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Chapter2_practice_paper

# Chapter2_practice_paper - Practice Questions for Chapter 2...

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Unformatted text preview: Practice Questions for Chapter 2: Supply and Demand MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. 1) Suppose the demand for Digital Video Recorders (DVRs) is given by Q = 250- .25 p + 4 p c , where Q is the quantity of DVRs demanded (in 1000s), p is the price of a DVR, and p c is the price of cable television. How much does Q change if the price of cable changes slightly (i.e. the partial derivative of demand with respect to p c )? A) 4.25 B) 4 C) .25 D) 125 1) 2) If the price of automobiles were to decrease substantially, the demand curve for public transportation would most likely A) remain unchanged. B) shift rightward. C) remain unchanged while quantity demanded would change. D) shift leftward. 2) 3) Suppose there are 100 identical Frms in the rag industry, and each Frm is willing to supply 10 rags at any price. The market supply curve will be a(n) A) vertical line where Q = 10. B) vertical line where Q = 100....
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Chapter2_practice_paper - Practice Questions for Chapter 2...

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