Quiz 3 F2014 with answers - QUIZ 3 1 Which best expresses...

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QUIZ 3 1. Which best expresses the law of demand? a) A higher price reduces quantity demanded 2. Which will not cause supply to increase? a) An increase in demand 3. The following data show the supply and demand schedule for a competitively produced good. Refer to the above data. At the equilibrium price, the quantity exchanged in this market will be: a) 220 4. Refer to the above data from question 3. Suppose that the government were to fix the price at $12. As a result: a) there would be a shortage of 60 units 5. The demand curve slope is ___________ whereas the supply curve has a _______________ slope. a) Downward; upward b) Negative: positive c) Due to an Inverse relationship; due to a direct relationship d) All of the above 6. When an economist says that the demand for a product has increased, this means that: a) quantity demanded is greater at each possible price 7. Market demand curve is comprised of a) the sum of all the consumers individual demand curves 8. If consumer incomes increase, the demand for product W: a)
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Christopher Reinemann
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