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ACTUAL QUIZ 3 COPIED FROM ONLINE

# ACTUAL QUIZ 3 COPIED FROM ONLINE - Question 1(1.25 points A...

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Question 1 (1.25 points) A market is defined as a. a physical place where people buy only goods. b . a store where people buy physical goods. c. any arrangement that brings buyers and sellers together. d . a physical place where people buy both goods and services. e. a place where one good is bartered for another. Save answer Question 2 (1.25 points) An increase in the quantity demanded is shown as a a. movement toward the demand curve. b . leftward shift of the demand curve. c. movement along the demand curve. d . rightward shift of the demand curve. e. both a movement along the demand curve and a shift of the demand curve. Save answer Question 3 (1.25 points) The market demand curve a. is the vertical sum of individual demand curves. b . cannot show how quantity demanded changes in response to a change in price. c. cannot show a change in demand for a good. d . is the horizontal sum of individual demand curves. e. is upward sloping. Save answer Question 4 (1.25 points) Consumers regard Dell computers and Apple computers as substitutes. If the price of a Dell computer decreases, the a. demand for Dell computers decreases. b . demand for Apple computers increases.

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c. demand for Apple computers decreases. d . supply of Dell computers increases. e. demand for Dell computers increases. Save answer Question 5 (1.25 points) Car insurance and cars are complements. If the price of car insurance increases, the a. demand for cars increases. b . quantity of cars demanded increases. c. quantity of cars demanded decreases. d . demand for cars decreases. e. More information is needed to determine if the demand increases or decreases. Save answer Question 6 (1.25 points) If income increases and the demand for bus rides decreases, a. consumers are behaving irrationally. b . bus rides are an inferior good.
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