Question 1

A decrease in the quantity supplied of a good is shown by

Accepted Answer

A)  a movement up along the supply curve.
B)  a leftward shift of the supply curve.
C)  a rightward shift of the supply curve.
D)  a movement down along the supply curve.
E)  a movement from the supply curve to the origin.

Question 2

Which one of the following would not shift the supply curve of good X to the right?

Accepted Answer

A)  a rise in the price of X
B)  an increase in the price of Y, a complement in production of X
C)  a fall in the price of the factors of production used in producing X
D)  a technological change that increases production of X
E)  a fall in the price of Y, a substitute in production of X

Question 3

Use the figure below to answer the following questions.
 2 to D1 C) a movement from the origin to any point on D1 D) a shift from D1 to D2 E) a movement from B to A" class="answers-bank-image d-inline" rel="preload" > Figure 3.2.2
-Refer to Figure 3.2.2.Which one of the following represents a decrease in quantity demanded?

Accepted Answer

A)  a movement from A to B
B)  a shift from D2 to D1
C)  a movement from the origin to any point on D1
D)  a shift from D1 to D2
E)  a movement from B to A

Question 4

Oatmeal is a normal good and cold cereal is a substitute for oatmeal.Raisins are a complement of oatmeal.Which of the following increases the demand for oatmeal?

Accepted Answer

A)  a decrease in population
B)  an increase in the supply of oatmeal
C)  an increase in the price of raisins
D)  a decrease in income
E)  an increase in the price of cold cereal

Question 5

If we observe an increase in the equilibrium quantity of good A, we know that

Accepted Answer

A)  either the demand for A has decreased or the supply of A has increased or both.
B)  either the demand for A has increased or the supply of A has increased or both.
C)  either the demand for A has decreased or the supply of A has decreased or both.
D)  either the demand for A has increased or the supply of A has decreased or both.
E)  the price of A has risen.

Exam 3: Demand and Supply

Use the figure below to answer the following questions. Figure 3.2.2 -Refer to Figure 3.2.2.Which one of the following represents a decrease in quantity demanded?

Correct Answer
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Which one of the following would not shift the supply curve of good X to the right?

Correct Answer
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If we observe an increase in the equilibrium quantity of good A, we know that

Correct Answer
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A decrease in the quantity supplied of a good is shown by

Correct Answer
verified

Oatmeal is a normal good and cold cereal is a substitute for oatmeal.Raisins are a complement of oatmeal.Which of the following increases the demand for oatmeal?

Correct Answer
verified

Exam 3: Demand and Supply

Use the figure below to answer the following questions. Figure 3.2.2 -Refer to Figure 3.2.2.Which one of the following represents a decrease in quantity demanded?

Correct AnswerverifiedShow Answer

Which one of the following would not shift the supply curve of good X to the right?

Correct AnswerverifiedShow Answer

If we observe an increase in the equilibrium quantity of good A, we know that

Correct AnswerverifiedShow Answer

A decrease in the quantity supplied of a good is shown by

Correct AnswerverifiedShow Answer

Oatmeal is a normal good and cold cereal is a substitute for oatmeal.Raisins are a complement of oatmeal.Which of the following increases the demand for oatmeal?

Correct AnswerverifiedShow Answer

Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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