Question 1

There has been an increase in the demand for chicken.This change can be shown graphically as:

Accepted Answer

A)  a shift in the demand curve to the right.
B)  a shift in the demand curve to the left.
C)  a movement along the demand curve to the right.
D)  a movement along the demand curve to the left.E) A) and B)
F) A) and C)

Question 2

Consider a market that is in equilibrium.If it experiences a decrease in demand,what will happen?

Accepted Answer

A)  The demand curve will shift to the left,and the equilibrium price and quantity will rise.
B)  The demand curve will shift to the left,and the equilibrium price will increase and the equilibrium quantity will decrease.
C)  The demand curve will shift to the left,and the equilibrium price and quantity will fall.
D)  The demand curve will shift to the right,and the equilibrium price and quantity will fall.E) A) and B)
F) A) and C)

Question 3

A table which shows the quantities of a particular good or service that consumers are willing to purchase at various prices is known as:

Accepted Answer

A)  a demand schedule
B)  a demand table
C)  a demand curve
D)  a demand graphE) A) and B)
F) A) and C)

Question 4

This table shows the demand and supply schedule of a good. 
According to the table shown,at a price of $2.00:

Accepted Answer

A)  quantity demanded exceeds quantity supplied and a shortage exists.
B)  quantity demanded is less than quantity supplied and a shortage exists.
C)  quantity demanded exceeds quantity supplied and a surplus exists.
D)  quantity demanded is less than quantity supplied and a surplus exists.E) B) and D)
F) C) and D)

Question 5

This table shows the demand and supply schedule of a good. 
According to the table shown,at a price of $1.00:

Accepted Answer

A)  a shortage will exist.
B)  a surplus will exist.
C)  more is being supplied than demanded.
D)  the market is in equilibrium.E) A) and D)
F) A) and C)

Exam 3: Markets

A table which shows the quantities of a particular good or service that consumers are willing to purchase at various prices is known as:

Correct Answer
verified

This table shows the demand and supply schedule of a good. According to the table shown,at a price of $1.00:

Correct Answer
verified

There has been an increase in the demand for chicken.This change can be shown graphically as:

Correct Answer
verified

This table shows the demand and supply schedule of a good. According to the table shown,at a price of $2.00:

Correct Answer
verified

Consider a market that is in equilibrium.If it experiences a decrease in demand,what will happen?

Correct Answer
verified

Exam 3: Markets

A table which shows the quantities of a particular good or service that consumers are willing to purchase at various prices is known as:

Correct AnswerverifiedShow Answer

This table shows the demand and supply schedule of a good. According to the table shown,at a price of $1.00:

Correct AnswerverifiedShow Answer

There has been an increase in the demand for chicken.This change can be shown graphically as:

Correct AnswerverifiedShow Answer

This table shows the demand and supply schedule of a good. According to the table shown,at a price of $2.00:

Correct AnswerverifiedShow Answer

Consider a market that is in equilibrium.If it experiences a decrease in demand,what will happen?

Correct AnswerverifiedShow Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified