# HOMEWORK SET 3A MARKET DEMAND AND SUPPLY Questions 1 and 2 refer to the following graph,...

###### Question:

HOMEWORK SET 3A MARKET DEMAND AND SUPPLY Questions 1 and 2 refer to the following graph, which shows hypothetical economy's demand for music on compact discs (CDs). Assume music CDs are a normal good. 20.00 Price per 15.00 compact 16.00 diec (dollars) 10.00 7.50 6.00 10 15 20 30 40 Guantity of compact disco millons per year) I. According to the graph, if the price of music CDs falls from $20 to$15 per disc, then a. the demand curve for music CDs will shift to the left by 5 million per month. b. there will be surplus of 5 million music CDs per month. c. the quantity demanded of music CDs will rise from 15 to 20 million per month. d. consumers will continue to purchase 15 million music CDs per month. 2. Which of the following could shift the demand curve for music CDs to the left? a. A rise in the price of CDs. b. A rise in people's incomes. c. A fall in the cost of manufacturing CDs. d. A fall in the price of downloading digital music files. 3. The horizontal sum of all the individual demand schedules for lumber a. is the market demand for lumber. b. is the market supply of lumber. c. will usually be a vertical line. d. must be an upward-sloping curve.

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