Ch 3 Individual Markets: Demand And Supply

10 Questions  I  By Ecofanics
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Review for ch 3 McConnell and Brue 15 ed.

  
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1.  If the market price of a product is below its equilibrium price, the market price will will tend to rise because demand will decrease and supply will increase.
A.
B.
2.  If consumer tastes or preferences for a product decrease, the demand for the product will tend to decrease.
A.
B.
3.  When two products are substitute goods, the price of one and the demand for the other will tend to move in the same direction.
A.
B.
4.  A surplus indicates that the quantity demanded is less that the quantity supplied.
A.
B.
5.  An increase in the prices of other goods that could be made by the producers will tend to decrease the supply of the current good that the producer is making.
A.
B.
6.  A change in the quantity demanded means that there has been a change in demand.
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B.
7.  The rationing function of prices is the elimination of shortages and surpluses.
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B.
8.  The law of demand states that as price increases, other thing being equal, the quantity of the product demanded increases.
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B.
9.  Supply is a schedule that shows the amounts of a product a producer can make in a limited amount of time.
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B.
10.  If two goods are complementary, an increase in the price of one will tend to increase the demand  for the other.
A.
B.
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