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- Multiple ChoicePlease save your changes before editing any questions.This part of the market determines DEMANDbuyerssellerssuppliersstore owners
- Multiple ChoicePlease save your changes before editing any questions.This part of the market determines SUPPLYbuyerssellersconsumersus
- Multiple ChoicePlease save your changes before editing any questions.For the law of demand, as price rises, what happens to quantity demanded?it goes upit goes downit stays the sameit is not effected
- Multiple ChoicePlease save your changes before editing any questions.When quantity supplied and quantity demanded is equalsurplusshortageequilibriumlaw of demand
- Multiple ChoicePlease save your changes before editing any questions.What does this curve represent?supplyequilibriumdemandsurplus
- Multiple ChoicePlease save your changes before editing any questions.Thousands of people leave a small town due to a factory closing down. Sales at the local grocery store become slow. What causes this change?Prices or availability of substitutesPrices or availability of complementary goodsChange in the weather or seasonChange in the number of buyers
- Multiple ChoicePlease save your changes before editing any questions.Goods that are bought and used together arecomplementary goodssubstitute goodsincome goodsunrelated goods
- Multiple ChoicePlease save your changes before editing any questions.The diagram represents aincrease in demanddecrease in demandchange in quantity demandnone of the above
- Multiple ChoicePlease save your changes before editing any questions.Which of the following is likely to increase the demand for peanut butter?Fewer children in the populationNews that insects have destroyed much of the peanut crop and that there will be less peanut butter on the shelves in three months.A big increase in the price of jelly.A report from the Surgeon General of the United States that eating peanut butter makes people nutty.
- Multiple ChoicePlease save your changes before editing any questions.Which statement expresses a central idea of how the laws of supply and demand work?The government sets the prices for goods and services.Prices are determined by the interaction of producers and consumers.Consumers alone determine the prices for goods and services.Technology dictates the prices charged for goods and services.
- Multiple ChoicePlease save your changes before editing any questions.What does this graph show?ShortageSurplusSupply TableEquilibrium
- Multiple ChoicePlease save your changes before editing any questions.If a price floor was set at 320, what quantity would be purchased?20406080
- Multiple ChoicePlease save your changes before editing any questions.What is the Equilibrium Price?1234
- Multiple ChoicePlease save your changes before editing any questions.Which of the following will cause an increase in demand for snowboards?More costly production methodsA decrease in the price of lift tickets at resorts in ColoradoA decrease in consumer incomeA decrease in the population
- Multiple ChoicePlease save your changes before editing any questions.The movement from Point A to Point B represents a(n)increase in the price.decrease in the quantity supplied.shift in the supply curve.Both Orange and Blue are correct.
- Multiple ChoicePlease save your changes before editing any questions.Which of the following would not shift the supply curve for iphones?an increase in the price of iphonesa decrease in the number of sellers of iphonean increase in the price of plastic, an input into the production of iphonesan improvement in the technology used to produce iphones
- Multiple ChoicePlease save your changes before editing any questions.Point at which supply and demand come togetherprice ceilingexcess demandequilibriumdisequilibrium
- Multiple ChoicePlease save your changes before editing any questions.Legal maximum that can be charged for a good.price ceilingexcess demandequilibriumdisequilibrium
- Multiple ChoicePlease save your changes before editing any questions.When the government sets a price floor on earned income, it is called which of the following?market equilibrium ratebase-level wageminimum wageemployment guarantee
- Multiple ChoicePlease save your changes before editing any questions.When quantity supplied exceeds quantity demanded at a certain price.shortagefadsearch costssurplus
- Multiple ChoicePlease save your changes before editing any questions.When quantity demanded exceeds quantity supplied at a certain costshortagefadsearch costssurplus
- Multiple ChoicePlease save your changes before editing any questions.At which quantity does supply and demand reach equilibrium?500600700800
- Multiple ChoicePlease save your changes before editing any questions.At which price is equilibrium?$1.00$1.25$1.50$1.75
- Multiple ChoicePlease save your changes before editing any questions.
An observer of the graph would call this a(n):
Shortage
Surplus
Equilibrium price
Demand equals supply
- Multiple ChoicePlease save your changes before editing any questions.
At this price:
Low prices encourage buyers but discourage sellers
High prices encourage sellers but discourage buyers
The market is stable
Buyers can find goods at equilibrium price
- Multiple ChoicePlease save your changes before editing any questions.
An observer of this graph would call this a(n):
Surplus
Shortage
Qd = Qs
Shift in supply
- Multiple ChoicePlease save your changes before editing any questions.
Which description best describes the information in this graph at this price?
Supply exceeds demand
Demand exceeds supply
Qd = Qs
Qs = Qd
- Multiple ChoicePlease save your changes before editing any questions.
At equilibrium price:
Quantity supplied = quantity demanded
Price increases to soak up excess demand
Price decreases to soak up excess supply
Demand increases in response to the price of related goods