Refer to Exhibit 3 17 At a price of 16 the quantity demanded of good X is than

# Refer to exhibit 3 17 at a price of 16 the quantity

• Assignment
• wzh1112
• 75
• 96% (483) 466 out of 483 people found this document helpful

This preview shows page 70 - 72 out of 75 pages.

217. Refer to Exhibit 3-17. At a price of \$16, the quantity demanded of good X is ____________ than the quantity supplied of good X, and economists would use this information to predict that the price of good X would soon ______________. This would push the price __________ the equilibrium price. a. greater; fall; towardb. greater; rise; towardc. less; fall; towardd. less; rise; away frome. greater; rise; away fromANSWER: bPOINTS: 1DIFFICULTY: ModerateNATIONAL STANDARDS: United States - BUSPROG: AnalyticLOCAL STANDARDS: United States - OH - Default City - DISC: Supply and DemandKEYWORDS: Bloom's: ApplicationNOTES: New 218. The law of demand states that price and ______________ are _____________ related, ceteris paribus. 219. According to the law of demand, the higher the price of an assigned textbook, the _______________ the quantity demanded of assigned textbooks will be, ceteris paribus, and the ______________ likely students will seek out an
alternative to the assigned textbook. Essay 220. Explain the difference between a change in supply and a change in quantity supplied. Be sure to state what causes each to change and how they differ when graphed. ModerateNATIONAL STANDARDS: United States - BUSPROG: AnalyticLOCAL STANDARDS: United States - OH - Default City - DISC: Supply and DemandKEYWORDS: Bloom's: Analysis221. Suppose that the average price of refrigerators has fallen over the past few years, yet the refrigerator companies have offered more and more of them for sale. Does this mean that the supply curve for refrigerators is downward sloping?