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1006GBS Week 2 Quiz Flashcards | StudBud

Explore/1006GBS Week 2 Quiz

1006GBS Week 2 Quiz

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Questions 6

Answers

1
If a right-ward shift in supply exceeds a right-ward shift in demand, then we should expect
the equilibrium price will fall while the equilibrium quantity will rise.
the equilibrium price and quantity levels will decline.
the equilibrium price and quantity levels will rise.
the equilibrium price will rise and the equilibrium quantity will decline.
2
Which of the following will not shift the demand for a product?
an increase in consumer income
a change in the price of close-substitute product
a change in consumer preference
a change in the price of the product
3
A right-ward shift in the supply of a good will cause
an increase in equilibrium price and a decrease in equilibrium quantity.
a decrease in equilibrium price and an increase in equilibrium quantity.
a decrease in equilibrium price and quantity.
an increase in equilibrium price and quantity.
4
If the price of iPhone declines, the demand curve for AppleCare+ as complementary service product will:
decrease.
shift to the left.
remain unchanged.
shift to the right.
5
The market supply curve shows
the effect on market demand of a change in the supply of a good or service.
the quantity of a good that firms would offer for sale at different prices.
All of the above are correct.
the quantity of a good that consumers willing to buy at different prices.
6
An increase in the price of a product will reduce the quantity demanded because:
supply curve shift leftward
consumers will substitute other products for the one whose price has risen.
supply curves are upward sloping.
the higher price means that real incomes have risen.