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Tutorial Review Questions ch 4 with solutions.doc

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ECON 1000

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Tutorial Review QuestionsChapter 4MULTIPLE CHOICEFor each good produced in a market economy demand and supply determineathe price of the good but not the quantitybthe quantity of the good but not the pricecboth price and quantitydneither price nor quantity is determined by demand and supply because prices are ultimately set by producersANSCIn a market economyademand is determined by supplybsupply is determined by demandcprice is determined by quantitydquantity is determined by priceeEither a or b are correct depending on the productANSDA competitive market is one in whichathere is only one seller of the productbeach seller of the product is free to set the price of his productceach seller attempts to compete with other sellers causing fewer sellers in the marketdthere are so many buyers and many sellers that each has a negligible impact on priceANSDWhich of the following would NOT be a determinant of demandathe price of related goodsbincomecTastesdthe prices of the inputs used to produce the goodANSDThe amount of the good buyers are willing and able to purchase is theademandbquantity suppliedcquantity demandeddsupplyANSCIf a good is normal then an increase in income will result inano change in the demand for the goodban increase in the demand for the goodca decrease in the demand for the goodda lower market priceANSB1
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