Question 1

The sum of all the individual demand curves for a product is called

Accepted Answer

A)   income demand.
B)   equilibrium demand.
C)   complementary demand.
D)   market demand.E) A) and B)
F) B) and D)

Question 2

Table 4-9
The demand schedule below pertains to sandwiches demanded per week.
 
-Refer to Table 4-9.Suppose x = 1.Then it must be true that

Accepted Answer

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

Question 3

Figure 4-2 
-Refer to Figure 4-2.What is the equilibrium quantity in this market?

Accepted Answer

A)   4 units
B)   8 units
C)   12 units
D)   16 unitsE) B) and C)
F) None of the above

Question 4

Scenario 4-1
The following table shows the supply and demand schedules in a market.
 
-Refer to Scenario 4-1.What is the equilibrium quantity in this market?

Accepted Answer

The answer of Scenario 4-1
The following table shows the supply...

Question 5

New oak tables are normal goods.What would happen to the equilibrium price and quantity in the market for oak tables if the price of maple tables rises,the price of oak wood rises,more buyers enter the market for oak tables,and the price of the glue used in the production of the new oak tables increased?

Accepted Answer

A)   Price will fall,and the effect on quantity is ambiguous.
B)   Price will rise,and the effect on quantity is ambiguous.
C)   Quantity will fall,and the effect on price is ambiguous.
D)   Quantity will rise,and the effect on price is ambiguous.E) All of the above
F) B) and C)

Question 6

The demand for a good or service is determined by

Accepted Answer

A)   those who buy the good or service.
B)   the government.
C)   those who sell the good or service.
D)   both those who buy and those who sell the good or service.E) A) and C)
F) C) and D)

Question 7

Figure 4-21 
-Refer to Figure 4-21.Which of the following movements would illustrate the effect in the market for wedding cakes resulting from a decrease in the price number of pastry chefs?

Accepted Answer

A)   Point A to Point B
B)   Point C to Point B
C)   Point C to Point D
D)   Point A to Point DE) All of the above
F) A) and B)

Question 8

Figure 4-2 
-Refer to Figure 4-2.What is the equilibrium price in this market?

Accepted Answer

A)   $8
B)   $12
C)   $16
D)   $20E) A) and B)
F) None of the above

Question 9

Figure 4-17 
-Refer to Figure 4-17.If price is $25,then quantity demanded and quantity supplied,respectively,are

Accepted Answer

A)   500 units and 500 units.
B)   500 units and 800 units.
C)   600 units and 600 units.
D)   800 units and 500 units.E) A) and D)
F) B) and C)

Question 10

Figure 4-22

-Refer to Figure 4-22.Panel (d) shows which of the following?

Accepted Answer

A)   a decrease in demand and a decrease in quantity supplied
B)   a decrease in demand and a decrease in supply
C)   a decrease in quantity demanded and a decrease in quantity supplied
D)   a decrease in quantity demanded and a decrease in supplyE) A) and B)
F) B) and C)

Question 11

The law of supply and demand asserts that

Accepted Answer

A)   demand curves and supply curves tend to shift to the right as time goes by.
B)   the price of a good will eventually rise in response to an excess demand for that good.
C)   when the supply curve for a good shifts,the demand curve for that good shifts in response.
D)   the equilibrium price of a good will be rising more often than it will be falling.E) B) and D)
F) A) and B)

Question 12

A shortage is the same as an excess demand.

Accepted Answer

A) True 
 B)False

Question 13

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

Accepted Answer

A) True 
 B)False

Question 14

Buyers and sellers who have no influence on market price are referred to as

Accepted Answer

A)   market pawns.
B)   monopolists.
C)   price takers.
D)   price setters.E) A) and B)
F) None of the above

Question 15

If income rises in the market for an inferior good,will the demand curve for the inferior good shift to the right or to the left?

Accepted Answer

The demand...

Question 16

If goods A and B are complements,then an increase in the price of good A will result in

Accepted Answer

A)   more of good A being sold.
B)   more of good B being sold.
C)   less of good B being sold.
D)   no difference in the quantity sold of either good.E) B) and D)
F) B) and C)

Question 17

A supply curve slopes upward because

Accepted Answer

A)   as more is produced,total cost of production falls.
B)   an increase in input prices increases supply.
C)   the quantity supplied of most goods and services increases over time.
D)   an increase in price gives producers an incentive to supply a larger quantity.E) B) and C)
F) A) and B)

Question 18

What will happen to the equilibrium price of new textbooks if more students attend college,paper becomes cheaper,textbook authors accept lower royalties,and fewer used textbooks are sold?

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) A) and B)
F) C) and D)

Question 19

Figure 4-10 
-Refer to Figure 4-10.Which of the following would cause the supply curve to shift from Supply B to Supply A in the market for disposable ballpoint pens?

Accepted Answer

A)   a decrease in the price of disposable ballpoint pens
B)   an increase in the price of fountain pens
C)   an increase in the price of ink
D)   an improvement in technology that allows firms to use less labor in the production of disposable ballpoint pensE) B) and C)
F) C) and D)

Question 20

If something happens to alter the quantity demanded at any given price,then

Accepted Answer

A)   the demand curve becomes steeper.
B)   the demand curve becomes flatter.
C)   the demand curve shifts.
D)   we move along the demand curve.E) A) and B)
F) All of the above

Exam 4: The Market Forces of Supply and Demand

If goods A and B are complements,then an increase in the price of good A will result in

Correct Answer
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Figure 4-22 -Refer to Figure 4-22.Panel (d) shows which of the following?

Correct Answer
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Buyers and sellers who have no influence on market price are referred to as

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

Correct Answer
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The demand for a good or service is determined by

Correct Answer
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A supply curve slopes upward because

Correct Answer
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The law of supply and demand asserts that

Correct Answer
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Figure 4-2 -Refer to Figure 4-2.What is the equilibrium quantity in this market?

Correct Answer
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Table 4-9 The demand schedule below pertains to sandwiches demanded per week. -Refer to Table 4-9.Suppose x = 1.Then it must be true that

Correct Answer
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Correct Answer
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A shortage is the same as an excess demand.

Correct Answer
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Figure 4-10 -Refer to Figure 4-10.Which of the following would cause the supply curve to shift from Supply B to Supply A in the market for disposable ballpoint pens?

Correct Answer
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The sum of all the individual demand curves for a product is called

Correct Answer
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Scenario 4-1 The following table shows the supply and demand schedules in a market. -Refer to Scenario 4-1.What is the equilibrium quantity in this market?

Correct Answer
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What will happen to the equilibrium price of new textbooks if more students attend college,paper becomes cheaper,textbook authors accept lower royalties,and fewer used textbooks are sold?

Correct Answer
verified

Figure 4-2 -Refer to Figure 4-2.What is the equilibrium price in this market?

Correct Answer
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If something happens to alter the quantity demanded at any given price,then

Correct Answer
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If income rises in the market for an inferior good,will the demand curve for the inferior good shift to the right or to the left?

Correct Answer
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The demand...
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Figure 4-17 -Refer to Figure 4-17.If price is $25,then quantity demanded and quantity supplied,respectively,are

Correct Answer
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Figure 4-21 -Refer to Figure 4-21.Which of the following movements would illustrate the effect in the market for wedding cakes resulting from a decrease in the price number of pastry chefs?

Correct Answer
verified

Exam 4: The Market Forces of Supply and Demand

If goods A and B are complements,then an increase in the price of good A will result in

Correct AnswerverifiedShow Answer

Figure 4-22 -Refer to Figure 4-22.Panel (d) shows which of the following?

Correct AnswerverifiedShow Answer

Buyers and sellers who have no influence on market price are referred to as

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

The demand for a good or service is determined by

Correct AnswerverifiedShow Answer

A supply curve slopes upward because

Correct AnswerverifiedShow Answer

The law of supply and demand asserts that

Correct AnswerverifiedShow Answer

Figure 4-2 -Refer to Figure 4-2.What is the equilibrium quantity in this market?

Correct AnswerverifiedShow Answer

Table 4-9 The demand schedule below pertains to sandwiches demanded per week. -Refer to Table 4-9.Suppose x = 1.Then it must be true that

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

A shortage is the same as an excess demand.

Correct AnswerverifiedShow Answer

Figure 4-10 -Refer to Figure 4-10.Which of the following would cause the supply curve to shift from Supply B to Supply A in the market for disposable ballpoint pens?

Correct AnswerverifiedShow Answer

The sum of all the individual demand curves for a product is called

Correct AnswerverifiedShow Answer

Scenario 4-1 The following table shows the supply and demand schedules in a market. -Refer to Scenario 4-1.What is the equilibrium quantity in this market?

Correct AnswerverifiedShow Answer

What will happen to the equilibrium price of new textbooks if more students attend college,paper becomes cheaper,textbook authors accept lower royalties,and fewer used textbooks are sold?

Correct AnswerverifiedShow Answer

Figure 4-2 -Refer to Figure 4-2.What is the equilibrium price in this market?

Correct AnswerverifiedShow Answer

If something happens to alter the quantity demanded at any given price,then

Correct AnswerverifiedShow Answer

If income rises in the market for an inferior good,will the demand curve for the inferior good shift to the right or to the left?

Correct AnswerverifiedThe demand...View AnswerShow Answer

Figure 4-17 -Refer to Figure 4-17.If price is $25,then quantity demanded and quantity supplied,respectively,are

Correct AnswerverifiedShow Answer

Figure 4-21 -Refer to Figure 4-21.Which of the following movements would illustrate the effect in the market for wedding cakes resulting from a decrease in the price number of pastry chefs?

Correct AnswerverifiedShow Answer

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The demand...
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