Quiz 2- Lessons 3ABC.docx

Quiz 2- Lessons 3ABC.docx - (Quiz 2 Lessons 3a 3b 3c 1 When...

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( Quiz 2 - Lessons 3a, 3b, 3c) 1) When one speaks of "demand" in a particular market, this refers to: Ans: the whole demand curve. 2) The table below shows the individual demand curves for a bushel of wheat in a market where there are just three buyers (data are hypothetical). Refer to the table. At a price of $6, the market demand for bushels of wheat among the three buyers in the market is: Ans: 17 3) A normal good is one: Ans: for which demand increases when income increases.
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4) to the diagram below which shows three demand curves for corn. Which of the following would cause the change in the demand for corn illustrated by the shift from D1 to D2? Ans: a change in consumer tastes in favor of cornbread 5) The equilibrium price and quantity for milk in this market are: Ans: $1.50 and 28 million gallons
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6) Refer to the diagram below, which shows three supply curves for corn. Which of the following would
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