Exam (elaborations)

ECS2601 ASSIGNMENT 1 SEMESTER 2 2024 Assume that the current market price is below the market clearing level. We would expect: a. upward pressure on the current market price. b. downward pressure on the current market price. c. no pressure for the price t

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Course
Intermediate Microeconomics (ECS2601)

Institution
University Of South Africa (Unisa)

ECS2601 ASSIGNMENT 1 SEMESTER 2 2024 Assume that the current market price is below the market clearing level. We would expect: a. upward pressure on the current market price. b. downward pressure on the current market price. c. no pressure for the price to change further. d. a surplus to accum...

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intermediate microeconomics ecs2601

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,8/10/24, 1:37 PM Assessment 1 (page 1 of 8)

UNISA  2024  ECS2601-24-S2  Welcome Message  Assessment 1

QUIZ

Question 1

Not yet answered

Marked out of 1.00

The income effect of a lower price for good A …

a. invariably leads a consumer to buy more of good A, because the combination of unchanged money income and

lower price raises that consumer's real income or purchasing power.

b.
may lead to a larger, smaller, or even an unchanged quantity of good A demanded; it all depends on the nature of the
good itself.

c. creates a change in the good's relative price and, therefore, causes the consumer to substitute good A in place of

other goods.

d.
invariably leads a consumer to buy less of good A because the combination of unchanged money income and lower
price encourages that consumer to buy more of other goods.

Question 2

Not yet answered

Marked out of 1.00

Assume that the current market price is below the market clearing level. We would expect:

a. upward pressure on the current market price.

b. downward pressure on the current market price.

c. no pressure for the price to change further.

d. a surplus to accumulate.

https://mymodules.dtls.unisa.ac.za/mod/quiz/attempt.php?attempt=20739778&cmid=990757 1/2

,8/10/24, 1:37 PM Assessment 1 (page 1 of 8)

https://mymodules.dtls.unisa.ac.za/mod/quiz/attempt.php?attempt=20739778&cmid=990757 2/2

, 8/10/24, 1:37 PM Assessment 1 (page 2 of 8)

UNISA  2024  ECS2601-24-S2  Welcome Message  Assessment 1

QUIZ

Question 3

Not yet answered

Marked out of 3.00

The demand for potatoes is: Qd = 120 -P

The supply of potatoes is: QS = 5P

What is the equilibrium price of books?

a. 20

b. 15

c. 10

d. 5

Question 4

Not yet answered

Marked out of 1.00

If an indifference curve is convex from above (bowed outward), which of the following statements would be TRUE?

a. The more you have of a good, the more intense your desire for more of it.

b. This type of indifference curve violates the more-is-better-than-less assumption underlying indifference curves.

c.
The less you have of a good, the more intense your desire for more of it.

d. The more you have of a good, the less you desire additional units of the good.

https://mymodules.dtls.unisa.ac.za/mod/quiz/attempt.php?attempt=20739778&cmid=990757&page=1 1/1

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ECS2601 ASSIGNMENT 1 SEMESTER 2 2024 Assume that the current market price is below the market clearing level. We would expect: a. upward pressure on the current market price. b. downward pressure on the current market price. c. no pressure for the price t

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