Ch 3 Individual Markets: Demand And Supply

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

  
Changes are done, please start the quiz.


Question Excerpt

Removing question excerpt is a premium feature

Upgrade and get a lot more done!
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.  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.
3.  The is no difference between individual demand schedules and the market demand schedules.
A.
B.
4.  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.
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.  In graphing supply and demand schedules, supply is put on the horizontal axis and demand on the vertical axis.
A.
B.
8.  A change in supply means that there is a movement along an existing supply curve.
A.
B.
9.  The law of demand states that as price increases, other thing being equal, the quantity of the product demanded increases.
A.
B.
10.  A change in the quantity demanded means that there has been a change in demand.
A.
B.
Back to top


to post comments.

Removing ad is a premium feature

Upgrade and get a lot more done!
Take Another Quiz