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Econ Post Test with Verified Answers Graded A+ 1. When the price of good A rises, people start to drink good B. In this case. 2. An increase in the price of a good would be illustrated on a demand graph as a: 3. If the number of consumers in the market for good A increases, what will happen t...

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  • September 16, 2024
  • 2
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • econ post test with verified answers graded a

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  • Econ Post
  • Econ Post

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Econ Post Test with Verified Answers Graded A+
1. When the price of good A rises, people start to Good B is a substitute
drink good B. In this case. good.

2. An increase in the price of a good would be Movement along the de-
illustrated on a demand graph as a: mand curve upward.

3. If the number of consumers in the market for Equilibrium price and
good A increases, what will happen to the equi- quantity will both in-
librium price and quantity of good A? crease

4. According to the law of demand, as a price of a Quantity demanded of
good or service increases, the the good or service will
decrease.

5. If producers expect the price of a good to rise, Equilibrium price will in-
what will happen to the good's equilibrium price crease and equilibrium
and quantity? quantity will decrease

6. If a good is considered "normal" by economists, False
an increase in consumers' incomes will result in
a decrease in the demand for the good.

7. If two goods are complements, an increase in True
the price of one good will cause a decrease in
the demand for the other.

8. If consumers expect higher coffee prices in the The demand for coffee
future: will increase now.

9. If the government decides to subsidize the pro- False
duction of a good, the result would be a de-
crease in the equilibrium price and a decrease
in the equilibrium quantity.

10. If the price of one of the resources used to pro- The supply curve for that
duce a good decreases: good would shift right.

11. If the price of peanut butter were to increase, The demand for jelly
what would likely happen to the demand for would decrease—the de-
jelly?
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