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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1.  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.
2.  The is no difference between individual demand schedules and the market demand schedules.
A.
B.
3.  A change in the quantity demanded means that there has been a change in demand.
A.
B.
4.  A surplus indicates that the quantity demanded is less that the quantity supplied.
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.  In graphing supply and demand schedules, supply is put on the horizontal axis and demand on the vertical axis.
A.
B.
7.  An increase in resource prices will tend to decrease supply.
A.
B.
8.  A change in supply means that there is a movement along an existing supply curve.
A.
B.
9.  The law of diminishing marginal utility is one explanation of why there is an incerse relationship between price and quantity demanded.
A.
B.
10.  If the demand for a product increases and the supply of the product decreases, the equilibrium price will increase and the equilibrium quantity will be indeterminant.
A.
B.
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