02 May Question: A demand curve slopes downward because: people are only willing to buy more at lower prices. when…
A demand curve slopes downward because: people are only willing to buy more at lower prices. when people buy more, sellers lower the price. when prices are lower, people think the good is inferior. people want to buy more at higher prices.
Which of the following correctly describes market equilibrium? Quantity supplied is equal to quantity demanded. Supply is equal to demand. There may be a shortage. There may be a surplus. От
Consider a market that is in equilibrium. If it experiences both an increase in demand and an increase in supply, what can be said of the new equilibrium? The equilibrium: Multiple Choice quantity will definitely rise, while the equilibrium price cannot be predicted. price and quantity will both rise. price and quantity will both fall price will definitely rise, while the equilibrium quantity cannot be predicted.
Consider the markets for three products below. Indicate which characteristics of a competitive market are met by these markets. Instructions: You may select more than one answer. Click the box with a check mark for correct answers and click to empty the box for the wrong answers Market: gasoline large number of buyers 2standardized good full information no transaction cost participants are price takers Market: barbershop haircuts large number of buyers standardized good 2full information no transaction cost participants are price takers
Market: bicycles ? large number of buyers standardized good full information no transaction cost 7 participants are price takers
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