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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.  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.
2.  If consumer tastes or preferences for a product decrease, the demand for the product will tend to decrease.
A.
B.
3.  If two goods are complementary, an increase in the price of one will tend to increase the demand  for the other.
A.
B.
4.  The equilibrium price of a good is the price at which the demand and the supply of the good are equal.
A.
B.
5.  The law of demand states that as price increases, other thing being equal, the quantity of the product demanded increases.
A.
B.
6.  Supply is a schedule that shows the amounts of a product a producer can make in a limited amount of time.
A.
B.
7.  A surplus indicates that the quantity demanded is less that the quantity supplied.
A.
B.
8.  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.
9.  The is no difference between individual demand schedules and the market demand schedules.
A.
B.
10.  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.
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