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A yard sale is an example of a market.

A) True
B) False

Correct Answer

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Price will rise to eliminate a surplus.

A) True
B) False

Correct Answer

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If the producers of canned green beans expect the price of canned green beans to increase in the future due to an increase in demand,they may put some of their current production into storage and supply less in the market today.

A) True
B) False

Correct Answer

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When the price of a good is low,selling the good is profitable,and so the quantity supplied is large.

A) True
B) False

Correct Answer

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A shortage is the same as an excess demand.

A) True
B) False

Correct Answer

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A decrease in the price of blueberries will decrease both the equilibrium price and quantity in the market for blueberry muffins.

A) True
B) False

Correct Answer

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A decrease in income will shift the demand curve for an inferior good to the right.

A) True
B) False

Correct Answer

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The law of supply states that,other things equal,when the price of a good rises,the quantity supplied of the good falls.

A) True
B) False

Correct Answer

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A decrease in the price of peanut butter will increase both the equilibrium price and quantity in the market for jelly.

A) True
B) False

Correct Answer

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Supply refers to the position of the supply curve,whereas the quantity supplied refers to the amount suppliers wish to sell.

A) True
B) False

Correct Answer

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If baked potatoes and sour cream are complements,then an increase in the price of sour cream decreases the demand for baked potatoes.

A) True
B) False

Correct Answer

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An increase in supply will cause a decrease in price,which will cause an increase in demand.

A) True
B) False

Correct Answer

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A market is a group of buyers and sellers of a particular good or service.

A) True
B) False

Correct Answer

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Suppose the demand for calendars increases in November.At the same time,the price of the ink used in the production of calendars increases.In the market for calendars,if the size of the shift of the demand curve is larger than the size of the shift of the supply curve,then the equilibrium quantity rises.

A) True
B) False

Correct Answer

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In a competitive market,there are so few buyers and so few sellers that each has a significant impact on the market price.

A) True
B) False

Correct Answer

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Prices allocate a market economy's scarce resources.

A) True
B) False

Correct Answer

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In a market economy,prices are the signals that guide the allocation of scarce resources.

A) True
B) False

Correct Answer

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Cocoa and marshmallows are complements,so a decrease in the price of cocoa will cause an increase in the demand for marshmallows.

A) True
B) False

Correct Answer

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A movement upward and to the left along a given demand curve is called a decrease in demand.

A) True
B) False

Correct Answer

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When an increase in the price of one good lowers the demand for another good,the two goods are called complements.

A) True
B) False

Correct Answer

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Showing 81 - 100 of 108

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