Question
I would like assistance with the following questions please and thank you. for microeconomics 1. A change in demand is said to take place when
I would like assistance with the following questions please and thank you. for microeconomics
1. A change in demand is said to take place when there is....
a. shift of the demand curve.
b. shift of the supply curve.
c. movement along the demand curve.
d. price change.
e. quantity change.
2. Consider butter and margarine, which are substitutes. When the price of butter falls, the demand curve for margarine is likely to
a. shift to the right
b. shift to the left
c. remain stationary.
d. remain stationary, although it's price will fall.
e. remain stationary, although it's price will rise.
3. For a given commodity, quantity demanded can be represented by
a. a demand curve
b. a demand schedule
c. a point on a demand curve
d. the money value of the stock of the commodity held by households.
e. the price on the vertical axis.
4. A fall in the price of raw milk (which is used in the production of ice cream) will
a. decrease the supply of ice cream, causing the supply curve of ice cream to shift to the left.
b. increase the supply of ice cream, causing the supply curve of ice cream to shift to the right.
c. decrease the supply of ice cream, causing the supply curve to shift to the right.
d. have no effect on the supply curve of ice cream but cause a downward movement along the supply curve of ice cream.
e. increase the supply of ice cream, causing the supply curve to shift to the left.
5. A variable that is assumed to be constant along an individual's demand curve for good X is the a. price of good
b. quantity of X demanded per unit of time
c. price of a substitute good, Y.
d. consumers real purchasing power.
e. amount of X the individual wishes to purchase
6. Consider two demand curves and the same price change for both. If the resulting percentage change in quantity demanded is greater for one (D1) than the other (D2), we can conclude
a. that D1 is inelastic and D2 is elastic.
b. that D1 is elastic and D2 is inelastic.
c. that D2 is more elastic than D1.
d. that D1 is more elastic than D2.
e. nothing about their relative elasticities.
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