ECN 104 TEST QUESTIONS WITH ALL CORRECT ANSWERS
Why will an existing demand curve shift towards the right - Answer- because the quantity demanded for the good is larger so it curves towards the right (more buyers)
why will an existing demand curve shift towards the left - Answer- the quantity ...
Why will an existing demand curve shift towards the right - Answer- because the
quantity demanded for the good is larger so it curves towards the right (more buyers)
why will an existing demand curve shift towards the left - Answer- the quantity
demanded for the good goes down (less buyers) so it curves towards the left
Why will an existing supply curve shift towards the right - Answer- the quantity supplied
for the good is more so it curves to the right. (more product) ex. if inputs for making the
good becomes cheaper, more quantity will be supplied for every price.
Why will an existing supply curve shift towards the left - Answer- quantity supplied for
the good is less than before. (less product). Ex. if inputs for making the good is more
expensive, less quantity will be supplied for every price
If shift in demand curve is right and supply curve is none what is Pe(equilibrium price)
and Qe (equilibrium quantity) - Answer- Pe(new) is greater than Pe
Qe (new) is greater than Qe
if shift in demand curve is left and supply curve is none what is Pe(equilibrium price)
and Qe (equilibrium quantity) - Answer- Pe(new) is less than Pe
Qe(new) is less than Qe
if shift in demand curve is none and supply curve is right what is Pe(equilibrium price)
and Qe (equilibrium quantity) - Answer- Pe(new) is less than Pe
Qe(new) is greater than Qe
if shift in demand curve is none and supply curve is left what is Pe(equilibrium price)
and Qe (equilibrium quantity) - Answer- Pe(new) is greater than Pe
Qe(new) is less than Qe
if a good has a linear demand curve what makes it shift to the right - Answer- if quantity
is demanded more than before
if a good has a linear demand curve what makes it shift to the left - Answer- if the
quantity demanded is less than before
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