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Chapter 07 - Supply and Demand

Chapter 07 - Supply and Demand - Practice Test...

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Page 1 of 28 Practice Test Microeconomics: Theory and Policy Chapter 07: Supply and Demand B. Modjtahedi Question 1 Which of the following is the definition of the consumer demand function? A. The quantities of a good the consumer is willing to buy. B. The quantities of a good the consumer is able to buy. C. The quantities of a good the consumer is willing and able to buy. D. All of the above. E. None of the above. Question 2 Which of the following is the definition of the market demand function? Question 3 If the price of broccoli decreases, which of the following will be the most likely outcome? Question 4 If the price of broccoli increases, which of the following will be the most likely outcome? Question 5 If the own-price of a good increases, which of the following will be the most likely outcome? A. The quantity demanded will increase. B. The quantity demanded will decrease. C. Demand for the good will increase. D. Demand for the good will decrease. E. None of the above. Question 6 Which of the following statements is correct about the market demand function for flat TVs?
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Page 2 of 28 Question 7 The figure above shows the market demand function for pizzas sold in pizza shops. Currently the demand function is D 0 . Which of the following events will cause the demand function to shift D 1 ?
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