exam 1, sample questions - Exam1,,20questions(therewillbe...

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Page 1 of 4 Exam 1, sample multiple choice questions, 20 questions (there will be 30 in the actual exam): 1. The supply curve for a good is a. a curve that relates technology and quantity supplied. b. a curve that relates price and quantity supplied. c. a curve that relates quantity supplied and quantity demanded. d. a curve that relates price and technology. 2. If the demand for a good decreases when income rises, then the good is called 3. At the equilibrium price, the quantity of the good that buyers are willing and able to buy (b) and (c) could both be correct. 4. If in the market for cherries the price happens to be above the intersection of the supply and demand then
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