econ4 - Submitted by Le, Thao (THAOLE2) on 9/26/2011...

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Submitted by Le, Thao (THAOLE2) on 9/26/2011 11:26:53 PM Points Awarded 11.97 Points Missed 13.23 Percentage 47.5% 1. A change in the quantity demanded of a product is the result of a change in A) the price of the product. B) the price of related goods. C) consumer income. D) the cost of producing the product. Points Earned: 0.6/0.6 Correct Answer(s): A 2. The Law of Demand can be explained as A) a lot of people wanting the same thing. B) the higher the price, the smaller the quantity demanded, ceteris paribus. C) people are willing to make limited sacrifices to acquire products. D) legal reasons people make purchases in the marketplace. Points Earned: 0.6/0.6 Correct Answer(s): B 3.
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Refer to Figure 4.1, which shows Molly's and Ryan's individual demand curves for compact discs per month. Assuming Molly and Ryan are the only consumers in the market, what is the market quantity demanded at a price of $3? A) 6 B) 9 C) 15 D) 20 Points Earned: 0.6/0.6 Correct Answer(s): D 4. Refer to Figure 4.1, which shows Molly's and Ryan's individual demand curves for compact discs per month. Assuming Molly and Ryan are the only consumers in the market, if the market quantity demanded is 15, the price must be A) $0. B) $6. C) $9. D) $15.
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Points Earned: 0.0/0.6 Correct Answer(s): B 5. The Law of Supply states that A) producers should only produce what they can sell. B) producers should only sell the items when the price is right. C) there is a positive relationship between price and quantity supplied, ceteris paribus. D) producers are legally required to make necessary items available in the marketplace. Points Earned: 0.6/0.6 Correct Answer(s): C 6. Quantity of Frozen Latte-On-A-Stick Supplied Price Flo's Supply Rita's Supply 1 0 0 2 0 3 3 4 6 4 9 9 5 15 12 Table 4.1 Refer to Table 4.1, which shows Flo's and Rita's individual supply schedules for frozen latte-on- a-stick. Assuming Flo and Rita are the only suppliers in the market, what is the market quantity supplied at a price of $2? A) 0 B) 2 C) 3 D) 5 Points Earned: 0.6/0.6 Correct Answer(s): C 7.
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Refer to Table 4.1, which shows Flo's and Rita's individual supply schedules for frozen latte-on- a-stick. Assuming Flo and Rita are the only suppliers in the market, if the market quantity supplied is 18, the price must be A) $2. B) $3. C) $4. D) $5. Points Earned: 0.6/0.6 Correct Answer(s): C 8. Figure 4.2 illustrates the supply and demand for t-shirts. If the actual price of t-shirts is $7, there is an A) excess demand of 8 t-shirts. B) excess supply of 8 t-shirts. C) excess demand of 10 t-shirts. D) excess supply of 10 t-shirts.
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Points Earned: 0.0/0.6 Correct Answer(s): A 9. Figure 4.2 illustrates the supply and demand for t-shirts. If the actual price of t-shirts is $15, we would expect that A) demand will decrease until quantity demanded equals quantity supplied. B) supply will increase until quantity demanded equals quantity supplied.
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econ4 - Submitted by Le, Thao (THAOLE2) on 9/26/2011...

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