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Science
Economics
Topic 1 Quiz
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Topic 1 Quiz
Tessa Ramirez
25 July 2022
4.7
(114 reviews)
17 test answers
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(13)
question
If a shortage exists in a market, then we know that the actual price is:
answer
below the equilibrium price, and quantity demanded is greater than quantity supplied
question
Which of the following would cause price to increase?
answer
a shortage of the good
question
Which of the following would cause price to decrease?
answer
a surplus of the good
question
When the price of a good is lower than the equilibrium price:
answer
buyers desire to purchase more than is produced
question
If the demand for a product decreases, then we would expect equilibrium price:
answer
and equilibrium quantity to both decrease
question
Which of the following events must cause equilibrium quantity to rise?
answer
demand and supply both increase
question
Equilibrium price must decrease when demand:
answer
decreases and supply does not change, when demand does not change and supply increases, and when demand decreases and supply increases simultaneously
question
Equilibrium quantity must increase when demand:
answer
increases and supply does not change, when demand does not change and supply increases, and when both demand and supply increase
question
Which of the following cause equilibrium price to fall?
answer
demand decreases and supply increases
question
Equilibrium quantity must decrease when demand:
answer
decreases
question
Supoose roses are currently selling for $40 per dozen, but the equilibrium price of roses is $30 per dozen. We would expect a:
answer
surplus to exist and the market price of roses to decrease.
question
When the price of a good is higher than the equilibrium price:
answer
sellers desire to produce and sell more than buyers wish to purchase.
question
If the supply of a product increases, then we would expect equilibrium price:
answer
to decrease and equilibrium quantity to increase.
question
If a surplus exists in a market, then we know that the actual price is:
answer
above the equilibrium price, and quantity supplied is greater than quantity demanded.
question
If, at the current price, there is a surplus of a good, then:
answer
sellers are producing more than buyers wish to buy.
question
When a shortage exists in a market, sellers:
answer
raise price, which decreases quantity demanded and increases quantity supplied until the shortage is eliminated.
question
The unique point at which the supply and demand curves intersect is called:
answer
equilibrium.
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