Demand Practice Questions

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Department
Economics for Management Studies
Course
MGEA01H3
Professor
Kieran Furlong
Semester
Fall

Description
chapter 3 supply and demand Description 50 1 150 This assessment is worth 50 points. Note: Correct answers appear in Blue. Incorrect answers and skipped questions appear in Red after 'Your response'. 1. Reference: 3-13 An increase in demand is represented by shifting from (1 point) Your response: c. curve C to curve D. (You answered correctly!) Feedback : Learning Objective: Shifting the demand curve Level of Learning: Application Source: From 2e Type: Graphical Problem 1 point awarded. The correct answer is: a. curve A to curve B. b. curve B to curve A. c. curve C to curve D. d. curve D to curve C. e. curve C to curve B. 2. McDonald's is running a $0.99 Small Mac special. This is likely to cause (1 point) Your response: c. a decrease in the supply of Small Macs. Feedback : Learning Objective: Define a demand curve Level of Learning: Application Source: Unique Type: Word Problem 0 points awarded. The correct answer is: a. an increase in the demand for Small Macs. b. a decrease in the demand for Small Macs. c. a decrease in the supply of Small Macs. d. a decrease in the quantity demanded of Small Macs. e. an increase in the quantity demanded of Small Macs. 3. As consumers' incomes decrease, the demand curve for bologna sandwiches shifts to the right. Therefore bologna sandwiches are a(n) (1 point) Your response: c. substitute good. Feedback : Learning Objective: Shifting the demand curve Level of Learning: Application Source: Unique Type: Word Problem 0 points awarded. The correct answer is: a. normal good. b. complement good. c. substitute good. d. defective good. e. inferior good 4. When the price of a good is below its equilibrium value, (1 point) Your response: d. suppliers will notice their inventories are growing. Feedback : Learning Objective: Determination of prices Level of Learning: Application Source: Unique Type: Word Problem 0 points awarded. The correct answer is: a. consumers will bid the price up. b. excess supply will occur. c. it will tend to stay below the equilibrium value. d. suppliers will notice their inventories are growing. e. suppliers will lower the price. 5.
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