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Ch 3 Individual Markets: Demand And Supply

10 Questions  I  By Ecofanics
Business Quizzes & Trivia
Review for ch 3 McConnell and Brue 15 ed.

  
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Question Excerpt

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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 income will tend to increase the demand for a product.
A.
B.
3.  An increase in resource prices will tend to decrease supply.
A.
B.
4.  A change in supply means that there is a movement along an existing supply curve.
A.
B.
5.  If the supply of a product increases and the demand decreases, the equilibrium price and quantity will increase.
A.
B.
6.  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.
7.  The equilibrium price of a good is the price at which the demand and the supply of the good are equal.
A.
B.
8.  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.
9.  Supply is a schedule that shows the amounts of a product a producer can make in a limited amount of time.
A.
B.
10.  The law of diminishing marginal utility is one explanation of why there is an incerse relationship between price and quantity demanded.
A.
B.
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