Question 1

An increase in the price of fish will shift the demand curve for chicken to the right (assuming fish and chicken are substitutes).

Accepted Answer

A) True 
 B)False

Question 2

Explain why the price doesn't change when a market is in equilibrium.

Accepted Answer

It doesn't change because ther

Question 3

-In Exhibit C-16, which of the following is true?

Accepted Answer

A)  The quantity demanded at point a is greater than the quantity demand at point b. 
B)  The quantity demand at point c is greater than the quantity demanded at point a. 
C)  A movement from point a to point b is a change in demand. 
D)  A shift from D to D? is a change in quantity demanded. 
E)  A movement from point a to point c is due to a change in price. 
A)  The quantity demanded at point a is greater than the quantity demand at point b. 
B)  The quantity demand at point c is greater than the quantity demanded at point a. 
C)  A movement from point a to point b is a change in demand. 
D)  A shift from D to D? is a change in quantity demanded. 
E)  A movement from point a to point c is due to a change in price.

Question 4

An increase in demand accompanied by a simultaneous decrease in supply will have what effect on equilibrium?

Accepted Answer

A)  Price will either rise or fall; quantity will fall. 
B)  Price will rise; quantity will fall. 
C)  Price will rise; quantity will either rise or fall. 
D)  Price will either rise or fall; quantity will rise. 
E)  Price will fall; quantity will either rise or fall. 
A)  Price will either rise or fall; quantity will fall. 
B)  Price will rise; quantity will fall. 
C)  Price will rise; quantity will either rise or fall. 
D)  Price will either rise or fall; quantity will rise. 
E)  Price will fall; quantity will either rise or fall.

An increase in the price of fish will shift the demand curve for chicken to the right (assuming fish and chicken are substitutes).

Explain why the price doesn't change when a market is in equilibrium.

-In Exhibit C-16, which of the following is true?

An increase in demand accompanied by a simultaneous decrease in supply will have what effect on equilibrium?

Introduction

Production Possibilities and Opportunity Costs

Elasticity

Happiness, Utility, and Consumer Choice

Price Ceilings and Price Floors

Entrepreneurship and Business Ownership

Costs of Production

Maximizing Profit

Identifying Markets and Market Structures

Price and Output in Monopoly, Monopolistic Competition, and Perfect Competition

Price and Output Determination Under Oligopoly

Antitrust and Regulation

Externalities, Market Failure, and Public Choice

Wage Rates in Competitive Labor Markets

Wages and Employment: Monopsony and Labor Unions

Interest, Rent, and Profit

Income Distribution and Poverty

International Trade

Exchange Rates, Balance of Payments, and International Debt

The Economic Problems of Less-Developed Economies

Filters

Exam 3: Demand and Supply

An increase in the price of fish will shift the demand curve for chicken to the right (assuming fish and chicken are substitutes).

Explain why the price doesn't change when a market is in equilibrium.

-In Exhibit C-16, which of the following is true?

An increase in demand accompanied by a simultaneous decrease in supply will have what effect on equilibrium?

Introduction

Production Possibilities and Opportunity Costs

Elasticity

Happiness, Utility, and Consumer Choice

Price Ceilings and Price Floors

Entrepreneurship and Business Ownership

Costs of Production

Maximizing Profit

Identifying Markets and Market Structures

Price and Output in Monopoly, Monopolistic Competition, and Perfect Competition

Price and Output Determination Under Oligopoly

Antitrust and Regulation

Externalities, Market Failure, and Public Choice

Wage Rates in Competitive Labor Markets

Wages and Employment: Monopsony and Labor Unions

Interest, Rent, and Profit

Income Distribution and Poverty

International Trade

Exchange Rates, Balance of Payments, and International Debt

The Economic Problems of Less-Developed Economies

Filters