Your response: a.
An increase in the price of a substitute. (You answered correctly!)
Feedback :
Learning Objective: Shifting the demand curve Level of Learning: Knowledge Source: Unique
Type: Word Problem
2.50 points awarded.
The correct answer is:
a. b. c. d. e.
An increase in the price of a substitute. An increase in the product's own price. An increase in the price of a complement. A decrease in the price of a substitute.
An expectation that the product's own price will fall in the future.
2. In a free market, if the price of a good is above the equilibrium price, then (2.50 points)
Your response: c.
demanders, wanting to ensure they acquire the good, will bid the price lower.
Feedback :
Learning Objective: Determination of prices Level of Learning: Comprehension Source: Unique
Type: Word Problem
0 points awarded.
The correct answer is:
a. government needs to set a higher price.
b. suppliers, dissatisfied with growing inventories, will raise
the price.
c. demanders, wanting to ensure they acquire the good, will
bid the price lower.
d. government needs to set a lower price.
e. suppliers, dissatisfied with growing inventories, will lower
the price.
3.
Reference: 3-11
Assume figure 4.3 illustrates the change when firms' technology improves. As a result, the equilibrium price moves from _____ to _____.
(2.50 points)
Your response: c. $60; $30
(You answered correctly!)
Feedback :
Learning Objective: Shifting the supply curve Level of Learning: Application Source: Unique
Type: Graphical Problem
2.50 points awarded.
The correct answer is:
a. b. c. d. e.
4. The supply of Shrek action figures is shown below. The bold, solid line is the current supply.
$30; $60 $20; $30 $60; $30 $30; $20 $60; $20
Reference: 3-9
If the price of the plastic used to make action figures rises, supply will
(2.50 points)
Your response: c.
shift from Current Supply to Supply A. (You answered correctly!)
Feedback :
Learning Objective: Shifting the supply curve Level of Learning: Application Source: Unique
Type: Word Problem
2.50 points awarded.
The correct answer is:
a. shift from Current Supply to Supply B.
b. not change because a change in raw material prices cannot
affect market prices.
c. shift from Current Supply to Supply A.
d. remain at Current Supply because Demand for Shrek figures
is so strong.
e. remain at Current Supply, but quantity supplied will
increase to recover the higher costs.
5. If pizzas are normal good, then a decrease in the price of pizza will cause a(n) (2.50 points)
Your response: b.
increase in quantity demanded. (You answered correctly!)
Feedback :
Learning Objective: Change in demand vs quantity demanded Level of Learning: Comprehension Source: Unique
Type: Word Problem
2.50 points awarded.
The correct answer is:
a. b. c. d. e.
increase in demand.
increase in quantity demanded. decrease in quantity demanded. decrease in supply.
decrease in the number of consumers.
6. A movement along a demand curve from one price-quantity combination to another is called (2.50 points)
Your response: b.
a shift in the demand curve.
Feedback :
Learning Objective: Change in demand vs quantity demanded Level of Learning: Knowledge Source: Unique
Type: Word Problem
0 points awarded.
The correct answer is:
a. b. c. d. e.
7. Sellers tend to offer _______ for sale as price increases, and so the supply curve is ______ sloping. (2.50 points)
Your response: e.
more; upward
(You answered correctly!)
Feedback :
a change in quantity demanded. a shift in the demand curve. a change in demand.
a change in quantity supplied. a change in supply.
Learning Objective: Define a supply curve Level of Learning: Comprehension Source: Unique
Type: Word Problem
2.50 points awarded.
The correct answer is:
a. b. c. d. e.
8. A market in disequilibrium would feature (2.50 points)
Your response: d.
either excess supply or excess demand. (You answered correctly!)
Feedback :
Learning Objective: Economic equilibrium Level of Learning: Comprehension Source: From 2e Type: Word Problem
2.50 points awarded.
goods; not
less; downward more; downward less; upward more; upward
The correct answer is:
a. a stable price.
b. consumers able to purchase all they wish at the market
price.
c. a stable quantity.
d. either excess supply or excess demand.
e. firms able to sell all they wish at the market price.
9.
Reference: 3-13
An increase in supply is represented by shifting from (2.50 points)
Your response: a.
curve A to curve B. (You answered correctly!)
Feedback :
Learning Objective: Shifting the supply curve Level of Learning: Application Source: Unique
Type: Graphical Problem
2.50 points awarded.
The correct answer is:
a. b. c. d. e.
10. When the price of a good is below its equilibrium value, (2.50 points)
Your response: a.
consumers will bid the price up. (You answered correctly!)
Feedback :
Learning Objective: Determination of prices Level of Learning: Application Source: Unique
Type: Word Problem
2.50 points awarded.
curve A to curve B. curve B to curve A. curve C to curve D. curve D to curve C. curve C to curve B.
The correct answer is:
a. b. c. d. e.
consumers will bid the price up. excess supply will occur.
it will tend to stay below the equilibrium value. suppliers will notice their inventories are growing. suppliers will lower the price.
11.
Reference: 3-2
At a price of $3, quantity supplied is (2.50 points)
Your response: b. 2.
(You answered correctly!)
Feedback :
Learning Objective: Define a supply curve Level of Learning: Knowledge Source: Unique
Type: Graphical Problem
2.50 points awarded.
The correct answer is:
a. 0.
b. c. d. e.
2. 4. 6. 7.
12. A market comprised of a downward sloping demand curve that intersects an upward sloping supply curve is said to be stable because (2.50 points)
Your response: e.
at any price other than equilibrium, forces in the market move price towards the equilibrium. (You answered correctly!)
Feedback :
Learning Objective: Economic equilibrium Level of Learning: Comprehension Source: Unique
Type: Word Problem
2.50 points awarded.
The correct answer is:
a. b. c. d. e.
price will never change. quantity will never change. demand will never change. supply will never change.
at any price other than equilibrium, forces in the market move price towards the equilibrium.
13.
Reference: 3-11
Assume figure 4.3 illustrates the change when firms' technology improves. As a result, ___________ to ____. (2.50 points)
Your response: b.
supply shifts from S1; S2 (You answered correctly!)
Feedback :
Learning Objective: Shifting the supply curve Level of Learning: Application Source: From 2e
Type: Graphical Problem
2.50 points awarded.
The correct answer is:
a. supply shifts from S2; S1 b. supply shifts from S1; S2
c. equilibrium quantity increases from 20 units; 40 units d. equilibrium quantity decreases from 40 units; 20 units e. equilibrium quantity remains unchanged.
14. In general, when the supply curve shifts to the left and demand is constant then (2.50 points)
Your response: d.
the equilibrium price will rise. (You answered correctly!)
Feedback :
Learning Objective: Four simple rules Level of Learning: Application Source: Unique
Type: Word Problem
2.50 points awarded.
The correct answer is:
a. b. c. d. e.
the market cannot reestablish an equilibrium. the equilibrium price will fall. the equilibrium quantity will rise. the equilibrium price will rise. quantity supplied falls.
15.
Reference: 3-3
When the price of a good is above its equilibrium value, (2.50 points)
Your response: e.
suppliers will lower the price. (You answered correctly!)
Feedback :
Learning Objective: Determination of prices Level of Learning: Application Source: Unique
Type: Word Problem
2.50 points awarded.
The correct answer is:
a. b. c. d. e.
consumers will bid the price up. excess demand will occur.
it will tend to stay above the equilibrium value.
suppliers will notice their inventories are shrinking. suppliers will lower the price.
16. Buyers and sellers of a particular good comprise the (2.50 points)
Your response: d.
production possibilities curve for the good.
Feedback :
Learning Objective: Define a market Level of Learning: Knowledge Source: Unique
Type: Word Problem
0 points awarded.
The correct answer is:
a. b. c. d. e.
17. For two goods, X and Y, to be classified as complements, it must be the case that (2.50 points)
Your response: d.
when the price of X rises, the demand for Y increases.
market for the good. demand for the good. supply for the good.
production possibilities curve for the good. ownership of the good.
Feedback :
Learning Objective: Shifting the demand curve Level of Learning: Comprehension Source: Unique
Type: Word Problem
0 points awarded.
The correct answer is:
a. b. c. d. e.
18. If the price of computers increases and the demand for monitors decreases, then (2.50 points)
Your response: a.
computers and monitors are complements. (You answered correctly!)
Feedback :
Learning Objective: Shifting the demand curve Level of Learning: Comprehension Source: Unique
Type: Word Problem
2.50 points awarded.
X and Y are indistinguishable.
consumers tend to purchase either X or Y.
when the price of X rises, the demand for Y decreases. when the price of X rises, the demand for Y increases. X and Y look alike.
The correct answer is:
a. b. c. d. e.
computers and monitors are complements.
computers are a normal good and monitors are inferior. computers and monitors are substitutes.
computers are an inferior good and monitors are normal. none of the above is true.
19.
Reference: 3-4
When this market is in equilibrium, (2.50 points)
Your response: e.
price is $35, and the quantity that will be sold is 20. (You answered correctly!)
Feedback :
Learning Objective: Determination of prices Level of Learning: Application Source: Unique
Type: Graphical Problem
2.50 points awarded.
The correct answer is:
a. b. c. d. e.
20. If price is below the equilibrium value, (2.50 points)
Your response: a.
producers can't sell all they make.
Feedback :
Learning Objective: Determination of prices Level of Learning: Application Source: Unique
Type: Word Problem
0 points awarded.
price is $30, and the quantity that will be sold is 15. price is $25, and the quantity that will be sold is 20. price is $25, and the quantity that will be sold is 5. price is $35, and the quantity that will be sold is 15. price is $35, and the quantity that will be sold is 20.
The correct answer is:
a. b. c. d. e.
producers can't sell all they make.
neither buyer nor seller wishes to alter their behavior. government must enforce a price control. buyers will start to bid the price up. a surplus develops.
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