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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.  A surplus indicates that the quantity demanded is less that the quantity supplied.
A.
B.
2.  An increase in income will tend to increase the demand for a product.
A.
B.
3.  A government subsidy for the production of a product will tend to decrease supply.
A.
B.
4.  The law of diminishing marginal utility is one explanation of why there is an incerse relationship between price and quantity demanded.
A.
B.
5.  An increase in resource prices will tend to decrease supply.
A.
B.
6.  A market is any arrangement that brings together the buyers and sellers of a particular good or service.
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.  The law of demand states that as price increases, other thing being equal, the quantity of the product demanded increases.
A.
B.
9.  If price falls, there will be an increase in demand.
A.
B.
10.  In graphing supply and demand schedules, supply is put on the horizontal axis and demand on the vertical axis.
A.
B.
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