Chapter 3 Q&A - supply and a decrease in quantity...

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  10)  1
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The law  of __________ implies that as prices fall, __________.  A) 
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demand;  demand increases  B) 
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demand;  demand falls  C) 
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demand;  quantity demanded increases  D) 
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supply; supply  increases  Answer:  
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11) 
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The price  of pizza rises suddenly and you discover that you and your friends eat less pizza. This is due to the:  A) 
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law of supply.  B) 
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income and  substitution effects.  C) 
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increase in  demand.  D) 
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increase in  hamburger quality.  Answer:  
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Refer to the information provided in Figure 3.19 below to answer the questions that follow. Figure 3.19   12) 
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Refer to  Figure 3.19. When the economy moves from Point C to Point A, there has been:  A) 
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an increase in  demand and an increase in supply.  B) 
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an increase in  demand and an increase in quantity supplied.  C) 
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an increase in  quantity demanded and a decrease in supply.  D) 
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an increase in  quantity demanded and an increase in supply.  Answer:  
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  13) 
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Refer to  Figure 3.19. When the economy moves from Point C to Point E, there has been:  A) 
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Unformatted text preview: supply and a decrease in quantity demanded. B) a decrease in quantity supplied and a decrease in demand. C) an increase in supply and an increase in quantity demanded. D) an increase in demand and an increase in quantity supplied. Answer: D 14) Refer to Figure 3.19. When the economy moves from Point C to Point B, there has been: A) an increase in demand and an increase in supply. B) a decrease in demand and a decrease in supply. C) an increase in demand and a decrease in supply. D) an increase in quantity demanded and an increase in quantity supplied. Answer: A 15) Refer to Figure 3.19. When the economy moves from Point B to Point A, there has been: A) an increase in supply and a decrease in quantity demanded. B) a decrease in both supply and demand. C) a decrease in demand and a decrease in quantity supplied. D) a decrease in supply and an decrease in quantity demanded. Answer: C...
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