Ch 3 Individual Markets: Demand And Supply

10 Questions  I  By Ecofanics
Review for ch 3 McConnell and Brue 15 ed.

  
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1.  The law of demand states that as price increases, other thing being equal, the quantity of the product demanded increases.
A.
B.
2.  The law of diminishing marginal utility is one explanation of why there is an incerse relationship between price and quantity demanded.
A.
B.
3.  An increase in income will tend to increase the demand for a product.
A.
B.
4.  If consumer tastes or preferences for a product decrease, the demand for the product will tend to decrease.
A.
B.
5.  A government subsidy for the production of a product will tend to decrease supply.
A.
B.
6.  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.
7.  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.
8.  If price falls, there will be an increase in demand.
A.
B.
9.  An increase in resource prices will tend to decrease supply.
A.
B.
10.  Supply is a schedule that shows the amounts of a product a producer can make in a limited amount of time.
A.
B.
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