1. The law of demand is illustrated by a demand curve that is:
c. Upward sloping
d. Downward sloping
1. Which would cause a decrease in the quantity of computers supplied?
a. An increase in the demand for computers
b. A decrease in the demand for computers
c. An increase in the incomes of consumers
d. A decrease in the price of parts for making computers
1. When the price of oil declines significantly, the price of gasoline also declines. The latter occurs because of a(n):
a. increase in the demand for gasoline.
b. decrease in the demand for gasoline.
c. increase in the supply of gasoline.
d. decrease in the supply of gasoline.
1. A schedule which shows the various amounts of a product producers are willing and able to produce at each price in a series of possible prices during a specified period of time is called:
a. Quantity supplied
b. Quantity demanded
1. If the quantity supplied of a product is less than the quantity demanded, then:
a. There is a shortage of the product
b. There is a surplus of the product
c. The product is a normal good
d. The product is an inferior good
1. If the market price is above the equilibrium price:
a. A shortage will occur and producers will produce more and lower prices
b. A surplus will occur and producers will produce less and lower prices
c. A surplus will result and consumers will bid prices up
d. Producers will make extremely high profits
1. A competitive market will:
a. achieve an equilibrium price.
b. produce shortages.
c. produce surpluses.
d. create disorder.
1. A product market is in equilibrium:
a. when there is no surplus of the product.
b. when there is no shortage of the product.
c. when consumers want to buy more of the product than producers offer for sale.
d. where the demand and supply curves intersect.
1. A headline reads “Storms destroy half of the lettuce crop.” This situation would lead to a(n):
a. Increase in the price of lettuce and quantity purchased
b. Decrease in the price of lettuce and quantity purchased
c. Increase in the price of lettuce and decrease in quantity purchased
d. Decrease in the price of lettuce and increase in quantity purchased
1. Government-set price floors and price ceilings:
a. Do not affect the rationing function of price in a free market
b. Interfere with the rationing function of price in a free market
c. Result in surpluses of products in markets where they are used
d. Result in shortages of products in markets where they are used
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