Microeconcomics Ch. 4 Quiz

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In which of the following situations will the equilibrium price of wheat increase and the change in the equilibrium quantity of wheat be indeterminate?

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Rent controls can result in?

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Refer to exhibit 4-2. Which of the following would cause a shift of demand from D' to D?

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consider exhibit 4-3. Which of the following statements is most likely correct regarding the market for corn?

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The market for chewing gum is competitive with a current price of 50 cents per pack and a quantity of 100,000 packs per day. Which of the following events would lead to a new equilibrium price of 75 cents and a new equilibrium quantity of 125,000?

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If the market for beef cattle was initially in equilibrium, an increase in the price of the feed grains used to fatten cattle would cause

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Two events occur simultaneously in the market for automobiles; 1.an improvement in assembly line technology and 2. the economy enters a recession (which decreases consumers' income). An economist would predict with certainty that

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refer to exhibit 4-13. The discovery that breast milk offers greater health protection to babies than baby formula will cause which of the following to happen?

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If demand increases and supply decreases, quantity will?

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Suppose the current equilibrium price of pizza is $5. If the government decides the price of pizza cannot rise above $4, the results of this policy would be?

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If demand decreases and supply increases, price will?

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If both demand and supply increase, price will?

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Exhibit 4-5 depicts the milk market. The horizontal line, P, represents a price ceiling imposed by the government. Which of the following is true?

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Attempts are being made to develop a biodegradable plastic using agricultural produce such as potatoes. If these attempts are successful, what will happen to the equilibrium price and quantity of potatoes?

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The market for chewing gum is competitive with a current price of 50 cents per pack and quantity of 100,000 packs. Which of the following events would lead to a new equilibrium price of 40 cents and quantity of 80,000 packs?

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If both supply and demand increase, then the change in equilibrium quantity is indeterminate.

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If supply increases and demand decreases, then equilibrium price will fall.

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If the demand for bicycles increases,

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Suppose a market is in equilibrium and then a price ceiling is established below the equilibrium price. Which of the following will happen?

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In the market for chewing gum, the current price is 50 cents a pack and 100,000 packs are sold. Which of the following events would lead to a new equilibrium price of 60 cents and quantity of 90,000 packs?

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Over the last few years, demand for DVDs has increased, and yet their equilibrium price has fallen. Which of the following best explains this situation?

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many people argue against increasing the minimum wage because they believe the result would be increased unemployment. Which of the following best summarizes this argument? A high minimum wage would?

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A surplus occurs whenever

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Which of thee following is correct when a price is set below a market's equilibrium price?

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Refer to exhibit 4-13. An increase in the price of baby formula will cause which of the following to occur?

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Suppose demand decreases and supply decreases. which of the following will happen?

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If there is a shortage in the market for jeans,

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If demand increases and supply decreases,

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Tickets to the Michigan-Notre Dame football game are usually sold out in advance of game day. This suggests that

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In exhibit 4-4, suppose a price floor is established at $20.00. What is the result?

Mid Term II

Microeconcomics Ch. 4 Quiz

Microeconcomics Ch. 4 Quiz

In which of the following situations will the equilibrium price of wheat increase and the change in the equilibrium quantity of wheat be indeterminate?

Rent controls can result in?

Refer to exhibit 4-2. Which of the following would cause a shift of demand from D' to D?

consider exhibit 4-3. Which of the following statements is most likely correct regarding the market for corn?

The market for chewing gum is competitive with a current price of 50 cents per pack and a quantity of 100,000 packs per day. Which of the following events would lead to a new equilibrium price of 75 cents and a new equilibrium quantity of 125,000?

If the market for beef cattle was initially in equilibrium, an increase in the price of the feed grains used to fatten cattle would cause

Two events occur simultaneously in the market for automobiles; 1.an improvement in assembly line technology and 2. the economy enters a recession (which decreases consumers' income). An economist would predict with certainty that

refer to exhibit 4-13. The discovery that breast milk offers greater health protection to babies than baby formula will cause which of the following to happen?

If demand increases and supply decreases, quantity will?

Suppose the current equilibrium price of pizza is $5. If the government decides the price of pizza cannot rise above $4, the results of this policy would be?

If demand decreases and supply increases, price will?

If both demand and supply increase, price will?

Exhibit 4-5 depicts the milk market. The horizontal line, P, represents a price ceiling imposed by the government. Which of the following is true?

Attempts are being made to develop a biodegradable plastic using agricultural produce such as potatoes. If these attempts are successful, what will happen to the equilibrium price and quantity of potatoes?

The market for chewing gum is competitive with a current price of 50 cents per pack and quantity of 100,000 packs. Which of the following events would lead to a new equilibrium price of 40 cents and quantity of 80,000 packs?

If both supply and demand increase, then the change in equilibrium quantity is indeterminate.

If supply increases and demand decreases, then equilibrium price will fall.

If the demand for bicycles increases,

Suppose a market is in equilibrium and then a price ceiling is established below the equilibrium price. Which of the following will happen?