practice questions for weeks 3 and 4

practice questions for weeks 3 and 4 - 1 Suppose that...

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1. Suppose that tuition charged by public universities increases. What will be effect on demand for private college education? Assume private and public universities are substitutes. What will be the effect on equilibrium price and quantity? 2. Complete the statement with “right” or “left”: An increase in the price of HDTVs will shift the demand curve for ordinary TVs to the _____________ ; an increase in the price of DVD players will shift the demand curve for DVDs to the _______________. 3. Complete the statement with “increase” or “decrease”: When a price increases, the law of demand suggests that quantity demanded will _______________, while the law of supply suggests that the quantity supplied will _____________. These are just the definitions of the law of demand and law of supply. If you got these incorrect, go back and review the lecture for the week. 4. Complete the statement: The market equilibrium is shown by the intersection of the ______ curve and the ______________ curve.

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• Spring '14
• FOX
• Microeconomics, Equilibrium, Supply And Demand, Law Of Demand, \$10, \$6.................1000.........................650, \$8.................1000.........................700, \$10.................900.........................750, \$12.................800.........................850

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