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Micro3Q - Micro Chapter 3 Study Guide Questions Multiple...

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Micro Chapter 3 Study Guide Questions Multiple Choice Identify the letter of the choice that best completes the statement or answers the question. ____ 1. If the price of tickets to the World Series were set below the equilibrium price, a. the quantity demanded would be smaller than the quantity supplied. b. the demand for World Series tickets would be highly responsive to the price. c. there would be no transactions between buyers and sellers of the tickets. d. the number of persons seeking to obtain tickets to World Series games would be greater than the number of tickets available. ____ 2. Which of the following would cause the price of automobiles to rise? ____ 3. Which of the following would be the best example of consumer surplus? ____ 4. If cigars and cigarettes are substitute goods, an increase in the price of cigars would result in ____ 5. Which of the following would most likely cause the current demand for video cassette recorders VCRs to fall? a. an increase in consumer income b. an increase in the price of VCRs c. an increase in the price of laser disc players, a substitute good d. the expectation that the price of VCRs will decrease sharply during the next six months ____
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