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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.  The law of diminishing marginal utility is one explanation of why there is an incerse relationship between price and quantity demanded.
A.
B.
2.  The is no difference between individual demand schedules and the market demand schedules.
A.
B.
3.  An increase in resource prices will tend to decrease supply.
A.
B.
4.  An increase in income will tend to increase the demand for a product.
A.
B.
5.  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.
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.  Supply is a schedule that shows the amounts of a product a producer can make in a limited amount of time.
A.
B.
8.  If two goods are complementary, an increase in the price of one will tend to increase the demand  for the other.
A.
B.
9.  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.
10.  A surplus indicates that the quantity demanded is less that the quantity supplied.
A.
B.
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