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The law of demand states that the quantity demanded of a goo

The law of demand states that the quantity demanded of a good is inversely related to t… Show more The law of demand states that the quantity demanded of a good is inversely related to the price of that good, therefore as the price of a good goes: (Points : 5) up, the quantity demanded also goes up. down, the quantity demanded goes up. down, the quantity demanded goes down. up, the quantity demanded stays the same. If the price of movies on video falls while the price of movies on DVD remains the same, the law of demand predicts that consumers will: (Points : 5) buy more movies on DVD. buy more movies on video. buy only movies on video. buy only movies on DVD. 6. Which of the following will not cause the demand for college textbooks to change? (Points : 5) A change in income. A change in the number of students enrolled in college courses. A change in the number of textbooks required per course. A change in the price of textbooks. Which of the following is not held constant as you move along the demand curve for beef? (Points : 5) The price of beef. The price of chicken. The incomes of consumers. The preferences of consumers for beef and chicken. An increase in the number of consumers in a market causes market demand to: (Points : 5) decrease, resulting in a surplus which will be eliminated as price rises. decrease, resulting in a surplus which will be eliminated as price falls. increase, resulting in a shortage which will be eliminated as price rises. increase, resulting in a shortage which will be eliminated as price falls. 13. According to the law of supply, an increase in the __________ of a product results in an increase in quantity supplied, other things constant. (Points : 5) production cost opportunity cost price supply 14. An upward sloping supply curve implies that: (Points : 5) consumers will buy less of an item when its price rises. producers will offer more of an item for sale when its price rises. producers are not responsive to the true needs of consumers. consumers will buy more of an item when its price rises. 15. Suppose the supply and demand tables below reflect the supply and demand for milk per week. At a price of $1, there is a: (Points : 5) surplus of 500 gallons per week. surplus of 1000 gallons per week. shortage of 2500 gallons per week. shortage of 1000 gallons per week. 16. Which of the following would generally cause an increase in the demand for new automobiles? (Points : 5) A decrease in the price of automobiles An increase in consumers’ income The new models are perceived as uglier compared to the old models Consumer expectations that the price of new automobiles will be lower next year 17. The law of supply states that (Points : 5) quantity supplied increases as price increases, other things constant. quantity supplied decreases as price increases, other things constant. more of a good will be supplied the higher its price, other things changing proportionately. less of a good will be supplied the higher its price, other things changing proportionately. 18. Coffee growers are an interesting bunch. They are fearful of Columbia’s production numbers, since if Columbia has a good year, they flood the market with coffee. Why would coffee growers in other countries rejoice when Columbia has a bad year? (Points : 5) They are inherently evil and only wish bad for others. Coffee prices will rise when Columbia has a bad year due to a decrease in supply. Coffee prices will fall when Columbia has a bad year due to a decrease in supply. The quantity of coffee will rise on the market, consequently making coffee growing a more lucrative business. 19. Which of the following events would cause a rightward (outward) shift in the supply curve for automobiles? (Points : 5) A decrease in the price of steel, a raw material used to manufacture automobiles An increase in the wages of automobile workers A tax the suppliers must pay for each automobile sold A decrease in the number of sellers in the market 20. Which of the following is a shift factor of supply? (Points : 5) Suppliers’ preferences for the good they produced Consumers’ income Consumers’ expectations about the price of the good in the future Available technology • Show less

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