# 4 4 pts question 18 an increase in the quantity

• 14
• 90% (21) 19 out of 21 people found this document helpful

This preview shows page 10 - 14 out of 14 pages.

4 / 4 pts Question 18 An "increase in the quantity demanded" means that price has declined and consumers therefore want to purchase more of the good. 0 / 4 pts Question 19 Refer to Exhibit 3-7. If S is the relevant supply curve, an increase in the price of good X may cause 1 the supply of good X to shift from S1 to S3.
4 / 4 pts Question 20 As Jamal's income rises, his demand for pizza does not change. It follows that for Jamal, pizza is a(n)
0 / 4 pts Question 21 Exhibit 3-13 displays Quantity Demanded. Assume that Jose, Kaitlyn, Leah, and Maria are the only buyers in this market. Price Jose Kaitlyn Leah Maria Market \$5 50 20 25 40 (A) 6 45 18 23 36 (B) 7 40 16 20 32 (C) 8 28 14 17 28 (D) 9 15 12 14 20 (E) 10 6 10 10 12 (F) Refer to Exhibit 3-13. Fill in blanks (A) and (B) respectively with the market quantity demanded at each given price.
0 / 4 pts Question 22 Incorrect Exhibit 3-12 displays Quantity Supplied. Assume that Aline, Bentley, Calvin, and Daniel are the only sellers in this market. Price Aline Bentley Calvin Daniel Market \$6 22 20 6 0 (A) 7 24 22 10 5 (B) 8 26 24 13 10 (C) 9 30 26 17 15 (D) 10 35 28 22 20 (E) 11 50 30 32 30 (F) Refer to Exhibit 3-12. Fill in blanks (C) and (D) respectively with the market quantity supplied at each given price. 71; 84
0 / 4 pts Question 23 Incorrect Exhibit 3-12 displays Quantity Supplied. Assume that Aline, Bentley, Calvin, and Daniel are the only sellers in this market. Price Aline Bentley Calvin Daniel Market \$6 22 20 6 0 (A) 7 24 22 10 5 (B) 8 26 24 13 10 (C) 9 30 26 17 15 (D) 10 35 28 22 20 (E) 11 50 30 32 30 (F) Refer to Exhibit 3-12. Fill in blanks (E) and (F) respectively with the market quantity supplied at each given price.
0 / 4 pts Question 24 The law of demand states that ____________and quantity demanded are _____________ related, ceteris paribus . demand; inversely
4 / 4 pts Question 25 At a price above the equilibrium price, there is a surplus. Quiz Score: 60 out of 100