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Use the following to answer questions Exhibit: The Demand for Chocolate-Covered Peanuts Quantity Demanded (bags per month) Use the following to answer questions Exhibit: The Demand for Chocolate-Covered Peanuts Quantity Demanded (bags per month) -(Exhibit: The Demand for Chocolate-Covered Peanuts) If the price of chocolate-covered peanuts increases from 40 cents to 50 cents, Dan will reduce his quantity demanded from 160 bags to 140 bags due to: A) the law of demand. B) the law of supply. C) a decline in his income. D) a change in his tastes and preferences. -(Exhibit: The Demand for Chocolate-Covered Peanuts) If the price of chocolate-covered peanuts increases from 40 cents to 50 cents, Dan will reduce his quantity demanded from 160 bags to 140 bags due to:


A) the law of demand.
B) the law of supply.
C) a decline in his income.
D) a change in his tastes and preferences.

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Use the following to answer questions . Exhibit: Demand and Supply of Wheat Use the following to answer questions . Exhibit: Demand and Supply of Wheat -(Exhibit: Demand and Supply of Wheat) What are the equilibrium price and quantity in this wheat market? A) $6 and 6,000 bushels B) $4 and 2,000 bushels C) $4 and 10,000 bushels D) $8 and 12,000 bushels -(Exhibit: Demand and Supply of Wheat) What are the equilibrium price and quantity in this wheat market?


A) $6 and 6,000 bushels
B) $4 and 2,000 bushels
C) $4 and 10,000 bushels
D) $8 and 12,000 bushels

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Differentiate between a change in demand and a change in quantity demanded.

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A change in demand refers to a shift in ...

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Plastic and steel are substitutes in the production of automobiles. If steel prices go up, all other things unchanged:


A) the equilibrium price of plastic will fall.
B) the demand curve for plastic will shift to the left.
C) the demand curve for plastic will shift to the right.
D) the equilibrium quantity of plastic demanded will increase and the equilibrium price will fall.

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A decrease in the price of eggs, all other things unchanged, will result in a(n) :


A) increase in the demand for eggs.
B) increase in the supply of eggs.
C) greater quantity of eggs supplied.
D) greater quantity of eggs demanded.

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If the quantity supplied in a market exceeds the quantity demanded in a market, we would expect price to:


A) stay the same.
B) increase.
C) decrease.
D) rise in order to clear the market.

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Use the following to answer questions Exhibit: The Demand for Chocolate-Covered Peanuts Quantity Demanded (bags per month) Use the following to answer questions Exhibit: The Demand for Chocolate-Covered Peanuts Quantity Demanded (bags per month) -(Exhibit: The Demand for Chocolate-Covered Peanuts) If George is only able to purchase 30 bags of chocolate-covered peanuts, the maximum price he is willing and able to pay for each bag is ________ cents. A) 80 B) 70 C) 60 D) 50 -(Exhibit: The Demand for Chocolate-Covered Peanuts) If George is only able to purchase 30 bags of chocolate-covered peanuts, the maximum price he is willing and able to pay for each bag is ________ cents.


A) 80
B) 70
C) 60
D) 50

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The principle stating that, for virtually all goods and services, there is a negative relationship between price and quantity demanded, all other things unchanged, is the law of:


A) supply.
B) demand.
C) scarcity.
D) increasing opportunity costs.

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Use the following to answer questions . Exhibit: Demand and Supply-Determinants Use the following to answer questions . Exhibit: Demand and Supply-Determinants -(Exhibit: Demand and Supply-Determinants) The exhibit shows how supply and demand might shift in response to specific events. Suppose consumer incomes decrease. Which panel best describes how this will affect the market for used clothing, an inferior good? A) Panel (a) B) Panel (b) C) Panel (c) D) Panel (d) -(Exhibit: Demand and Supply-Determinants) The exhibit shows how supply and demand might shift in response to specific events. Suppose consumer incomes decrease. Which panel best describes how this will affect the market for used clothing, an inferior good?


A) Panel (a)
B) Panel (b)
C) Panel (c)
D) Panel (d)

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Which of the following most correctly states the law of demand?


A) As the price falls all other things unchanged, demand will go up.
B) As the price goes up, all other things unchanged, demand will go down.
C) As the price falls, all other things unchanged, the quantity demanded will go down.
D) As the price falls, all other things unchanged, the quantity demanded will increase.

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Use the following to answer questions . Exhibit: Demand and Supply of Gasoline Use the following to answer questions . Exhibit: Demand and Supply of Gasoline -(Exhibit: Demand and Supply of Gasoline) The initial price and quantity (at intersection of S<sub>1</sub> and D) in equilibrium are: A) $2.00 and 450 gallons. B) $1.50 and 400 gallons. C) $2.00 and 200 gallons. D) $2.50 and 300 gallons. -(Exhibit: Demand and Supply of Gasoline) The initial price and quantity (at intersection of S1 and D) in equilibrium are:


A) $2.00 and 450 gallons.
B) $1.50 and 400 gallons.
C) $2.00 and 200 gallons.
D) $2.50 and 300 gallons.

Correct Answer

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Given that meat and potatoes are complementary goods, if the price of meat decreases substantially, there would be:


A) an increase in the demand for potatoes.
B) an increase in the quantity of potatoes demanded.
C) a decrease in the demand for potatoes.
D) no change in the demand for potatoes.

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Which of the following will result in an increased price of milk?


A) A shift to the right of the supply curve for milk.
B) A shift to the right of the demand curve for milk.
C) An increase in the number of milk suppliers.
D) A decrease in the number of milk buyers.

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The law of demand implies that:


A) consumers are not responsive to price changes.
B) consumers will, all other things unchanged, buy more at lower prices.
C) sellers will, all other things unchanged, offer more on the market at higher prices.
D) sellers will, all other things unchanged, offer less on the market at lower prices.

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A decrease in the price of a good will result in a decrease in supply.

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Use the following to answer questions . Exhibit: Demand Shifters and Supply Shifters Use the following to answer questions . Exhibit: Demand Shifters and Supply Shifters -(Exhibit: Demand Shifters and Supply Shifters) The exhibit shows how supply and demand might shift in response to specific events. Suppose a wet and sunny year increases the nation's corn crop by 20 percent. Which panel best describes how this will affect the market for corn? A) Panel (a) B) Panel (b) C) Panel (c) D) Panel (d) -(Exhibit: Demand Shifters and Supply Shifters) The exhibit shows how supply and demand might shift in response to specific events. Suppose a wet and sunny year increases the nation's corn crop by 20 percent. Which panel best describes how this will affect the market for corn?


A) Panel (a)
B) Panel (b)
C) Panel (c)
D) Panel (d)

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If the price of a commodity increases, all other things unchanged, you would expect the:


A) demand to decrease.
B) quantity demanded to increase.
C) quantity demanded to decrease.
D) demand curve to shift to the left.

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In the Case in Point on "The Monks of St. Benedict's," the Monks got out of the egg business largely because:


A) there was a large increase in the supply of eggs from other producers.
B) of the increase in the price of chicken feed.
C) the Pope forbade them from working on Sunday.
D) a huge increase in the demand for eggs caused the price of eggs to increase, and their operation was too small to meet the demand.

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Use the following to answer questions . Exhibit: Simultaneous Shifts in Demand and Supply Use the following to answer questions . Exhibit: Simultaneous Shifts in Demand and Supply -(Exhibit: Simultaneous Shifts in Demand and Supply) D<sub>1</sub> and S<sub>1</sub> are original supply and demand curves, and S<sub>2</sub> and D<sub>2</sub> are new curves. In this market for a normal good, the shift in the demand curve may have been a result of: A) a decrease in the price of a substitute good. B) a decrease in the number of buyers. C) falling incomes. D) consumers' expecting the price to go up. -(Exhibit: Simultaneous Shifts in Demand and Supply) D1 and S1 are original supply and demand curves, and S2 and D2 are new curves. In this market for a normal good, the shift in the demand curve may have been a result of:


A) a decrease in the price of a substitute good.
B) a decrease in the number of buyers.
C) falling incomes.
D) consumers' expecting the price to go up.

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A surplus is a result of equilibrium price being below the current price.

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