If a competitive market operates perfectly, it relies

Question 1 5 / 5 points

If a competitive market operates perfectly, it relies on __________.

Question options:

the number of people buying goods

the laws of supply and demand

how many products can be produced for sale

how much people are willing to pay for the products

Question 2 5 / 5 points

 

Refer to Figure 4.6, which shows David’s and Celeste’s individual supply curves for flower arrangements per week. Assuming David and Celeste are the only producers in the market, what is the market quantity supplied at a price of $30?

Question options:

200

250

300

350

Question 3 5 / 5 points

The big tradeoff is the tradeoff between __________.

Question options:

quantity demanded and quantity supplied

price and quantity demanded

efficiency and equity

total surplus and deadweight loss

Question 4 5 / 5 points

A change in the quantity demanded of a product is the result of a change in __________.

Question options:

the price of the product

the price of related goods

consumer income

the cost of producing the product

Question 5 5 / 5 points

What happens if the price of a product is below the equilibrium price?

Question options:

The buyers will stop purchasing a "cheap" product.

The producer will lower the price to sell more product.

There will be an excess demand for the product.

There will be a surplus of the product.

Question 6 5 / 5 points

If the equilibrium price of a good increases and the equilibrium quantity of the good decreases, we can conclude that __________.

Question options:

demand increased

demand decreased

supply increased

supply decreased

Question 7 5 / 5 points

A supply curve is defined as the relationship between __________.

Question options:

the price of a good and the quantity that consumers are willing to buy

the price of a good and the quantity that producers are willing to sell

the income of consumers and the quantity of a product that consumers are willing to buy

the income of consumers and the quantity of a product that producers are willing to sell

Question 8 5 / 5 points

 

Refer to Figure 4.6, which shows David’s and Celeste’s individual supply curves for flower arrangements per week. Assuming David and Celeste are the only producers in the market, if the market quantity supplied is 50, the price must be __________.

Question options:

$0

$10

between $10 and $20

$30

Question 9 5 / 5 points

The market demand curve __________.

Question options:

shows the relationship between the price of a good and the quantity that all consumers together arewilling to buy

is drawn assuming that variables such as income and tastes are variable

is drawn assuming that the number of consumers is variable

is drawn assuming that the selling price is fixed

Question 10 5 / 5 points

When consumers are willing to buy more than producers are willing to sell, __________.

Question options:

there is excess supply of the product in the market

there is excess demand for the product in the market

the market is in equilibrium

the demand curve will shift until the quantity supplied equals the quantity demanded

Question 11 5 / 5 points

When there is a change in the quantity demanded it means that __________.

Question options:

the hours the customer can buy products each day have increased

the number of products in inventory have increased

the quantity a consumer is willing to buy changes when the price changes

the selling price of the products has not changed

Question 12 5 / 5 points

Quantity of Frozen Latte-On-A-Stick Supplied

Price Flo’s Supply Rita’s Supply

1 0 0

2 0 3

3 4 6

4 9 9

5 15 12

Table 4.1

Refer to Table 4.1, which shows Flo’s and Rita’s individual supply schedules for frozen latte-on-a-stick. Assuming Flo and Rita are the only suppliers in the market, what is the market quantity supplied at a price of $2?

Question options:

0

2

3

5

Question 13 5 / 5 points

 

Refer to Figure 4.1, which shows Molly’s and Ryan’s individual demand curves for compact discs per month. Assuming Molly and Ryan are the only consumers in the market, what is the market quantity demanded at a price of $3?

Question options:

6

9

15

20

Question 14 5 / 5 points

When the price of apples goes up, __________.

Question options:

the demand for apples will decrease, ceteris paribus

the demand for apples will increase, ceteris paribus

the quantity of apples demanded will decrease, ceteris paribus

the quantity of apples demanded will increase, ceteris paribus

Question 15 5 / 5 points

A demand curve is defined as the relationship between __________.

Question options:

the price of a good and the quantity of that good that consumers are willing to buy

the price of a good and the quantity of that good that producers are willing to sell

the income of consumers and the quantity of a good that consumers are willing to buy

the income of consumers and the quantity of a good that producers are willing to sell

Question 16 5 / 5 points

 

Figure 4.2 illustrates the supply and demand for T-shirts. If the actual price of T-shirts is $7, there is an __________.

Question options:

excess demand of 8 T-shirts

excess supply of 8 T-shirts

excess demand of 10 T-shirts

excess supply of 10 T-shirts

Question 17 5 / 5 points

Suppose that the quantity of cars supplied exceeds the quantity of cars demanded. We would expect that __________.

Question options:

the price of cars will increase

the price of cars will decrease

the supply will increase (supply will shift to the right. to meet the demand

the demand will decrease (demand will shift to the left. to meet the supply

Question 18 5 / 5 points

If there is an advancement in the technology used to produce a product, what is the likely effect it may have on the supply?

Question options:

The company would not change its manufacturing.

More people would be needed to produce the product.

It would decrease the supply.

It would increase the supply.

Question 19 0 / 5 points

When demand increases and the demand curve shifts to the right, equilibrium price __________ and equilibrium quantity __________.

Question options:

increases; increases  (Incorrect)

increases; decreases

decreases; increases

decreases; decreases

Question 20 5 / 5 points

A change in quantity supplied of a product is the result of a change in __________.

Question options:

consumer income

the state of production technology

the cost of producing the product

the price of the product

Paper Writing Center
Calculate your paper price
Pages (550 words)
Approximate price: -

Why Work with Us

Top Quality and Well-Researched Papers

We always make sure that writers follow all your instructions precisely. You can choose your academic level: high school, college/university or professional, and we will assign a writer who has a respective degree.

Professional and Experienced Academic Writers

We have a team of professional writers with experience in academic and business writing. Many are native speakers and able to perform any task for which you need help.

Free Unlimited Revisions

If you think we missed something, send your order for a free revision. You have 10 days to submit the order for review after you have received the final document. You can do this yourself after logging into your personal account or by contacting our support.

Prompt Delivery and 100% Money-Back-Guarantee

All papers are always delivered on time. In case we need more time to master your paper, we may contact you regarding the deadline extension. In case you cannot provide us with more time, a 100% refund is guaranteed.

Original & Confidential

We use several writing tools checks to ensure that all documents you receive are free from plagiarism. Our editors carefully review all quotations in the text. We also promise maximum confidentiality in all of our services.

24/7 Customer Support

Our support agents are available 24 hours a day 7 days a week and committed to providing you with the best customer experience. Get in touch whenever you need any assistance.

Try it now!

Calculate the price of your order

Total price:
$0.00

How it works?

Follow these simple steps to get your paper done

Place your order

Fill in the order form and provide all details of your assignment.

Proceed with the payment

Choose the payment system that suits you most.

Receive the final file

Once your paper is ready, we will email it to you.

Our Services

No need to work on your paper at night. Sleep tight, we will cover your back. We offer all kinds of writing services.

Essays

Essay Writing Service

No matter what kind of academic paper you need and how urgent you need it, you are welcome to choose your academic level and the type of your paper at an affordable price. We take care of all your paper needs and give a 24/7 customer care support system.

Admissions

Admission Essays & Business Writing Help

An admission essay is an essay or other written statement by a candidate, often a potential student enrolling in a college, university, or graduate school. You can be rest assurred that through our service we will write the best admission essay for you.

Reviews

Editing Support

Our academic writers and editors make the necessary changes to your paper so that it is polished. We also format your document by correctly quoting the sources and creating reference lists in the formats APA, Harvard, MLA, Chicago / Turabian.

Reviews

Revision Support

If you think your paper could be improved, you can request a review. In this case, your paper will be checked by the writer or assigned to an editor. You can use this option as many times as you see fit. This is free because we want you to be completely satisfied with the service offered.