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Ch 3 Individual Markets: Demand And Supply

10 Questions  I  By Ecofanics
Ch 3 Individual Markets: Demand and Supply
Review for ch 3 McConnell and Brue 15 ed.

  
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1.  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.
2.  Demand is the amount of a good or service that a buyer will purchase at a particular price.
A.
B.
3.  A change in supply means that there is a movement along an existing supply curve.
A.
B.
4.  An increase in resource prices will tend to decrease supply.
A.
B.
5.  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.
6.  The law of diminishing marginal utility is one explanation of why there is an incerse relationship between price and quantity demanded.
A.
B.
7.  The is no difference between individual demand schedules and the market demand schedules.
A.
B.
8.  In graphing supply and demand schedules, supply is put on the horizontal axis and demand on the vertical axis.
A.
B.
9.  The rationing function of prices is the elimination of shortages and surpluses.
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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