M Question 1 - Unit 3 Lab Quiz - X C ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252FIms.mheducation.co... Update : Unit 3 Lab Quiz i Saved p Save & Exit Submit Which statement best illustrates the concept of diminishing marginal utility? Multiple Choice points O A typical consumer will receive less satisfaction from consuming the fourth hamburger than from the third hamburger in a week. A decrease in the price of hamburgers will cause consumers to buy more hamburgers because they can afford to buy more. O As one consumes more hamburgers per week, one would be willing to pay a higher price for additional hamburgers. O Some consumers will receive less satisfaction from consuming hamburgers than from consuming fried chicken. M Question 2 - Unit 3 Lab Quiz X C o ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252FIms.mheducation.co... Update : Unit 3 Lab Quiz i Saved p Save & Exit Submit 2 An inferior good is Multiple Choice points O not accurately defined by any of these statements. O one whose price and quantity demanded vary directly. O one that has not been approved by the U.S. Food and Drug Administration. one whose demand curve will shift rightward as incomes rise. M Question 3 - Unit 3 Lab Quiz X C o ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252FIms.mheducation.co... Update : Unit 3 Lab Quiz i Saved p Save & Exit Submit 3 An increase in the price of product A will Multiple Choice points O increase the demand for complementary product C. O reduce the demand for substitute product B. O reduce the demand for resources used in the production of A. O increase the demand for substitute product B. M Question 4 - Unit 3 Lab Quiz X C ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252FIms.mheducation.co... Update : Unit 3 Lab Quiz i Saved p Save & Exit Submit 4 If consumer incomes increase, the demand for product X Multiple Choice points may shift either to the right or left. O will necessarily remain unchanged. O will necessarily shift to the right. O will necessarily shift to the left. M Question 5 - Unit 3 Lab Quiz X C a ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252FIms.mheducation.co... Update : Unit 3 Lab Quiz i Saved p Save & Exit Submit 5 Suppose that in 2025, Ford sold 500,000 Mustangs at an average price of $28,800 per car; in 2026, 600,000 Mustangs were sold at an average price of $29,500 per car. These statements Multiple Choice points O constitute an exception to the law of demand in that they suggest an upsloping demand curve. O suggest that the demand for Mustangs decreased between 2025 and 2026. O suggest that the demand for Mustangs increased between 2025 and 2026. O suggest that the supply of Mustangs must have increased between 2025 and 2026. M Question 6 - Unit 3 Lab Quiz X C a ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252FIms.mheducation.co... Update : Unit 3 Lab Quiz i Saved p Save & Exit Submit 6 In which of the following statements are the terms "demand" and "quantity demanded" used correctly? Multiple Choice points When the price of ice cream rose, the demand for both ice cream and ice cream toppings fell. O When the price of ice cream rose, the quantity demanded of ice cream fell, and the demand for ice cream toppings fell. O When the price of ice cream rose, the demand for ice cream fell, and the quantity demanded of ice cream toppings fell. O None of these choices are correct. M Question 7 - Unit 3 Lab Quiz X C ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252FIms.mheducation.co... Update : Unit 3 Lab Quiz i Saved p Save & Exit Submit 7 In the following question you are asked to determine, other things equal, the effects of a given change in a determinant of demand or supply for product X upon (1) the demand (D) for, or supply (S) of, X; (2) the equilibrium price (P) of X; and (3) the equilibrium quantity (Q) of X. Consumer expectations that the price of X will rise sharply in the future will points Multiple Choice increase D, increase P, and increase Q. increase S, increase P, and increase Q. O increase D, decrease P, and increase Q. O decrease S, increase P, and increase Q. M Question 9 - Unit 3 Lab Quiz X C a ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252FIms.mheducation.co... Update : Unit 3 Lab Quiz i Saved p Save & Exit Submit 9 If the price of Coke decreases, other factors constant, then we'd expect to see a consequent shift of the demand curve for Multiple Choice points O Coke to the left. O Pepsi to the left. O Pepsi to the right. O Coke to the right. M Question 10 - Unit 3 Lab Quiz X a ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252FIms.mheducation.co... Update : Unit 3 Lab Quiz Saved p Save & Exit Submit 10 Which of the following factors is a supply shifter for new houses? Multiple Choice points All of the answer choices are correct an increase in the number of construction companies in town O the price of lumber O wages for construction workers M Question 11 - Unit 3 Lab Quiz X C a ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252FIms.mheducation.co... Update : Unit 3 Lab Quiz i Saved p Save & Exit Submit 11 The supply curve shows the relationship between Multiple Choice points production costs and the amount demanded. O total business revenues and quantity supplied. O price and quantity supplied. O physical inputs of resources and the resulting units of output. M Question 12 - Unit 3 Lab Quiz X C o ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252FIms.mheducation.co... Update : Unit 3 Lab Quiz i Saved p Save & Exit Submit 12 When the price of oil increases significantly, the price of gasoline also increases. The latter occurs because of a(n) Multiple Choice points increase in demand for gasoline. increase in supply of gasoline. O decrease in demand for gasoline. O decrease in supply of gasoline. M Question 13 - Unit 3 Lab Quiz X a ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252FIms.mheducation.co... Update : Unit 3 Lab Quiz i Saved p Save & Exit Submit 13 The location of the product supply curve depends on Multiple Choice points the number of buyers in the market. the location of the demand curve. O the tastes of buyers. O production technology. M Question 14 - Unit 3 Lab Quiz X C A ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252FIms.mheducation.co... Update : Unit 3 Lab Quiz i Saved p Save & Exit Submit 14 In order to derive the market supply curve from individual supply curves, we add up the Multiple Choice points various prices that individual sellers are charging for the product. O costs that all individual sellers incur in producing the product. O total number of sellers in the market at a given time. O various quantities that individual sellers want to sell at specific price levels. M Question 15 - Unit 3 Lab Quiz X C A ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252FIms.mheducation.co... Update : Unit 3 Lab Quiz i Saved p Save & Exit Submit 15 Because of too much rain during the planting and growing season, the supply of strawberries has substantially decreased. This statement indicates the Multiple Choice points O demand for strawberries will necessarily rise. O equilibrium quantity will rise. O amount of strawberries that will be available at each price will decrease. O equilibrium price will fall. M Question 16 - Unit 3 Lab Quiz X C a ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252FIms.mheducation.co... Update : Unit 3 Lab Quiz i Saved p Save & Exit Submit 16 (Advanced analysis) The demand for commodity X is represented by the equation P= 100 - 2Q and supply by the equation P= 10 + 4Q. The equilibrium price is Multiple Choice points O $50. O $130 O $80. O $70 . M Question 17 - Unit 3 Lab Quiz X C ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252FIms.mheducation.co... Update : Unit 3 Lab Quiz i Saved p Save & Exit Submit 17 A product market is in equilibrium Multiple Choice points when consumers want to buy more of the product than producers offer for sale. O whenever there is no surplus of the product. O where the demand and supply curves intersect. O whenever there is no shortage of the product. M Question 18 - Unit 3 Lab Quiz X C ^ ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252FIms.mheducation.co... Update : Unit 3 Lab Quiz i Saved p Save & Exit Submit 18 A market for a product reaches equilibrium when Multiple Choice points O buyers intend to buy a quantity equal to the quantity that sellers intend to sell. O price falls further after there is a shortage. O the price rises further after there is a surplus. O the actual quantity bought by buyers equals actual quantity sold by sellers. M Question 19 - Unit 3 Lab Quiz X C a ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252FIms.mheducation.co... Update : Unit 3 Lab Quiz i Saved p Save & Exit Submit 19 In the corn market, demand often exceeds supply and supply sometimes exceeds demand." "The price of corn rises and falls in response to changes in supply and demand." In which of these two statements are the terms demand and supply being used correctly? points Multiple Choice In the second statement, "The price of corn rises and falls in response to changes in supply and demand." O In neither statement. O In both statements. O In the first statement, "In the corn market, demand often exceeds supply and supply sometimes exceeds demand." M Question 21 - Unit 3 Lab Quiz X C a ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252FIms.mheducation.co... Update : Unit 3 Lab Quiz i Saved p Save & Exit Submit 21 An increase in demand coupled with a simultaneous and bigger decrease in supply will cause equilibrium Multiple Choice points O price to go down and quantity to go up. O price to go up and quantity to go down. O price to go down and quantity to go down. O price to go up and quantity to go up. M Question 22 - Unit 3 Lab Quiz X C a ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252FIms.mheducation.co... Update : Unit 3 Lab Quiz i Saved Help Save & Exit Submit 22 Last year the price of corn was $6 a bushel and the quantity of corn demanded was 10 million bushels. This year the price of corn was $7 a bushel and the quantity demanded was 12 million bushels. Is this evidence that the law of demand does not apply to corn? points Multiple Choice O No, because the evidence indicates that there is a shortage of corn. O No, because the other-things-equal assumption was violated over the two-year period. O Yes, because there is a direct relationship between the price of corn and the quantity supplied. O Yes, because there is an inverse relationship between the price of corn and the quantity demanded. M Question 23 - Unit 3 Lab Quiz X C ^ ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252FIms.mheducation.co... Update : Unit 3 Lab Quiz i Saved p Save & Exit Submit 23 With a downward sloping demand curve and an upsloping supply curve for a product, an increase in consumer income will Multiple Choice points O reduce the quantity demanded but not shift the demand curve. O increase equilibrium price and quantity if the product is a normal good. O decrease equilibrium price and quantity if the product is a normal good. O have no effect on equilibrium price and quantity. M Question 24 - Unit 3 Lab Quiz X C ^ ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252FIms.mheducation.co... Update : Unit 3 Lab Quiz i Saved p Save & Exit Submit 24 A television station reports that the price of orange juice has declined but the quantity traded has increased. This situation could be caused by a(n) Multiple Choice points O significant decrease in the harvest of oranges in the nation's groves. O decrease in income, and orange juice is a normal good. O improvement in the technology of producing orange juice. O increased preference for orange juice among buyers. M Question 25 - Unit 3 Lab Quiz X a ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252FIms.mheducation.co... Update : Unit 3 Lab Quiz Saved p Save & Exit Submit 25 Which of the following statements is correct? (Assume demand is interacting with an upward-sloping supply curve that does not shift.) Multiple Choice points If demand decreases, then price will decrease. O If price decreases, then demand will decrease. O If demand increases, then price will decrease. O If price increases, then demand will decrease. M Question 26 - Unit 3 Lab Quiz x C o ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252FIms.mheducation.co... Update : Unit 3 Lab Quiz i Saved p Save & Exit Submit 26 Supply points P2 Price P1 D2 D1 0 Q 1 Q2 Quantity Refer to the above graph showing the market for a product. Which of the following could explain the indicated increase in equilibrium price from P, to P2? Multiple Choice O an increase in the price of a complement O a favorable change in consumer tastes O rising incomes if the product is an inferior good O a decrease in the number of buyers M Question 27 - Unit 3 Lab Quiz X C ^ ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252FIms.mheducation.co... Update : Unit 3 Lab Quiz i Saved p Save & Exit Submit 27 government-set price floor on a product Multiple Choice points will attract more resources toward the production of the product. O will drive resources away from the production of the product. O is intended to benefit the buyers of the product. O does not interfere with the rationing function of price in a market system. M Question 28 - Unit 3 Lab Quiz x C ^ ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252FIms.mheducation.co... Update : Unit 3 Lab Quiz Saved p Save & Exit Submit 28 Which is most likely to be observed in a community where legal ceilings are imposed on residential rents? Multiple Choice points O Those whose needs for housing are most urgent will be able to obtain the space they want. O Homeowners will reduce their own use of housing space, making more available to others. O Poor people will be able to find adequate housing. O People moving into the community will have difficulty locating residential space to rent. M Question 29 - Unit 3 Lab Quiz X C o ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252FIms.mheducation.co... Update : Unit 3 Lab Quiz i Saved p Save & Exit Submit 29 Rent control laws are Multiple Choice points O found to work well for landlords but not prospective tenants. O always used in cities that have populations greater than 1 million. O maximum rents established by law. O minimum rents established by law.