Quiz_02a - Points Awarded Points Missed Percentage 10.00...

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Points Awarded 10.00 Points Missed 0.00 Percentage 100% 1. In a competitive market for corn, the law of demand indicates that, other things equal, as A) The demand for corn decreases, the price will increase. B) Income decreases, the quantity of corn demanded will increase. C) The price of corn decreases, the quantity of corn demand will increase. D) The price of corn decreases, the quantity of corn demanded will decrease. Points Earned: 1.0/1.0 Correct Answer(s): C 2. Which will not cause a change in the demand for product A? A) A change in consumer preferences B) A change in the price of A C) A decline in the consumer incomes D) A decrease in the price of close-substitute product B Points Earned: 1.0/1.0 Correct Answer(s): B 3. If two goods are close substitutes: A) An increase in the price of one will decrease the demand for the other. B) An increase in the price of one will increase the demand for the other. C) A decrease in the price of one will increase the demand for the other.
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This note was uploaded on 10/08/2010 for the course ECON 002 taught by Professor Mcleod,markpehlivan,ayseozg during the Summer '08 term at Pennsylvania State University, University Park.

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Quiz_02a - Points Awarded Points Missed Percentage 10.00...

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