Question 1

Table 4-2
​
​
  ​
​
-Refer to Table 4-2. If these are the only four buyers in the market, then when the price decreases from $2.00 to $1.50, the market quantity demanded

Accepted Answer

A)  increases by 2 units.
B)  decreases by 5 units.
C)  increases by 10 units.
D)  increases by 14 units.E) A) and D)
F) All of the above

Question 2

Suppose goods A and B are substitutes. If the price of good A increases, will the demand for good B increase or decrease?

Accepted Answer

The demand...

Question 3

Warrensburg is a small college town in Missouri. At the end of August each year, the market demand for fast food in Warrensburg

Accepted Answer

A)  increases.
B)  decreases.
C)  remains constant, but we observe a movement downward and to the right along the demand curve.
D)  remains constant, but we observe a movement upward and to the left along the demand curve.E) All of the above
F) B) and C)

Question 4

Suppose goods A and B are complements. If the price of good A increases, will the demand for good B increase or decrease?

Accepted Answer

The demand...

Question 5

When a supply curve or a demand curve shifts, the equilibrium price and equilibrium quantity change.

Accepted Answer

A) True 
 B)False

Question 6

If the number of sellers in a market increases, then the

Accepted Answer

A)  demand in that market will increase.
B)  supply in that market will increase.
C)  supply in that market will decrease.
D)  demand in that market will decrease.E) B) and C)
F) A) and B)

Question 7

A decrease in the price of a good will

Accepted Answer

A)  increase demand.
B)  decrease demand.
C)  decrease quantity demanded.
D)  increase quantity demanded.E) B) and C)
F) A) and B)

Question 8

Monopolists are price takers.

Accepted Answer

A) True 
 B)False

Question 9

When Mario's income decreases, he buys more pasta. For Mario, pasta is a normal good.

Accepted Answer

A) True 
 B)False

Question 10

A decrease in the price of a product and an increase in the number of buyers in the market affect the demand curve in the same general way.

Accepted Answer

A) True 
 B)False

Question 11

If consumers often purchase pastries to eat while they drink their cappuccinos at local coffee shops, what would happen to the equilibrium price and quantity of cappuccinos if the price of pastries falls?

Accepted Answer

A)  Both the equilibrium price and quantity would decrease.
B)  Both the equilibrium price and quantity would increase.
C)  The equilibrium price would increase, and the equilibrium quantity would decrease.
D)  The equilibrium price would decrease, and the equilibrium quantity would increase.E) A) and C)
F) All of the above

Question 12

Figure 4-14
Consider the market for 2-packs of light bulbs below.
​
  ​
-Refer to Figure 4-31. What are the values of the equilibrium price and quantity?

Accepted Answer

The answer of Figure 4-14
Consider the market for 2-packs of...

Question 13

A baker recently has come to expect higher prices for bread in the near future. We would expect

Accepted Answer

A)  the baker to supply more bread now than she was supplying previously.
B)  the baker to supply less bread now than she was supplying previously.
C)  the demand for bread to fall.
D)  no change in the baker's current supply of bread; instead, future supply will be affected.E) A) and D)
F) C) and D)

Question 14

At the equilibrium price, quantity demanded is equal to quantity supplied.

Accepted Answer

A) True 
 B)False

Question 15

Figure 4-6 
-Refer to Figure 4-6. The shift from S' to S is called

Accepted Answer

A)  an increase in supply.
B)  a decrease in quantity supplied.
C)  a decrease in supply.
D)  an increase in quantity supplied.E) All of the above
F) B) and D)

Question 16

In a competitive market, there are so few buyers and so few sellers that each has a significant impact on the market price.

Accepted Answer

A) True 
 B)False

Question 17

Which of the following is not a determinant of the demand for a particular good?

Accepted Answer

A)  The prices of related goods
B)  Income
C)  Tastes
D)  The prices of the inputs used to produce the goodE) C) and D)
F) A) and D)

Exam 4: The Market Forces of Supply and Demand

If the number of sellers in a market increases, then the

Correct Answer
verified

Table 4-2 -Refer to Table 4-2. If these are the only four buyers in the market, then when the price decreases from $2.00 to $1.50, the market quantity demanded

Correct Answer
verified

A decrease in the price of a good will

Correct Answer
verified

Suppose goods A and B are substitutes. If the price of good A increases, will the demand for good B increase or decrease?

Correct Answer
verified
The demand...
View Answer

Which of the following is not a determinant of the demand for a particular good?

Correct Answer
verified

At the equilibrium price, quantity demanded is equal to quantity supplied.

Correct Answer
verified

When Mario's income decreases, he buys more pasta. For Mario, pasta is a normal good.

Correct Answer
verified

A decrease in the price of a product and an increase in the number of buyers in the market affect the demand curve in the same general way.

Correct Answer
verified

Figure 4-14 Consider the market for 2-packs of light bulbs below. -Refer to Figure 4-31. What are the values of the equilibrium price and quantity?

Correct Answer
verified

If consumers often purchase pastries to eat while they drink their cappuccinos at local coffee shops, what would happen to the equilibrium price and quantity of cappuccinos if the price of pastries falls?

Correct Answer
verified

When a supply curve or a demand curve shifts, the equilibrium price and equilibrium quantity change.

Correct Answer
verified

Warrensburg is a small college town in Missouri. At the end of August each year, the market demand for fast food in Warrensburg

Correct Answer
verified

A baker recently has come to expect higher prices for bread in the near future. We would expect

Correct Answer
verified

Suppose goods A and B are complements. If the price of good A increases, will the demand for good B increase or decrease?

Correct Answer
verified
The demand...
View Answer

In a competitive market, there are so few buyers and so few sellers that each has a significant impact on the market price.

Correct Answer
verified

Monopolists are price takers.

Correct Answer
verified

Figure 4-6 -Refer to Figure 4-6. The shift from S' to S is called

Correct Answer
verified

Exam 4: The Market Forces of Supply and Demand

If the number of sellers in a market increases, then the

Correct AnswerverifiedShow Answer

Table 4-2 ​ ​ ​ ​ -Refer to Table 4-2. If these are the only four buyers in the market, then when the price decreases from $2.00 to $1.50, the market quantity demanded

Correct AnswerverifiedShow Answer

A decrease in the price of a good will

Correct AnswerverifiedShow Answer

Suppose goods A and B are substitutes. If the price of good A increases, will the demand for good B increase or decrease?

Correct AnswerverifiedThe demand...View AnswerShow Answer

Which of the following is not a determinant of the demand for a particular good?

Correct AnswerverifiedShow Answer

At the equilibrium price, quantity demanded is equal to quantity supplied.

Correct AnswerverifiedShow Answer

When Mario's income decreases, he buys more pasta. For Mario, pasta is a normal good.

Correct AnswerverifiedShow Answer

A decrease in the price of a product and an increase in the number of buyers in the market affect the demand curve in the same general way.

Correct AnswerverifiedShow Answer

Figure 4-14 Consider the market for 2-packs of light bulbs below. ​ ​ -Refer to Figure 4-31. What are the values of the equilibrium price and quantity?

Correct AnswerverifiedShow Answer

If consumers often purchase pastries to eat while they drink their cappuccinos at local coffee shops, what would happen to the equilibrium price and quantity of cappuccinos if the price of pastries falls?

Correct AnswerverifiedShow Answer

When a supply curve or a demand curve shifts, the equilibrium price and equilibrium quantity change.

Correct AnswerverifiedShow Answer

Warrensburg is a small college town in Missouri. At the end of August each year, the market demand for fast food in Warrensburg

Correct AnswerverifiedShow Answer

A baker recently has come to expect higher prices for bread in the near future. We would expect

Correct AnswerverifiedShow Answer

Suppose goods A and B are complements. If the price of good A increases, will the demand for good B increase or decrease?

Correct AnswerverifiedThe demand...View AnswerShow Answer

In a competitive market, there are so few buyers and so few sellers that each has a significant impact on the market price.

Correct AnswerverifiedShow Answer

Monopolists are price takers.

Correct AnswerverifiedShow Answer

Figure 4-6 -Refer to Figure 4-6. The shift from S' to S is called

Correct AnswerverifiedShow Answer

Correct Answer
verified

Table 4-2 -Refer to Table 4-2. If these are the only four buyers in the market, then when the price decreases from $2.00 to $1.50, the market quantity demanded

Correct Answer
verified

Correct Answer
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The demand...
View Answer

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Figure 4-14 Consider the market for 2-packs of light bulbs below. -Refer to Figure 4-31. What are the values of the equilibrium price and quantity?

Correct Answer
verified

Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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The demand...
View Answer

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