31 Jan the equilibrium market outcome.
Question 1
The law of demand is a statement that relates which two variables?
price and preferences
price and quantity supplied
price and household income
price and quantity demanded
Question 2
Which of the following are the best examples of complements?
mayonnaise and mustard
peanut butter and jelly
roast turkey and smoked ham
white bread and wheat bread
Question 3
An increase in demand is demonstrated by
a rightward shift of the demand curve.
a rightward movement along the demand curve.
a leftward movement along the demand curve.
a leftward shift of the demand curve.
Question 4
The law of supply is a statement that relates which two variables?
price and profit
price and production cost
price and quantity demanded
price and quantity supplied
Question 5
Each of the following would cause a decrease in the supply of corn EXCEPT
an increase in the wage rate for agricultural workers.
a season of unfavorable weather.
an increase in the price of soybeans.
an advancement in technology used to produce corn.
Question 6
An decrease in quantity supplied is caused by
an increase in the price of the product.
an increase in the price of an input.
a decrease in the price of an input.
a decrease in the price of the product.
Question 7
In the above figure, a surplus will occur in the market at a price of
None of these.
P2.
P0.
P1.
Question 8
When supply decreases, we expect equilibrium price to ________ and equilibrium quantity to _______.
increase; decrease
increase; increase
decrease; increase
decrease; decrease
Question 9
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Which of the figures above would be an appropriate representation of the effects of an increase in the price of gasoline on the trucking industry.
Figure 4
Figure 3
Figure 2
Figure 1
Question 10
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In the above figure, a price ceiling of $1.50 would result in
the equilibrium market outcome.
a remainder of 75.
a surplus of 75.
a shortage of 75.
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