the four prices to change? (Hint: you should focus first on the
change in the price of corn syrup, and then consider how that change
affects each of the other three prices.)
Question 17 options:
Price of sugar.
Price of chocolate.
1. Rise.
2. Fall.
Price of cocoa.
3. No clear reason for the price to change.
Price of corn syrup.
Question 18 (1 point)
If the technology for manufacturing cocoa improves, then how do we
expect the four prices to change? (Hint: you should focus first on the
change in the price of cocoa, and then consider how that change affects
each of the other three prices.)
Question 18 options:
Price of sugar.
Price of corn syrup.
1. Rise.
2. Fall.
Price of chocolate.
Price of cocoa.
3. No clear reason for the price to change.
For the next three questions, assume that coal and natural gas are both
used to generate electricity, and many power plants have the capacity
to switch between the two fuels.
Question 19 (1 point)
If the government creates regulatory incentives for bus companies to
switch to buses that burn natural gas (with the goal of reducing
pollution), then in the market for natural gas we expect to see the price
______ and the quantity traded to ______.
Question 19 options:
Fall; fall
Fall; rise
Rise; fall
Rise; rise.
Question 20 (1 point)
Based on these changes in the natural gas market, what do we clearly
expect to see in the market for coal?
Question 20 options:
Supply will increase.
Supply will decrease.
Demand will increase.
Demand will decrease.
Question 21 (1 point)
Based on the changes in the markets for natural gas and coal, what do
we clearly expect to see in the market for electricity?
Question 21 options:
Supply will increase.
Supply will decrease.
Demand will increase.
Demand will decrease.
Question 22 (1 point)
If the U.S. economy goes into a recession, which reduces consumers’
incomes, then (ceteris paribus) prices will tend to change the most in
markets where the ______ curve is ______.
Question 22 options:
Supply; nearly vertical
Supply; nearly horizontal
Demand; nearly vertical
Demand; nearly horizontal
Prices are unlikely to fall in any of these markets.
Question 23 (1 point)
As discussed in class, which industry has grown greatly in recent
decades, due to demographic changes in the U.S.?
Question 23 options:
Agriculture.
Health care.
Airline travel.
Online shopping.
Information technology.
Question 24 (1 point)
A pizza store’s inputs include flour and cardboard boxes and its
competitors include fried fish outlets. Then, in the national markets for
boxes and fish, the store’s owner is happy to see the demand for boxes
_____ and the supply of fish _____.
Question 24 options:
Fall; fall.
Fall; rise.
Rise; fall.
Rise; rise.
Question 25 (1 point)
We have developed three versions of the Supply and Demand model
(so far), which vary according to what is exogenous and endogenous in
the model. In this question, “Model 1” refers to the first model that we
developed, “Model 2” refers to the second model, and “Model 3” refers
to the last model. For each model, indicate which data are endogenous
and exogenous.
Question 25 options:
Quantity traded.
1. Exogenous in all three models.
Shifts in Supply and Demand curves.
2. Exogenous in Models 1 and 2 but endogenous in
Model 3.
Initial position of Supply and Demand
curves.
3. Exogenous in Model 1 but endogenous in Models 2
and 3.
Market price.
4. Endogenous in all three models.

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DescriptionIn the U.S., governments at various levels engage in significant regulation of which kinds of market prices between private parties? Question 1 options: Rent. Wages. Transportation. Mineral commodities. Agricultural products. Utilities (e.g. natural gas, electricity, water) Question 2 (1 point) In a competitive market, which situation allows buyers to discriminate arbitrarily among sellers in certain groups, at little or no cost to themselves? Question 2 options: Excess supply. Excess demand. Supply curve is a vertical line. Demand curve is a vertical line. Question 3 (1 point) Economists generally think that government action to redistribute wealth: Question 3 options: is undesirable because it reduces economic growth. is the best way to achieve fairness in a capitalist system. should be achieved through direct transfers of wealth rather than by regulating market prices. should be done by regulating market prices rather than through taxes. Question 4 (1 point) In the market for cotton, which events cause the supply curve to shift? (Mark all that apply.) Question 4 options: Demand for cotton increases. Market price of cotton increases. Excess supply in the market for cotton. Technology for harvesting cotton improves. The main ingredient for making paper is wood pulp. For the next two questions, suppose that the price of wood pulp falls. Question 5 (1 point) What happens to the demand curve for paper? Question 5 options: It shifts left. It shifts right. There is no clear shift. Question 6 (1 point) What happens to the supply curve for paper? Question 6 options: It shifts left. It shifts right. There is no clear shift. Question 7 (1 point) A change in the demand curve has no effect on the equilibrium quantity if the ______ curve is a ______ line. Question 7 options: Supply; vertical. Demand; vertical. Supply; horizontal. Demand; horizontal. None of the above: if the demand curve shifts, then the equilibrium price should also change. Question 8 (1 point) If the stock market rises, then, for most goods, we expect the ______ curve to shift ______. Question 8 options: Supply; left. Supply; right. Demand; left Demand; right Question 9 (1 point) If the demand for gasoline (made from petroleum) falls, then in the market for petroleum: Question 9 options: Supply increases. Supply decreases. Demand increases. Demand decreases. Question 10 (1 point) If the government increases a mining company’s responsibility to treat toxic waste generated by its copper mines, then the equilibrium price of copper _____ and the equilibrium quantity of copper _____. Question 10 options: Falls; falls. Falls; rises. Falls; does not change. Rises; falls Rises; rises. Rises; does not change. Question 11 (1 point) Suppose that coal companies open new mines. In the market for coal, what happens (mark all that apply). Question 11 options: Supply shifts left. Supply shifts right. Demand shifts left. Demand shifts right. Question 12 (1 point) Assume that cars and horses are substitutes. If the price of cars falls then, in the market for horses, the price ______ and the quantity traded ______. Question 12 options: Falls; falls. Falls; rises. Rises; falls. Rises; rises. Question 13 (1 point) Suppose that the price of health insurance, provided for teachers by the schools, rises. Then, in the market for private schools, tuition ______ and the number of students enrolled ______. Question 13 options: Falls; falls. Falls; rises. Rises; falls. Rises; rises. Question 14 (1 point) Assume that computers and monitors are complements. If the price of computers falls then, in the market for monitors, the price ______ and the quantity traded ______. Question 14 options: Falls; falls. Falls; rises. Rises; falls. Rises; rises. Question 15 (1 point) Assume that midwest farmland can be used to grow corn or wheat, and that a major use of corn is to make ethanol as fuel for cars. If regulatory changes require more use of ethanol, then what happens in the market for wheat? Question 15 options: Supply curve shifts left. Supply curve shifts right. Demand curve shifts left. Demand curve shifts right. There are no clear curve shifts in the market for wheat. For the next three questions, assume that cocoa, sugar, and corn syrup are all used in the production of chocolate. Sugar and corn syrup are substitutes as sweeteners in that production, and cocoa is a complement with each sweetener. Question 16 (1 point) If the demand for chocolate falls, then how do we expect the four prices to change? Question 16 options: Price of cocoa. Price of chocolate. 1. Rise. 2. Fall. Price of corn syrup. 3. No clear reason for the price to change. Price of sugar. Question 17 (1 point) If the price of corn (used to make corn syrup) rises, then how do we expect the four prices to change? (Hint: you should focus first on the change in the price of corn syrup, and then consider how that change affects each of the other three prices.) Question 17 options: Price of sugar. Price of chocolate. 1. Rise. 2. Fall. Price of cocoa. 3. No clear reason for the price to change. Price of corn syrup. Question 18 (1 point) If the technology for manufacturing cocoa improves, then how do we expect the four prices to change? (Hint: you should focus first on the change in the price of cocoa, and then consider how that change affects each of the other three prices.) Question 18 options: Price of sugar. Price of corn syrup. 1. Rise. 2. Fall. Price of chocolate. Price of cocoa. 3. No clear reason for the price to change. For the next three questions, assume that coal and natural gas are both used to generate electricity, and many power plants have the capacity to switch between the two fuels. Question 19 (1 point) If the government creates regulatory incentives for bus companies to switch to buses that burn natural gas (with the goal of reducing pollution), then in the market for natural gas we expect to see the price ______ and the quantity traded to ______. Question 19 options: Fall; fall Fall; rise Rise; fall Rise; rise. Question 20 (1 point) Based on these changes in the natural gas market, what do we clearly expect to see in the market for coal? Question 20 options: Supply will increase. Supply will decrease. Demand will increase. Demand will decrease. Question 21 (1 point) Based on the changes in the markets for natural gas and coal, what do we clearly expect to see in the market for electricity? Question 21 options: Supply will increase. Supply will decrease. Demand will increase. Demand will decrease. Question 22 (1 point) If the U.S. economy goes into a recession, which reduces consumers’ incomes, then (ceteris paribus) prices will tend to change the most in markets where the ______ curve is ______. Question 22 options: Supply; nearly vertical Supply; nearly horizontal Demand; nearly vertical Demand; nearly horizontal Prices are unlikely to fall in any of these markets. Question 23 (1 point) As discussed in class, which industry has grown greatly in recent decades, due to demographic changes in the U.S.? Question 23 options: Agriculture. Health care. Airline travel. Online shopping. Information technology. Question 24 (1 point) A pizza store’s inputs include flour and cardboard boxes and its competitors include fried fish outlets. Then, in the national markets for boxes and fish, the store’s owner is happy to see the demand for boxes _____ and the supply of fish _____. Question 24 options: Fall; fall. Fall; rise. Rise; fall. Rise; rise. Question 25 (1 point) We have developed three versions of the Supply and Demand model (so far), which vary according to what is exogenous and endogenous in the model. In this question, “Model 1” refers to the first model that we developed, “Model 2” refers to the second model, and “Model 3” refers to the last model. For each model, indicate which data are endogenous and exogenous. Question 25 options: Quantity traded. 1. Exogenous in all three models. Shifts in Supply and Demand curves. 2. Exogenous in Models 1 and 2 but endogenous in Model 3. Initial position of Supply and Demand curves. 3. Exogenous in Model 1 but endogenous in Models 2 and 3. Market price. 4. Endogenous in all three models. Purchase answer to see full attachment

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