C11 Lesson 2 Exam SCORE 95 PERCENT

profileadiaaditya123
 (Not rated)
 (Not rated)
Chat

  

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

       

https://study.ashworthcollege.edu/access/content/group/f2807f33-7ccd-4bac-b24e-8707be09977e/V11/Images/fig4.6.jpg
 

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

       

https://study.ashworthcollege.edu/access/content/group/f2807f33-7ccd-4bac-b24e-8707be09977e/V11/Images/fig4.6.jpg
 

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

       

https://study.ashworthcollege.edu/access/content/group/f2807f33-7ccd-4bac-b24e-8707be09977e/V11/Images/fig4.1.jpg
 

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

       

https://study.ashworthcollege.edu/access/content/group/f2807f33-7ccd-4bac-b24e-8707be09977e/V11/Images/fig4.2.jpg
 

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

    • 4 years ago
    C11 Lesson 2 Exam SCORE 95 PERCENT
    NOT RATED

    Purchase the answer to view it

    blurred-text