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Mac Econ 3
| Question | Answer |
|---|---|
| A group of buyers and sellers of a particular good or service is called | market |
| Public service announcements, mandatory health warnings on cigarette packages, and the prohibition of cigarette advertising on television are all policies aimed at shifting the demand curve for cigarettes to the right. | False |
| The market supply curve | represents the sum of the quantities supplied by all the sellers at each price |
| All else equal, an increase in the income of buyers who consider turkey to be an inferior good would cause a move from | demand curve shifting to the left |
| A decrease in income will shift the demand curve for an inferior good to the right. | True |
| The actions of buyers and sellers naturally move markets toward equilibrium. | True |
| A surplus is the same as an excess demand | False |
| If muffins and bagels are substitutes, a higher price for bagels would result in | an increase in the demand for muffins |
| When a seller expects the price of its product to decrease in the future, the seller's supply curve shifts left now. | False |
| Which of the following is not a determinant of the demand for a particular good? | The prices of the input used to produce the good |
| A decrease in the price of a complement will shift the demand curve for a good to the left. | False |
| Which of the following changes would not shift the supply curve for a good or service? | a change in the price of the good and service |
| A likely example of complementary goods for most people would be | chips and salsa |
| Which of the following events would cause a movement upward and to the left along the demand curve for olives? | The price of olives rises |
| The downward movement on the demand curve shows | an increase in quantity demanded |
| A shortage will occur at any price below equilibrium price and a surplus will occur at any price above equilibrium price. | True |
| Which of the following demonstrates the law of supply? | When ketchup prices rose, ketchup sellers increased their quantity supplied for ketchup |
| A shift in a demand curve to the right is called | increase in demand |
| If consumers often purchase muffins to eat while they drink their lattés at local coffee shops, what would happen to the equilibrium price and quantity of lattés if the price of muffins rises? | Both equilibrium price and quantity would decrease |
| Suppose that demand for a good increases and, at the same time, supply of the good decreases. What would happen in the market for the good? | Equilibrium price would increase, but the impact on equilibrium quantity would be ambiguous. |
| Price will rise to eliminate a shortage. | True |
| Price will rise to eliminate a surplus. | False |
| A likely example of substitute goods for most people would be | pencil and pens |
| Whenever a determinant of supply other than price changes, the supply curve shifts. | True |
| A movement along a supply curve is called a change in supply while a shift of the supply curve is called a change in quantity supplied. | True |
| If the number of buyers in a market decreases, then | demand will decrease |
| The law of demand states that, other things equal, when the price of a good rises, the quantity demanded of the good rises, and when the price falls, the quantity demanded falls | False |
| The law of demand states that, other things equal, when the price of a good | rises, the demand for the good falls |
| A shortage is the same as an excess demand | true |
| What would happen to the equilibrium price and quantity of lattés if coffee shops began using a machine that reduced the amount of labor necessary to produce them? | the equilibrium price would decrease, and the equilibrium quantity would increase |
| The market demand curve | represents the sum of the quantities demanded by all the buyers at each price of the good |
Created by:
cupcake1010