1.4- The market

Question 1

Which of the following is not a factor that will shift the market demand curve

Accepted Answer

Price of the product

Question 2

Which of the following would not be classified as a demerit good?

Accepted Answer

Education

Question 3

Which of the following will cause a decrease in supply

Accepted Answer

Increase in costs

Question 4

An increase in advertising will have what effect on market demand

Accepted Answer

Increase in demand

Question 5

Which of the following groups does not benefit from a minimum price?

Accepted Answer

Consumers

Question 6

Price multiplied by quantity equals....

Accepted Answer

Revenue

Question 7

What does the graph below illustrate?

Accepted Answer

Subsidy

Question 8

Where quantity demanded is less than quantity supplied

Accepted Answer

Excess supply

Question 9

Which of the following are the effects of an indirect/per unit tax?

Accepted Answer

Price up; Quantity down

Question 10

Sum of all consumers' demand

Accepted Answer

Market demand

Question 11

Which of the following groups does not benefit from a subsidy?

Accepted Answer

The government

Question 12

Which of the following goods is a price maximum not likely to be applied to?

Accepted Answer

Cigarettes

Question 13

The intersection of the demand and supply curves

Accepted Answer

Equilibrium

Question 14

The lowest price a good can legally be sold for

Accepted Answer

Price floor

Question 15

Place or situation where exchange of goods/services occurs

Accepted Answer

Market

Questions 15