Practice Quiz Chap 5 - Pop Quiz worksheet 1:chapter 5...

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Pop Quiz worksheet 1:chapter 5 NAME:__________________________________ COURSE: ________________________________ 1. An increase in demand: a. will create a higher equilibrium price. b. will create a smaller equilibrium quantity. c. is reflected as a leftward shift in demand. d. could be caused by an increase in the price of a substitute good or service. 2. Compared to last year, fewer oranges are being bought and the selling price has decreased. This could have been caused by: a. an increase in demand. b. an increase in supply. c. a decrease in demand. d. a decrease in supply. 3. A decrease in supply will: a. decrease the equilibrium price. b. increase the equilibrium quantity. c. will create a temporary surplus that will be eliminated as the price rises. d. be reflected graphically as a leftward shift of the supply curve. 4. If demand and supply both increase, this will cause: a. an increase in the equilibrium quantity, but an uncertain effect on the equilibrium price. b. an increase in the equilibrium price, but an uncertain effect on the equilibrium quantity.
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Practice Quiz Chap 5 - Pop Quiz worksheet 1:chapter 5...

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