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.  An increase in resource prices will tend to decrease supply.
A.
B.
2.  If the supply of a product increases and the demand decreases, the equilibrium price and quantity will increase.
A.
B.
3.  If price falls, there will be an increase in demand.
A.
B.
4.  A market is any arrangement that brings together the buyers and sellers of a particular good or service.
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B.
5.  The equilibrium price of a good is the price at which the demand and the supply of the good are equal.
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B.
6.  In graphing supply and demand schedules, supply is put on the horizontal axis and demand on the vertical axis.
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B.
7.  If two goods are complementary, an increase in the price of one will tend to increase the demand  for the other.
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B.
8.  The is no difference between individual demand schedules and the market demand schedules.
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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.  Economists often make the assumption of other things equal to hold constant the effects of other factors when examining the relationship between prices and quantities demanded and supplied.
A.
B.
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