Econ Quiz 3

Which of the following is an implication of the law of supply?

The law of supply then implies that a ___ the supply curve occurs due to change in market price.

The market price of paper increases. This will cause a

The market price of economics textbooks increases. This will cause an

The number of publishers of economics textbooks increases. This will cause an

Publishers expect that the market price of economics textbooks will increase next month. This will cause a

Other things remaining equal, the law of demand says that higher prices will lead to a

This would cause smartphone ___ to ___ causing the equilibrium price to ___ and the equilibrium quantity to ___.

If the demand and supply curves increase (shift outward) by identical proportions then

What if the increase in demand were larger than the increase in supply?

What if the increase in demand were smaller than the increase in supply?

The law of supply states that

Equilibrium quantity would ___. Equilibrium price would ___.

All of the following will decrease the supply of train trips except

All of the following pairs of goods are substitute except

All of the following pairs of goods are complements except

The law of supply states that there is a ___ relationship between the price and _____.

Thus, as the price decreases,

According to the law or supply, as the price of the good decreases, it causes

Which of the following good is an inferior good?

At the market equilibrium price,

Which of the following is consistent with the law of supply?