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The distintion between demand and the quantity demanded is best made by saying..
a. demand is represented graphically by a curve and quantity demanded as a point on that curve
b. the quantity demanded is represented graphically by a curve and demand as a point on that cure
c. the quantity demanded isin a direct relation with prices, whereas demand is in an inverse relation |
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| Tuition and fees for four year colleges in the US has risen by an average of 5.9 percent in 2006. One cause for the increase in price has been an increase in demand for college education. In the standard model, what could be possible explanation for the increase in the demand for college education? |
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| Income in the US has risen |
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Gas prices rose from about 1.75 dollars per gallon to 2.05 dollars in early 2004. The effect of higher gasoline prices is most likely to..
a. increase the demand for hybrid and increase the demand for the gas guzzler Hummer
b. Decrease the demand for hybrid cars and decrease the demand for the gas guzzler
c. increase the dmeand for hybrid cars and decrease the demand for the gas guzzler |
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Which would result in an increase in the demand for beef?
a. a decrease in the supply of beef
b. and increase in family incomes
c. an increase in the price of feed grains
d. a decrease in the price of pork |
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Which would cause quantity demanded to change without changing the demand curve?
a. change in income
b. a change in the price of good
c. a change in tastes and preferences
d. a change in the price of the substitute good
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Which is not held constant as you move along the demand curve?
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| According to the Law of Demand, the supply curve would slope........... |
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The law of supply states that, other things equal, as the price of good goes:
a.up, the quantity supplied goes up
b. up, the supply goes down
c. down, the quantity supplied goes up
d. down, the supply goes down |
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Quantity supplied of a good is inversely related to the good's price!
According to the law of supply the supply curves slope upward |
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The law of supply states that, other things constant, there is:
a. an inverse relation between price and the quantity supplied
b. an inverse relation between price and supply
c. a direct relation between price and the quantity supplied
d. a direct relation between price and supply |
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According to the law of supply, what will motivate firms to increase thier quantity supplied of a product?
a. prodution cost
b. opportunity cost
c. price
d. supply |
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