PS1_Ans - Assessment 1 Q1 A B C How is market demand determined By adding the quantities buyers will be willing to buy at every possible price By

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Assessment 1 Q1 How is market demand determined? A. By adding the quantities buyers will be willing to buy at every possible price. B. By subtracting the quantities buyers will be willing to buy at every possible price. C. By adding the prices at which buyers will be willing to buy each quantity. D. None of these explain how market demand is determined. Q2 When the price of a good increases, A. demand will decrease. B. demand will increase. C. quantity demanded will decrease. D. quantity demanded will increase. Q3 The income effect occurs when A. buyers buying more of a good because their purchasing power has increased. B. buyers buy more of a relatively cheaper good. C. sellers producing more output because their profit has increased. D. sellers hire more workers because buyers incomes have increased. Q4 Which of the following would be an example of a pair of complements? A. gasoline and automobiles B. cooking oil and golf balls C. apples and bananas D. shoes and sandals. Q5
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This note was uploaded on 04/22/2010 for the course ECONOMICS ECON1002 taught by Professor None during the Spring '10 term at Hong Kong Institute of Vocational Education.

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PS1_Ans - Assessment 1 Q1 A B C How is market demand determined By adding the quantities buyers will be willing to buy at every possible price By

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