Microeconomics Chapter 3 Exam Questions and Answers 100% Pass
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Microeconomics
Institution
Microeconomics
Microeconomics Chapter 3 Exam Questions and Answers 100% Pass
The law of supply states that, - Answers other things remaining the same, the higher the price of a good, the greater is the quantity supplied; and the lower the price of a good, the smaller is the quantity supplied.
A supply curve can...
Microeconomics Chapter 3 Exam Questions and Answers 100% Pass
The law of supply states that, - Answers other things remaining the same, the higher the price of a good,
the greater is the quantity supplied; and the lower the price of a good, the smaller is the quantity
supplied.
A supply curve can be interpreted as a - Answers minimum-supply-price curvelong dash—a curve that
shows the lowest price at which someone is willing to sell.
marginal cost - Answers the lowest price at which someone is willling to sell, shown in a supply curve
A riserise in the price of a cellphone ______ the quantity supplied and ______ supply. - Answers
increases; does not change
Substitutes in production are - Answers goods that a firm can produce by using the same resources.
at the equilibrium price - Answers Buyers pay the highest price they are willing to pay for the last unit
bought, and sellers receive the lowest price at which they are willing to supply the last unit sold
The equilibrium quantity is given by the formula - Answers (a−c)/(b + d)
the equilibrium price is given by the formula - Answers (ad + bc)/(b + d)
competitive market - Answers market that has many buyers and sellers, so no single buyer or seller can
influence the price
money price - Answers is the number od dollars that must be givven up
relative pricec - Answers the ratio of one money price to another
quantityy demanded - Answers is the amount that consumers plan to buy during a period of time at a
particular price
law of demand states - Answers other things remaining the same, the higher the price of a good, the
smaller is the quantity demanded; and the loweerr the price of a good, the greater is the quantity
demanded
demand - Answers relationship between the price of a good and the quantity demanded
demand curve - Answers shows the relationship between the quantity demanded of a good quantity and
its price, everything else remaining the same
change in the quantity demanded - Answers a movement along the demand curve
change in demand - Answers shift of the demand curve
substitute - Answers rise in the price of a related good (substitute)- increases demand and shifts the
demand curve reightward
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