Holding all other factors constant, consumers demand more of a good the A) higher its price. B) lower its price. C) steeper the downward slope of the demand curve. D) steeper the upward slope of the demand curve. ANSWER B
Date: September 9th, 2020
As the price of a good increases, the change in the quantity demanded can be shown by A) shifting the demand curve leftward. B) shifting the demand curve rightward. C) moving down along the same demand curve. D) moving up along the same demand curve. ANSWER D
Date: September 9th, 2020
If the price of gasoline were $5, many people would stop buying gasoline while others would continue to do so. This would indicate A) those who are buying gasoline value it at least $5 per gallon. B) those who are not buying gasoline value it more than $5 per gallon. C) only those who are […]
Date: September 9th, 2020
If a demand curve shifts left, it implies A) as a group, consumers are willing and able to pay less for the product. B) as a group, consumers are willing and able to pay more for the product. C) government has regulated how many people can purchase the product. D) the profit motive of the […]
Date: September 9th, 2020
If the price of automobiles were to decrease substantially, the demand curve for public transportation would most likely A) shift right. B) shift left. C) remain unchanged. D) remain unchanged while quantity demanded would change. ANSWER B
Date: September 9th, 2020
An increase in the demand curve for orange juice would be illustrated as a A) leftward shift of the demand curve. B) rightward shift of the demand curve. C) movement up along the demand curve. D) movement down along the demand curve. ANSWER B
Date: September 9th, 2020
The term “inverse demand curve” refers to A) a demand curve that slopes upward. B) expressing the demand curve in terms of price as a function of quantity. C) the demand for “inverses.” D) the difference between quantity demanded and supplied at each price. ANSWER B
Date: September 9th, 2020
If the demand for oranges is written as Q = 100 – 5p, then the inverse demand function is A) Q = 5p – 100. B) Q = 20 – .2p. C) p = 20 – 5Q. D) p = 20 – .2Q. ANSWER D
Date: September 9th, 2020
To determine the total demand for all consumers, sum the quantity each consumer demands A) at a given price. B) at all prices and then sum this amount across all consumers. C) Both A and B will generate the same total demand. D) None of the above. ANSWER A
Date: September 9th, 2020
If the price of automobiles were to increase substantially, the demand curve for gasoline would most likely A) shift leftward. B) shift rightward. C) remain unchanged. D) become steeper. ANSWER A
Date: September 9th, 2020
