In a market economy, supply and demand determine

Question 1 options:

	both the quantity of each good produced and the price at which it is sold.
	the quantity of each good produced but not the price at which it is sold.
	the price at which each good is sold but not the quantity of each good produced.
	neither the quantity of each good produced nor the price at which it is sold.

Question 2(1 point)

In economic terminology, a buyer or seller who cannot affect the market price is called a:

Question 2 options:

	price taker.
	price maker.
	price setter.
	price signaler.

Question 3(1 point)

The demand for a good or service is determined by

Question 3 options:

	those who buy the good or service.
	the government.
	those who sell the good or service.
	both those who buy and those who sell the good or service.

Question 4(1 point)

Consider the market for tutoring at a university. If the price of tutoring increases, which of the following occur?

Question 4 options:

	The demand for tutoring increases
	The demand for tutoring decreases
	The quantity demanded for tutoring increases
	The quantity demanded for tutoring decreases

Question 5(1 point)

Consider the market for tutoring at a university. If enrollment at the university increases, which of the following occur?

Question 5 options:

	The demand for tutoring increases
	The demand for tutoring decreases
	The quantity demanded for tutoring increases
	The quantity demanded for tutoring decreases

Question 6(1 point)