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Question 1

1pts

The downward slope of a demand curve illustrates the pattern that as ________ decreases, ________ increases.

Group of answer choices

quantity supplied : quantity demanded

price : quantity demanded

price : quantity supplied

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Question 2

1pts

Complete the following sentence: If people think that the price of televisions will decrease in the near future, that belief may cause a(n)

Group of answer choices

decrease in the demand for televisions today.

increase in the price of televisions today.

increase in the supply of televisions today.

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Question 3

1pts

A supply curve is a graphical illustration of the relationship between price and

Group of answer choices

demand.

quantity supplied.

quantity demanded.

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Question 4

1pts

Decreased competition due to fewer producers in a market will cause

Group of answer choices

lower prices due to decreased supply.

less demand in that market.

higher prices due to an decrease in the quantity supplied at every price.

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Question 5

1pts

When quantity demanded decreases in response to a change in price

Group of answer choices

there is a movement from one point to another along the demand curve.

the demand curve shifts to the right.

the demand curve shifts to the left.

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Question 6

1pts

Which of the following events can shift the level of demand (demand is the relationship between price and quantity demanded)?

Group of answer choices

Population grows in a particular market area.

Supply increases or decreases.

Price of the good changes.

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Question 7

1pts

If Pepsi goes on sale, what will happen to the demand for Coca-Cola?

Group of answer choices

Demand for Coca-Cola will increase.

Demand for Coca-Cola will decrease.

Demand for Coca-Cola will stay the same.

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Question 8

1pts

According to the law of supply, assuming other factors are held constant

Group of answer choices

as the supply for bread increases, the price of bread will also increase.

as the price of bread increases, the quantity of bread supplied will increase.

as the price of bread increases, the quantity of bread supplied will decrease.

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Question 9

1pts

An increase in the quantity supplied can be the result from

Group of answer choices

decreased demand.

an increase in supply.

an increase in price.

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Question 10

1pts

Decreased competition due to fewer producers in a market will cause

Group of answer choices

less demand in that market.

higher prices due to an decrease in the quantity supplied at every price.

lower prices due to decreased supply.