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Chapter 3 : exercise one: Demand, Supply, and Equilibrium. Flashcards | StudBud

Explore/Chapter 3 : exercise one: Demand, Supply, and Equilibrium.

Chapter 3 : exercise one: Demand, Supply, and Equilibrium.

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Questions 5

Answers

1
The downward slope of the demand curve illustrates the pattern that as ... rises, ... decreases
quantity demanded, price
price, quantity supplied
price, quantity demanded
quantity supplied, quantity demanded
2
The ___________ is the only price where quantity demanded is equal to quantity supplied.
market price.
equilibrium price.
vertical axis intercept.
horizontal axis intercept.
3
Refer to Figure. If the price is $25,
there is a surplus of 200 units.
there is a shortage of 300 units.
there is a surplus of 300 units.
there is a shortage of 200 units.
4
Refer to Figure 3-3. A change from Point A to Point B represents a(n):
decrease in supply.
increase in supply.
increase in quantity supplied.
decrease in quantity supplied.
5
Refer to Figure 3-2. A change from Point A to Point B represents a(n):
decrease in quantity demanded.
increase in quantity demanded.
increase in demand.
decrease in demand.