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exam 2 - ARE 201 Spring 2009 Exam#2 Topics Chapters 4-6...

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1 ARE 201 Spring 2009 Exam #2 Topics: Chapters 4—6 Date: 3/12/2009 Time: 1:30pm—2:45pm Instructor: Prof. Zheng Format: Closed-book MULTIPLE CHOICE (3 points each) 1. For each good produced in a market economy, demand and supply determine a. the price of the good, but not the quantity. b. the quantity of the good, but not the price. c. both price and quantity. d. neither price nor quantity is determined by demand and supply, because prices are ultimately set by producers. 2. Each of the following are determinants of demand EXCEPT 3. Which of the following cause and effect events is in order for a seller? 4. Another term for equilibrium price is 5. Demand for a good would tend to be more inelastic the a. fewer the available substitutes. b. longer the time period considered. c. more the good is considered a luxury good. d. more narrowly defined the market is.
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