Demand&Supply - PRINCIPLES OF MICROECONOMICS 0511-211...

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PRINCIPLES OF MICROECONOMICS 0511-211 Department of Economics Rochester Institute of Technology Sample Examination # 1 Including Solutions Instructor: Dr. Bríd Gleeson Hanna There are 12 sample multiple-choice questions plus solutions below that cover the topic ‘DEMAND AND SUPPLY’. There will be 50 multiple- choice questions in your actual exam. 1. In a competitive market, a. only a few sellers sell the same product. b. each seller has a limited degree of control over the price of his product. c. if one buyer chooses to purchase a large quantity of the product, the price will rise. d. if one seller withholds his product from the market, prices will rise. ANS: B 2. Each of the following is a determinant of demand except a. tastes. b. technology. c. expectations. d. the prices of related goods. ANS: B 3. Ford Motor Company announces that it will offer $3,000 rebates on new Mustangs starting next month. As a result of this information, today’s demand curve for Mustangs a. shifts to the right. b.
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This note was uploaded on 10/26/2008 for the course ECON 0511-211 taught by Professor Gleeson during the Winter '08 term at RIT.

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Demand&Supply - PRINCIPLES OF MICROECONOMICS 0511-211...

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