The "ceteris paribus" condition in the law of demand means.....

factors other than the price of the good are kept constant

Which of the reasons below is likely to cause this shift of supply curve?

a lower cost of acquiring the inputs to produce the good

When the market is at equilibrium,

quantity supplied is equal to the quantity demanded.

This supply curve best describes......

the supply of an authentic painting of Leonardo da Vinci

Refer to the diagram. At P1,

quantity supplied is equal to the quantity transacted.

complements are goods which ......

have to be used together to perform a function

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Demand & Supply (all - shared to colleagues)

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Questions 10

Answers

1
Marginal benefit (MB) schedule is equal to
supply schedule.
marginal product schedule.
marginal cost schedule.
demand schedule.
2
According to the law of demand, the price and quantity demanded of a good move in......
an unpredictable direction
the same direction
an opposite direction
a random direction
3
Which of the following is unlikely to result in the change in this diagram?
a lower price of the good's complement
a higher price of the good's substitute
a lower price of the good
a higher population of consumers
4
The "ceteris paribus" condition in the law of demand means.....
the price of the good is kept constant
all factors are kept constant
the quantity demanded of the good is kept constant
factors other than the price of the good are kept constant
5
Which of the reasons below is likely to cause this shift of supply curve?
an expectation of the price of the good to increase
the imposition of an indirect tax
an adverse supply shock
a lower cost of acquiring the inputs to produce the good
6
Substitutes are goods which ......
are produced at the same time during a production
compete for similar inputs to produce
have to be used together to perform a function
satisfy similar needs
7
When the market is at equilibrium,
all consumers' desire to purchase is satisfied.
there may be a shortage.
there is no scarcity of resources.
quantity supplied is equal to the quantity demanded.
8
This supply curve best describes......
an inelastic supply
the supply of cigarettes
the supply of an authentic painting of Leonardo da Vinci
a perfectly elastic supply
9
Refer to the diagram. At P1,
there is an excess supply.
quantity demanded is equal to the quantity transacted.
there is no tendency for the market price to change.
quantity supplied is equal to the quantity transacted.
10
complements are goods which ......
have to be used together to perform a function
compete for similar inputs to produce
are produced at the same time during a production
satisfy similar needs

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