Midterm 1 - Econ 2010:Midterm 1 Name 1.A market in...

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Econ 2010:Midterm 1 Name: 1.A market in disequilibrium would feature A) a stable price. B) consumers able to purchase all they wish at the market price. C) a stable quantity. D) either excess supply or excess demand. E) firms able to sell all they wish at the market price. 2.McDonald's is running a $0.99 Small Mac special which was initially priced at $1.50. This is likely to cause 3. If the price of computers increases and the demand for monitors decreases, then D 1 D 2 4.Moving from demand curve D2 to demand curve D1 could be caused by a(n) 5.Suppose that only demand has suddenly shifted to the left. To restore equilibrium this market will have an immediate A) excess demand, which will cause prices to rise to a new equilibrium. B) excess supply, which will cause prices to rise to a new equilibrium. C) excess demand, which will cause prices to fall to a new equilibrium. D) excess supply, will cause prices to fall to a new equilibrium. E) development of a black market. 6.Assume the demand for coffee increases while the supply decreases. Which of the following outcomes is certain to occur?
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7.Suppose one observes that when the price of peanut butter increases, the demand for jelly increases. One must conclude that goods. goods.
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