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C11 Lesson 2 Exam SCORE 95 PERCENT

12/08/2020 Client: srauf1975 Deadline: 3 days

  


If a competitive market operates perfectly, it relies on __________.


Question options:


  




the number of people buying goods


 




the laws of supply and demand


 




how many products can be produced   for sale


 




how much people are willing to pay   for the products


 


Question 2




5   / 5 points


       


https://study.ashworthcollege.edu/access/content/group/f2807f33-7ccd-4bac-b24e-8707be09977e/V11/Images/fig4.6.jpg

 


Refer to Figure 4.6, which shows David's and Celeste's individual supply curves for flower arrangements per week. Assuming David and Celeste are the only producers in the market, what is the market quantity supplied at a price of $30?


Question options:


  




200


 




250


 




300


 




350


 


Question 3




5   / 5 points


       


The big tradeoff is the tradeoff between __________.


Question options:


  




quantity demanded and quantity   supplied


 




price and quantity demanded


 




efficiency and equity


 




total surplus and deadweight loss


 


Question 4




5   / 5 points


       


A change in the quantity demanded of a product is the result of a change in __________.


Question options:


  




the price of the product


 




the price of related goods


 




consumer income


 




the cost of producing the product


 


Question 5




5   / 5 points


       


What happens if the price of a product is below the equilibrium price?


Question options:


  




The buyers will stop purchasing a   "cheap" product.


 




The producer will lower the price   to sell more product.


 




There will be an excess demand for the product.


 




There will be a surplus of the   product.


 


Question 6




5   / 5 points


       


If the equilibrium price of a good increases and the equilibrium quantity of the good decreases, we can conclude that __________.


Question options:


  




demand increased


 




demand decreased


 




supply increased


 




supply decreased


 


Question 7




5   / 5 points


       


A supply curve is defined as the relationship between __________.


Question options:


  




the price of a good and the   quantity that consumers are willing to buy


 




the price of a good and the quantity that producers are   willing to sell


 




the income of consumers and the   quantity of a product that consumers are willing to buy


 




the income of consumers and the   quantity of a product that producers are willing to sell


 


Question 8




5   / 5 points


       


https://study.ashworthcollege.edu/access/content/group/f2807f33-7ccd-4bac-b24e-8707be09977e/V11/Images/fig4.6.jpg

 


Refer to Figure 4.6, which shows David's and Celeste's individual supply curves for flower arrangements per week. Assuming David and Celeste are the only producers in the market, if the market quantity supplied is 50, the price must be __________.


Question options:


  




$0


 




$10


 




between $10 and $20


 




$30


 


Question 9




5   / 5 points


       


The market demand curve __________.


Question options:


  




shows the relationship between the price of a good and the   quantity that all consumers together arewilling to buy


 




is drawn assuming that variables   such as income and tastes are variable


 




is drawn assuming that the number   of consumers is variable


 




is drawn assuming that the selling   price is fixed


 


Question 10




5   / 5 points


       


When consumers are willing to buy more than producers are willing to sell, __________.


Question options:


  




there is excess supply of the product   in the market


 




there is excess demand for the product in the market


 




the market is in equilibrium


 




the demand curve will shift until   the quantity supplied equals the quantity demanded


 


Question 11




5   / 5 points


       


When there is a change in the quantity demanded it means that __________.


Question options:


  




the hours the customer can buy   products each day have increased


 




the number of products in   inventory have increased


 




the quantity a consumer is willing to buy changes when the   price changes


 




the selling price of the products   has not changed


 


Question 12




5   / 5 points


       


Quantity of Frozen Latte-On-A-Stick Supplied


   


Price




Flo's Supply




Rita's Supply


 


1




0




0


 


2




0




3


 


3




4




6


 


4




9




9


 


5




15




12


Table 4.1


 Refer to Table 4.1, which shows Flo's and Rita's individual supply schedules for frozen latte-on-a-stick. Assuming Flo and Rita are the only suppliers in the market, what is the market quantity supplied at a price of $2?


Question options:


  




0


 




2


 




3


 




5


 


Question 13




5   / 5 points


       


https://study.ashworthcollege.edu/access/content/group/f2807f33-7ccd-4bac-b24e-8707be09977e/V11/Images/fig4.1.jpg

 


Refer to Figure 4.1, which shows Molly's and Ryan's individual demand curves for compact discs per month. Assuming Molly and Ryan are the only consumers in the market, what is the market quantity demanded at a price of $3?


Question options:


  




6


 




9


 




15


 




20


 


Question 14




5   / 5 points


       


When the price of apples goes up, __________.


Question options:


  




the demand for apples will   decrease, ceteris paribus


 




the demand for apples will   increase, ceteris paribus


 




the quantity of apples demanded will decrease, ceteris paribus


 




the quantity of apples demanded   will increase, ceteris paribus


 


Question 15




5   / 5 points


       


A demand curve is defined as the relationship between __________.


Question options:


  




the price of a good and the quantity of that good that   consumers are willing to buy


 




the price of a good and the   quantity of that good that producers are willing to sell


 




the income of consumers and the   quantity of a good that consumers are willing to buy


 




the income of consumers and the   quantity of a good that producers are willing to sell


 


Question 16




5   / 5 points


       


https://study.ashworthcollege.edu/access/content/group/f2807f33-7ccd-4bac-b24e-8707be09977e/V11/Images/fig4.2.jpg

 


Figure 4.2 illustrates the supply and demand for T-shirts. If the actual price of T-shirts is $7, there is an __________.


Question options:


  




excess demand of 8 T-shirts


 




excess supply of 8 T-shirts


 




excess demand of 10 T-shirts


 




excess supply of 10 T-shirts


 


Question 17




5   / 5 points


       


Suppose that the quantity of cars supplied exceeds the quantity of cars demanded. We would expect that __________.


Question options:


  




the price of cars will increase


 




the price of cars will decrease


 




the supply will increase (supply   will shift to the right. to meet the demand


 




the demand will decrease (demand   will shift to the left. to meet the supply


 


Question 18




5   / 5 points


       


If there is an advancement in the technology used to produce a product, what is the likely effect it may have on the supply?


Question options:


  




The company would not change its   manufacturing.


 




More people would be needed to   produce the product.


 




It would decrease the supply.


 




It would increase the supply.


 


Question 19




0   / 5 points


       


When demand increases and the demand curve shifts to the right, equilibrium price __________ and equilibrium quantity __________.


Question options:


  




increases;   increases (Incorrect)


 




increases; decreases


 




decreases; increases


 




decreases; decreases


 


Question 20




5   / 5 points


       


A change in quantity supplied of a product is the result of a change in __________.


Question options:


  




consumer income


 




the state of production technology


 




the cost of producing the product


 




the price of the product

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