Download Microeconomics Practice Questions: Market Equilibrium and Demand and Supply - Prof. Carste and more Quizzes Microeconomics in PDF only on Docsity!
Question 1
1 out of 1 points For a competitive market, which of the following is true? Answer Selected Answer: If a seller charges more than the going price, buyers will go elsewhere. Correct Answer: (^) If a seller charges more than the going price, buyers will go elsewhere. Answer Feedback: Correct. Response Feedback: If a seller charges more than the going price, buyers will go elsewhere.
Question 2
1 out of 1 points Currently you purchase 6 packages of hot dogs a month. You will be graduating in December and will start your new job January 2nd. You have no plans to purchase hot dogs in January. For you, hot dogs are Answer Selected Answer: (^) an inferior good. Correct Answer: (^) an inferior good. Answer Feedback: Correct. Response Feedback: an inferior good.
Question 3
0 out of 1 points
Suppose that a decrease in the price of X results in less of good Y sold. This would mean that X and Y are Answer Selected Answer: (^) complementary goods. Correct Answer: (^) substitute goods. Answer Feedback: Incorrect. Response Feedback: substitute goods.
Question 4
1 out of 1 points Alyssa rents 5 movies per month when the price is $3.00 each and 7 movies per month when the price is $2.50. Alyssa has demonstrated the Answer Selected Answer: (^) law of demand. Correct Answer: (^) law of demand. Answer Feedback: Correct. Response Feedback: law of demand.
Question 5
1 out of 1 points Holding all else constant, a higher price for ski lift tickets would be expected to Answer Selected Answer: (^) decrease ski sales.
Feedback: Response Feedback: how much all buyers are willing and able to buy at each possible price.
Question 8
1 out of 1 points Suppose that scientists find evidence that proves chocolate pudding lowers cholesterol. We would expect to see Answer Selected Answer: (^) an increase in the demand for chocolate pudding. Correct Answer: (^) an increase in the demand for chocolate pudding. Answer Feedback: Correct. Response Feedback: an increase in the demand for chocolate pudding.
Question 9
1 out of 1 points Which of the following cause and effect events is in order for a seller? Answer Selected Answer: An input price falls, profit increases, the supply curve shifts right. Correct Answer: (^) An input price falls, profit increases, the supply curve shifts right. Answer Feedback: Correct. Response Feedback: An input price falls, profit increases, the supply curve shifts right.
Question 10
0 out of 1 points
Figure 4- Refer to Figure 4-5. The movement from point A to point B on the graph would be caused by Answer Selected Answer: an increase in technology. Correct Answer: (^) an increase in the price of the good. Answer Feedback: Incorrect. Response Feedback: an increase in the price of the good.
Question 11
1 out of 1 points Figure 4- Refer to Figure 4-7. At the equilibrium price, Answer Selected Answer: (^) 400 units would be supplied and demanded. Correct Answer: (^) 400 units would be supplied and demanded. Answer Feedback: Correct. Response Feedback: 400 units would be supplied and demanded.
Question 12
1 out of 1 points
1 out of 1 points Figure 4- Refer to Figure 4-9. If the price is $25, there would be a Answer Selected Answer: (^) surplus of 300 and price would fall. Correct Answer: (^) surplus of 300 and price would fall. Answer Feedback: Correct. Response Feedback: surplus of 300 and price would fall.
Question 15
1 out of 1 points Figure 4- Refer to Figure 4-10. Which of the four graphs represents the market for cars after new technology was installed on assembly lines? Answer Selected Answer: (^) C Correct Answer: (^) C Answer Feedback: Correct . Response Feedback:
C
