10 question quiz
An effective ceiling price will:
result in a product shortage.
If the price of K declines, the demand curve for the complementary product J will:
shift to the right.
The market demand curve shows
the quantity of a good that consumers would like to purchase at different prices..
The market supply curve shows
the quantity of a good that firms would offer for sale at different prices.
If really cool people are seen in public wearing henins, there will be as a result:
An increase in demand for henins and an increase in the quantity supplied of henins.
Which of the following will not cause the demand for product K to change?
a change in the price of K
Which of the following would not shift the demand curve for beef?
a reduction in the price of cattle feed
A firm's supply curve is upsloping because:
beyond some point the production costs of additional units of output will rise.
An increase in the price of a product will reduce the amount of it purchased because:
consumers will substitute other products for the one whose price has risen.
Market equilibrium refers to a situation in which market price
is at a level where there is neither a shortage nor a surplus.