Question 1

The equilibrium price of a good is a price that consumers are happy with.

Accepted Answer

A) True 
 B)False

Question 2

How would a decrease in the price of DVD players affect the demand for DVD rentals?

Accepted Answer

A)  It would decrease the demand for DVD rentals. 
B)  It would increase the demand for DVD rentals. 
C)  It would increase the quantity of DVD rentals demanded without changing the demand. 
D)  It would decrease the quantity of DVD rentals demanded without changing the demand. 
A)  It would decrease the demand for DVD rentals. 
B)  It would increase the demand for DVD rentals. 
C)  It would increase the quantity of DVD rentals demanded without changing the demand. 
D)  It would decrease the quantity of DVD rentals demanded without changing the demand.

Question 3

The equilibrium price of a good is a price that everyone is happy with.

Accepted Answer

A) True 
 B)False

Question 4

A surplus results when the quantity supplied exceeds the quantity demanded.

Accepted Answer

A) True 
 B)False

Question 5

Table 3.2
  
-According to the market data in Table 3.2, which price will generate a surplus of 50 units?

Accepted Answer

A)  $2 
B)  $4 
C)  $6 
D)  $8 
A)  $2 
B)  $4 
C)  $6 
D)  $8

Question 6

The law of supply asserts that a higher price leads to a _________ quantity supplied.

Accepted Answer

The answer of The law of supply asserts that a...

The equilibrium price of a good is a price that consumers are happy with.

How would a decrease in the price of DVD players affect the demand for DVD rentals?

The equilibrium price of a good is a price that everyone is happy with.

A surplus results when the quantity supplied exceeds the quantity demanded.

Table 3.2 -According to the market data in Table 3.2, which price will generate a surplus of 50 units?

The law of supply asserts that a higher price leads to a _________ quantity supplied.

Economics and the World of Scarcity

The United States Within the World Economy

Consumer Decision Making and Consumer Reaction to Price Changes

The Firm: Production and Cost

The Two Extremes: Perfect Competition and Pure Monopoly

In Between the Extremes: Imperfect Competition

Market and Government Failures

Labor Economics

Unemployment, Inflation, and the Business Cycle

Aggregate Demand and Supply

The Fiscal Policy Approach to Stabilization

Money and Our Banking System

The Monetary Policy Approach to Stabilization

How Economies Grow

Trading With Other Nations

Financing World Trade

Filters

Exam 3: Demand and Supply

The equilibrium price of a good is a price that consumers are happy with.

How would a decrease in the price of DVD players affect the demand for DVD rentals?

The equilibrium price of a good is a price that everyone is happy with.

A surplus results when the quantity supplied exceeds the quantity demanded.

Table 3.2 -According to the market data in Table 3.2, which price will generate a surplus of 50 units?

The law of supply asserts that a higher price leads to a _________ quantity supplied.

Economics and the World of Scarcity

The United States Within the World Economy

Consumer Decision Making and Consumer Reaction to Price Changes

The Firm: Production and Cost

The Two Extremes: Perfect Competition and Pure Monopoly

In Between the Extremes: Imperfect Competition

Market and Government Failures

Labor Economics

Unemployment, Inflation, and the Business Cycle

Aggregate Demand and Supply

The Fiscal Policy Approach to Stabilization

Money and Our Banking System

The Monetary Policy Approach to Stabilization

How Economies Grow

Trading With Other Nations

Financing World Trade

Filters