A. firms that set their own prices
B. only one seller.
C. at least a few sellers.
D. many buyers and sellers.
Market
The law of demand states that an increases in the price of a good ?
A. None of these answers
B. decreases the quantity supplied of that good
C. decreases the quantity demanded for that good
D. increases the quantity supplied of that good
If an increase in consumer incomes leads to a decrease in the demand for camping equipment, then camping equipment is ?
A. a normal good
B. none of these answers
C. an inferior good
D. a substitute good
Which of the following shifts the demand for watches to the right ?
A. an increase in the price of watches
B. none of these answers
C. a decrease in the price of watch batteries if watch batteries and watches are complements
D. a decrease in consumer incomes if watches are a normal good
E. a decrease in the wage of workers employed to manufacture watches
If the price of a good is above the equilibrium price ?
A. there is a surplus and the price will rise
B. there is a shortage and the price will fall
C. there is a shortage and the price will rise
D. The quantity demanded is equal to the quantity supplied and the price remains unchanged
E. there is a surplus and the price will fall
If the price of good is equal to the equilibrium price ?
A. there is a shortage and the price will fall
B. the quantity demanded is equal to the quantity supplied supplied and the price remains unchanged
C. there is surplus and the price will rise
D. there is a shortage and the price will rise
E. there is a surplus and the price will fall
A decrease (leftward shift) in the supply for a good will tend to cause ?
A. an increase in the equilibrium price and quantity
B. a decrease in the equilibrium price and an increase in the equilibrium quantity
C. none of these answers
D. a decrease in the equilibrium price and quantity.
E. an increase in the equilibrium price and a decrease in the equilibrium quantity
Suppose there is an increase in the both the supply and demand for personal computers Further, suppose the supply of personal computer increase more than demand for personal computers In the market for personal computers i the market for personal computers, we would expect ?
A. the change in the equilibrium quantity to be ambiguous and the equilibrium price to fall.
B. the equilibrium quantity to rise and the equilibrium price to rise
C. the equilibrium quantity to rise and the change in the equilibrium price to be ambiguous
D. the equilibrium quantity to rise and the equilibrium price to fall
E. the equilibrium quantity to rise and the equilibrium price to remain constant
Suppose a frost destroys much of the Florida orange crop. At the same time, suppose consumer tastes shift toward orange juice, What would we expect to happen to the equilibrium price and quantity in the market for orange juice ?
A. price will decrease, quantity is ambiguous
B. The impact on both price and quantity is ambiguous.
C. Price will increase, quantity will increase
D. price will increase, quantity will decrease
E. price will increase, quantity is ambiguous.
Suppose both buyers and sellers of wheat expect the price of wheat to rise in the near future. What would we expect to happen to the equilibrium price and quantity in the market for wheat today ?
A. The impact on both price and quantity is ambiguous
B. Price will decrease, quantity is ambiguous.
C. price will increase, quantity will decrease
D. price will increase, quantity is ambiguous.
E. Price will increase, quantity will increase