Test Bank for Principles of Microeconomics 2nd Edition Taylor Principles of Microeconomics 2e OpenStax Test bank |ultimate guide 100% verified.
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Principles of Microeconomics 2e
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Principles Of Microeconomics 2e
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Macroeconomics
Test Bank for Principles of Microeconomics 2nd Edition Taylor Principles of Microeconomics 2e OpenStax Test bank |ultimate guide 100% verified.Test Bank for Principles of Microeconomics 2nd Edition Taylor Principles of Microeconomics 2e OpenStax Test bank |ultimate guide 100% verified.Test Bank f...
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1.
Page 1
ki
,1.An individual demand curve is a graph:
ki ki ki ki ki ki
a. that plots the quantity of an item that someone plans to buy, at each price.
ki ki ki ki ki ki ki ki ki ki ki ki ki ki
b. that plots the quantity of an item that someone plans to buy, at one single price point.
ki ki ki ki ki ki ki ki ki ki ki ki ki ki ki ki
c. that plots the quantity of an item that a seller plans to sell, at each price.
ki ki ki ki ki ki ki ki ki ki ki ki ki ki ki
d. that plots the market price of a product at different points in time.
ki ki ki ki ki ki ki ki ki ki ki ki
ANSWER: b ki
2. Quantity demanded is on the horizontal axis when you plot a demand curve and shows the:
ki ki ki ki ki ki ki ki ki ki ki ki ki ki ki
a. amount of a good that a person is willing to buy at each price.
ki ki ki ki ki ki ki ki ki ki ki ki ki
b. amount of a good that a person actually buys at the market price.
ki ki ki ki ki ki ki ki ki ki ki ki
c. amount of a good that a seller is willing to sell at a particular price.
ki ki ki ki ki ki ki ki ki ki ki ki ki ki
d. amount where opportunity cost is equal to the marginal benefit.
ki ki ki ki ki ki ki ki ki
ANSWER: a ki
3. (Figure: Leonard's Demand for Pecan Pie) Look at Leonard's weekly demand curve for slices of pie.
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Howmany slices of pie is Leonard willing to buy at $3 per slice?
ki ki ki ki ki ki ki ki ki ki ki ki ki ki
a. 3 slices ki
b. 9 slices ki
c. 7 slices ki
d. 5 slices ki
ANSWER: d ki
4. (Figure: Leonard's Demand for Pecan Pie) Look at Leonard's weekly demand curve for slices of pie.
ki ki ki ki ki ki ki ki ki ki ki ki ki ki ki
Howmany slices of pie is Leonard willing to buy at $2 per slice?
ki ki ki ki ki ki ki ki ki ki ki ki ki ki
Page 2
ki
, a. 3 slices
ki
b. 9 slices
ki
c. 7 slices
ki
d. 5 slices
ki
ANSWER: c ki
5. (Figure: Mia's Demand Curve for Ice Cream) The accompanying graph shows Mia's demand curve for
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icecream, how many cones would Mia be willing to buy at $5 per cone?
ki ki ki ki ki ki ki ki ki ki ki ki ki ki ki
a. 3 cones
ki
b. 9 cones
ki
c. 5 cones
ki
d. 12 cones
ki
Page 3
ki
, ANSWER: a ki
6. (Figure: Mia's Demand Curve for Ice Cream) Look at Mia's demand curve for ice cream, how many cones
ki ki ki ki ki ki ki ki ki ki ki ki ki ki ki ki ki
isMia willing to buy at $4 per cone?
ki ki ki ki ki ki ki ki ki
a. 6 cones ki
b. 3 cones ki
c. 12 cones ki
d. 9 cones ki
ANSWER: a ki
7. Why does the demand curve slope downwards?
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a. It slopes downward due to the positive relationship between price and quantity demanded.
ki ki ki ki ki ki ki ki ki ki ki ki
b. It slopes downward due to buyers perceiving fall in price as a fall in quality.
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c. It slopes downward due to the law of demand.
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d. It slopes downward due to stores lowering the prices on their products.
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ANSWER: c ki
8. A downward-sloping demand curve implies:
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a. there is an inverse relationship between price and quantity demanded.
ki ki ki ki ki ki ki ki ki
b. there is a positive relationship between price and quantity demanded.
ki ki ki ki ki ki ki ki ki
c. there is no relationship between price and quantity demanded.
ki ki ki ki ki ki ki ki
d. buyers are willing to buy less when prices are lower.
ki ki ki ki ki ki ki ki ki
ANSWER: a ki
9. The law of demand refers to
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a. the positive relationship between price and quantity supplied.
ki ki ki ki ki ki ki
Page 4
ki
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