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.  A government subsidy for the production of a product will tend to decrease supply.
A.
B.
2.  The equilibrium price of a good is the price at which the demand and the supply of the good are equal.
A.
B.
3.  If the market price of a product is below its equilibrium price, the market price will will tend to rise because demand will decrease and supply will increase.
A.
B.
4.  If price falls, there will be an increase in demand.
A.
B.
5.  When two products are substitute goods, the price of one and the demand for the other will tend to move in the same direction.
A.
B.
6.  A change in supply means that there is a movement along an existing supply curve.
A.
B.
7.  A change in the quantity demanded means that there has been a change in demand.
A.
B.
8.  The law of diminishing marginal utility is one explanation of why there is an incerse relationship between price and quantity demanded.
A.
B.
9.  The rationing function of prices is the elimination of shortages and surpluses.
A.
B.
10.  The is no difference between individual demand schedules and the market demand schedules.
A.
B.
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