Question 1

When a supply curve or a demand curve shifts,the equilibrium price and equilibrium quantity change.

Accepted Answer

A) True 
 B)False

Question 2

The law of demand is true for most goods in the economy.

Accepted Answer

A) True 
 B)False

Question 3

When the market price is above the equilibrium price,suppliers are unable to sell all they want to sell.

Accepted Answer

A) True 
 B)False

Question 4

Table 4-7
The demand schedule below pertains to sandwiches demanded per week.
 
-Refer to Table 4-7.Suppose x = 1.Then it must be true that

Accepted Answer

A)   Charlie and Quinn have the same income,which is lower than Maxine's income.
B)   if sandwiches and potato chips are complements for Charlie,then those two goods are also complements for Quinn.
C)   Charlie's demand curve is identical to Quinn's demand curve.
D)   All of the above are correct.E) A) and B)
F) A) and C)

Question 5

Which of the following is not held constant in a demand schedule?

Accepted Answer

A)   income
B)   tastes
C)   price
D)   expectationsE) None of the above
F) All of the above

Question 6

When we move along a given supply curve,

Accepted Answer

A)   only price is held constant.
B)   technology and price are held constant.
C)   all nonprice determinants of supply are held constant.
D)   all determinants of quantity supplied are held constant.E) None of the above
F) B) and D)

Question 7

Pens are normal goods.What will happen to the equilibrium price of pens if the price of pencils rises,consumers experience an increase in income,writing in ink becomes fashionable,people expect the price of pens to rise in the near future,the population increases,fewer firms manufacture pens,and the wages of pen-makers increase?

Accepted Answer

A)   Price will rise.
B)   Price will fall.
C)   Price will stay exactly the same.
D)   The price change will be ambiguous.E) None of the above
F) A) and B)

Exam 4: The Market Forces of Supply and Demand

When we move along a given supply curve,

Correct Answer
verified

When the market price is above the equilibrium price,suppliers are unable to sell all they want to sell.

Correct Answer
verified

The law of demand is true for most goods in the economy.

Correct Answer
verified

Correct Answer
verified

When a supply curve or a demand curve shifts,the equilibrium price and equilibrium quantity change.

Correct Answer
verified

Table 4-7 The demand schedule below pertains to sandwiches demanded per week. -Refer to Table 4-7.Suppose x = 1.Then it must be true that

Correct Answer
verified

Which of the following is not held constant in a demand schedule?

Correct Answer
verified

Exam 4: The Market Forces of Supply and Demand

When we move along a given supply curve,

Correct AnswerverifiedShow Answer

When the market price is above the equilibrium price,suppliers are unable to sell all they want to sell.

Correct AnswerverifiedShow Answer

The law of demand is true for most goods in the economy.

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

When a supply curve or a demand curve shifts,the equilibrium price and equilibrium quantity change.

Correct AnswerverifiedShow Answer

Table 4-7 The demand schedule below pertains to sandwiches demanded per week. -Refer to Table 4-7.Suppose x = 1.Then it must be true that

Correct AnswerverifiedShow Answer

Which of the following is not held constant in a demand schedule?

Correct AnswerverifiedShow Answer

Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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