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Price Mechanism Flashcards | StudBud

Explore/Price Mechanism

Price Mechanism

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Questions 6

Answers

1
Which of the following scenarios results in an upward pressure on price?
Decrease in price of substitutes
Improvements in technology
Surplus
Shortage
2
Which of the following is NOT a determinant of demand?
Prices of Factor Inputs
Prices of Complements
Size of Population
Tastes and Preferences
3
Which of the following leads to an unambiguous increase in price?
Increase in demand, decrease in supply
Increase in demand, increase in supply
Decrease in demand, decrease in supply
Decrease in demand, increase in supply
4
Which of the following leads to an unambiguous decrease in quantity?
Increase in demand, increase in supply
Decrease in demand, decrease in supply
Increase in demand, decrease in supply
Decrease in demand, increase in supply
5
Goods in competitive supply are goods that...
are by-products of each other.
are popular on the market
make use of the same factor inputs
are used in conjunction with each other
6
When there is a surplus, we expect which of the following to occur in the next time period?
Qd decrease, Qs increase
Qd increase, Qs decrease
Demand increase, Supply increase
Demand decrease, Supply increase