Whenever the price of a good changes, there

would be a movement along a supply curve and/or demand curve.

A dress manufacturer is expecting higher prices for dresses in the near future. We would expect

the dress manufacturer to supply fewer dresses now.

The market supply curve shows <

the total quantity supplied at any price.

If, at the current price, there is a shortage of a good,

the price is below the equilibrium price

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Demand Supply-2

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Questions 10

Answers

1
Whenever the price of a good changes, there
is only a change in supply.
would be a movement along a supply curve and/or demand curve.
is a change in supply and demand.
would be no effect on the market.
2
A dress manufacturer is expecting higher prices for dresses in the near future. We would expect
the dress manufacturer to supply more dresses now.
no change in the dress manufacturer’s current supply.
the demand for this manufacturer’s dresses to fall.
the dress manufacturer to supply fewer dresses now.
3
A surplus exists in a market if the actual price is <
below equilibrium price.
All of the options are correct.
above equilibrium price.
equal to equilibrium price.
4
You lose your job, and as a result, you buy fewer mystery books. This shows that you consider mystery books to be a/an
normal good.
luxury good.
inferior good.
complement
5
The market supply curve shows <
the total quantity supplied at any price.
the average quantity supplied at any price
a ratio between price and quantity supplied for the market.
a supply curve representing the 10 largest firms in the market.
6
According to the graph, equilibrium price and quantity are
$15,200.
$35,600.
$25,400.
$35,200.
7
If, at the current price, there is a shortage of a good,
the market must be in equilibrium.
sellers are producing more than buyers wish to buy.
quantity demanded equals quantity supplied.
the price is below the equilibrium price
8
If goods A and B are complements, an increase in the price of A will result in
more of good A sold.
no difference in the quantity sold of either good.
less of good B sold.
more of good B sold.
9
The amount of the good buyers are willing and able to purchase is the
demand.
supply.
quantity demanded.
quantity supplied.
10
A very hot summer in Karachi will cause the demand for lemonade to
shift to the left.
remain stable but we would move down the curve.
remain stable but we would move up the curve.
shift to the right.[

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