ECN 212 EXAM QUESTIONS AND CORRECT ANSWERS ALREADY PASSED
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Course
ECN 212
Institution
ECN 212
ECN 212 EXAM QUESTIONS AND CORRECT ANSWERS ALREADY PASSED
What is not held constant in a demand schedule? - Answer- price
When the price of a good or service changes - Answer- there is a movement along a given demand curve
An increase in the price of a good will - Answer- decrease quant...
ECN 212 EXAM QUESTIONS AND
CORRECT ANSWERS ALREADY
PASSED
What is not held constant in a demand schedule? - Answer- price
When the price of a good or service changes - Answer- there is a movement along a
given demand curve
An increase in the price of a good will - Answer- decrease quantity demanded
The quantity demanded of a good is the amount that buyers are - Answer- willing and
able to purchase
When quantity demanded decreases at every possible price, the demand curve has -
Answer- shifted to the left
Which of the following changes would not shift the demand curve for a good or service?
- Answer- a change in the price of a good or service
Normal good is a good for which demand...? - Answer- increases when income
increases
Inferior good is a good for which demand...? - Answer- decreases when income
increases
As the population increases the demand... - Answer- will shift up (demand increases)
As the population decreases, the demand will... - Answer- shift down (demand
decreases)
When the price of a good is higher than the equilibrium price, - Answer- sellers to
produce and sell more than buyers wish to purchase
If, at the current price, there is a surplus of a good, then - Answer- sellers are producing
more than buyers wish to buy
Determinants of Supply - Answer- -technology
-prices of inputs
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