Chapter3_quiz1 - Which of the following best describes an...

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Questi on 1 0 out of 0 points If the supply of a product decreases and the demand for that product simultaneously increases, then equilibrium: Selected Answer: Correct Answer:
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Questio n 2 0 out of 0 points Refer to the following: <A onclick="window.open('http://highered.mcgraw- hill.com:80/olcweb/cgi/pluginpop.cgi? it=jpg::::/olc/dl/384256/quiz3a_2.jpg','popWin', 'width=NaN,height=NaN,resizable,scrollbars');" href="#"><IMG height=16 src="http://highered.mcgraw- hill.com:80/olcweb/styles/shared/linkicons/image.gif" width=16 border=0 valign="absmiddle"> (4.0K)</A> S1 and D1 represent the original supply and demand curves and S2 and D2 the new curves. In this market: Selected Answer: Correct Answer: Question 3 0 out of 0 points When an economist says that the demand for a product has increased, this means that: Selected Answer: Correct Answer:
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Question 4 0 out of 0 points
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Unformatted text preview: Which of the following best describes an inferior good? Selected Answer: Correct Answer: Question 5 0 out of 0 points A leftward shift in the demand curve for product E might be caused by: Selected Answer: Correct Answer: Question 6 0 out of 0 points At the equilibrium price: Selected Answer: Correct Answer: Question 7 0 out of 0 points True or false: MP3 players and headphones are substitute goods. Question 7 0 out of 0 points Selected Answer: Correct Answer: Question 8 0 out of 0 points A market is characterized by: Selected Answer: Correct Answer: Question 9 0 out of 0 points A partial explanation for the inverse relationship between price and quantity demanded is that a: Selected Answer: Correct Answer: Question 10 0 out of 0 points If consumer incomes increase, the demand for product Y: Selected Answer: Question 10 0 out of 0 points Correct Answer:...
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This note was uploaded on 10/01/2008 for the course ECO 103 taught by Professor None during the Fall '08 term at Community College of Allegheny County.

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Chapter3_quiz1 - Which of the following best describes an...

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