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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.  An increase in income will tend to increase the demand for a product.
A.
B.
2.  A change in the quantity demanded means that there has been a change in demand.
A.
B.
3.  The law of demand states that as price increases, other thing being equal, the quantity of the product demanded increases.
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.  The equilibrium price of a good is the price at which the demand and the supply of the good are equal.
A.
B.
6.  The is no difference between individual demand schedules and the market demand schedules.
A.
B.
7.  A change in supply means that there is a movement along an existing supply curve.
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.  If the supply of a product increases and the demand decreases, the equilibrium price and quantity will increase.
A.
B.
10.  A government subsidy for the production of a product will tend to decrease supply.
A.
B.
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