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.