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Surpluses drive price up,while shortages drive price down.

A) True
B) False

Correct Answer

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A movement along a supply curve is called a change in supply while a shift of the supply curve is called a change in quantity supplied.

A) True
B) False

Correct Answer

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An increase in the price of pizza will shift the demand curve for pizza to the left.

A) True
B) False

Correct Answer

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Most studies have found that tobacco and marijuana are complements rather than substitutes.

A) True
B) False

Correct Answer

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Whenever a determinant of supply other than price changes,the supply curve shifts.

A) True
B) False

Correct Answer

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If orange juice and apple juice are substitutes,an increase in the price of orange juice will shift the demand curve for apple juice to the right.

A) True
B) False

Correct Answer

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At the equilibrium price,buyers have bought all they want to buy,but sellers have not sold all they want to sell.

A) True
B) False

Correct Answer

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At the equilibrium price,quantity demanded is equal to quantity supplied.

A) True
B) False

Correct Answer

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An increase in the price of a substitute good will shift the demand curve for a good to the right.

A) True
B) False

Correct Answer

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An increase in the price of blue pens will increase both the equilibrium price and quantity in the market for black pens.

A) True
B) False

Correct Answer

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The quantity supplied of a good or service is the amount that sellers are willing and able to sell at a particular price.

A) True
B) False

Correct Answer

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When the market price is above the equilibrium price,suppliers are unable to sell all they want to sell.

A) True
B) False

Correct Answer

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Local cable television companies frequently are monopolists.

A) True
B) False

Correct Answer

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A decrease in supply shifts the supply curve to the left.

A) True
B) False

Correct Answer

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A surplus is the same as an excess demand.

A) True
B) False

Correct Answer

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When the market price is below the equilibrium price,suppliers are unable to sell all they want to sell.

A) True
B) False

Correct Answer

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If something happens to alter the quantity supplied at any given price,then we move along the fixed supply curve to a new quantity supplied.

A) True
B) False

Correct Answer

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If a company making frozen orange juice expects the price of its product to be higher next month,it will supply more to the market this month.

A) True
B) False

Correct Answer

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The law of demand states that,other things equal,when the price of a good rises,the quantity demanded of the good rises,and when the price falls,the quantity demanded falls.

A) True
B) False

Correct Answer

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Demand refers to the amount buyers wish to buy,whereas the quantity demanded refers to the position of the demand curve.

A) True
B) False

Correct Answer

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Showing 21 - 40 of 108

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