Which of the following is true at equilibrium?

quantity demanded is equal to quantity supplied

An increase in the demand for steak will lead to an increase in which of the following?

the supply of leather (a complement in production)

The market price of a good will tend to rise if

it is below the equilibrium price

Equilibrium price will rise but equilibrium quantity may increase, decrease or stay the same if

demand increases and supply decreases

What will happen in the tomato market if a salmonella outbreak attributed to tomatoes occurs?

demand decreases and price decreases

Which of the following is certainly true if demand and supply increase at the same time?

The equilibrium quantity will increase

Which factor will increase the demand for a product?

An increase in the number of buyers

An increase in the number of buyers and a technological advance will cause

demand to increase and supply to increase

If two products A and B are substitutes, then

an increase in price of A will increase demand for B

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Micro Unit 2: Supply and Demand

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AP Micro Unit 2: Supply and Demand

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Questions 22

Answers

1
Which of the following is true at equilibrium?
quantity demanded is equal to quantity supplied
Supply schedule is identical to demand schedule @ everyprice
quantity is zero
every consumer who enjoys the good can consume it
2
An increase in the demand for steak will lead to an increase in which of the following?
the supply of leather (a complement in production)
the supply of hamburger (substitute in production)
the supply of chicken (substitute in consumption)
the supply of steak
3
A schedule which shows the various amounts producers are willing and able to supply is called
quantity supplied
quantity demanded
demand
supply
4
The market price of a good will tend to rise if
demand decreases
supply increases
it is below the equilibrium price
it is above the equilibrium price
5
Identify PS after tax
HFE
DE
HF
G
6
Equilibrium price will rise but equilibrium quantity may increase, decrease or stay the same if
demand increases and supply does not change
demand decreases and supply increases
demand increases and supply decreases
demand increases and supply increases
7
What will happen in the tomato market if a salmonella outbreak attributed to tomatoes occurs?
demand decreases and price decreases
Supply decreases and price increases
demand decreases and price increases
supply decreases and price decreases
8
Identify PS Before Tax
HFE
A
HFEG
ABCD
9
Identify the amountwe import at world price (PW)
TUVWXY
LMNRS
Q4-Q2
Q5-Q1
10
When the government sets a price floor above equilibrium price, the result will be
a decrease in supply of the good
an increase in demand for the good
a shortage of the good
a surplus of the good
11
Identify Producer Surplus with no trade.
TL
T
H
TLI
12
A technological advance in textbook production will lead to which of the following?
an increase in textbook supply
a decrease in textbook supply
an increase in textbook demand
movement along the supply curve for textbooks
13
Identify Consumer Surplus if we trade at world price (PW)
HIJKLMNRS
LMNRS
HIJK
IJLMN
14
Which of the following is certainly true if demand and supply increase at the same time?
the equilibrium quantity will decrease
the equilibrium price will decrease
The equilibrium quantity will increase
the equilibrium price will increase
15
Identify Producer Surplus if we trade at world price (PW).
TL
UVWXY
Q2
T
16
Which factor will increase the demand for a product?
An increase in the number of buyers
A negative change in consumer tastes
A decrease in the price of a substitute good
An increase in the price of a complimentary good
17
Which bear is best?
Black Bear
Grizzly Bear
Battlestar Galactica
Beets
18
An increase in the number of buyers and a technological advance will cause
demand to decrease and supply to increase
no change in demand and an increase in supply
demand to increase and supply to decrease
demand to increase and supply to increase
19
Identify CS Before Tax.
G
BCHF
A
ABCD
20
If two products A and B are substitutes, then
an increase in price of A will decrease demand for B
an increase in price of A will increase demand for B
in increase in price of A will not effect price of B
a decrease in price of A will decrease demand for B
21
Identify Consumer Surplus with no trade.
T
HIJK
TLI
H
22
Identify CS After Tax
A
BCHF
G
ABCD

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