Quiz 2

All of the following would shift a product's demand curve except a(n):

increase in the price of the product

The law of demand refers to :

inverse relationship between the price of a good and the quantity demanded.

** Refer to Table 4-1. Shown are the demanded schedules for gourmet ice cream of two individuals and the rest of the market. At a price of $8, the quantity demanded in the market would be:

12

Which of the following is true?

According to the law of supply, the higher the price of the good, the greater the quantity supplied.

You notice that the price of orange juice at your local grocery store has increased. Which of the following statements is NOT a possible explanation for the rise in the price of orange juice?

Due to the bioengineering of orange trees, the domestic supply of oranges increases

** Refer to Figure 5-2. An increase in the quantity supplied, but not an increase in supply, occurs when the equilibrium moves from:

Point C to Point D

** Refer to Figure 5-5. The graph portrays the market for gasoline for which a __ has been imposed, and, as a result, a __ gasoline occurs.

Price ceiling, shortage