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 demand for a product increases and the supply of the product decreases, the equilibrium price will increase and the equilibrium quantity will be indeterminant.
A.
B.
2.  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.
3.  In graphing supply and demand schedules, supply is put on the horizontal axis and demand on the vertical axis.
A.
B.
4.  The substitution effect suggests that, at a lower price, you have the incentive to substitute the more expensive product for similar products which are relatively less expensive.
A.
B.
5.  A government subsidy for the production of a product will tend to decrease supply.
A.
B.
6.  The equilibrium price of a good is the price at which the demand and the supply of the good are equal.
A.
B.
7.  Demand is the amount of a good or service that a buyer will purchase at a particular price.
A.
B.
8.  The law of demand states that as price increases, other thing being equal, the quantity of the product demanded increases.
A.
B.
9.  A change in the quantity demanded means that there has been a change in demand.
A.
B.
10.  If consumer tastes or preferences for a product decrease, the demand for the product will tend to decrease.
A.
B.
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