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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.  A surplus indicates that the quantity demanded is less that the quantity supplied.
A.
B.
2.  If price falls, there will be an increase 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 resource prices will tend to decrease supply.
A.
B.
5.  In graphing supply and demand schedules, supply is put on the horizontal axis and demand on the vertical axis.
A.
B.
6.  The equilibrium price of a good is the price at which the demand and the supply of the good are equal.
A.
B.
7.  A market is any arrangement that brings together the buyers and sellers of a particular good or service.
A.
B.
8.  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.
9.  The is no difference between individual demand schedules and the market demand schedules.
A.
B.
10.  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.
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