Question
19. When quantity demanded decreases in response to a change
in price: there is a movement from one point to another along the
demand curve
20. A change in technology that reduces the costs of
production will: shift the supply curve to theright
21. A drought decreases the supply of agricultural products,
which means that at any given pricea lower quantity will be
supplied; conversely, especially good weather would shift the:
supply curve to the right
22. In a market with an upward sloping supply curve and a
downward sloping demand curve, when there is an excess supply,: the
actual price must be higher than the equilibrium price; the qty
demanded is lower than the equilibrium qty
23. When the price of a particular good increases: demand for
substitute goods rises; demand for complementary goods falls
24. Government subsidies for corn production have just been
eliminated. This can be expected to: increase the demand for corn
oil substitutes
1. Which of the following statements describe(s) a free
market? Seller is limited to a select few.
2. Which of the following statements describe(s) a free
market? Inputs are free to sellers.
3. Which of the following events can shift the level of
demand (Demand is the relationship between price and quantity
demanded)? Population grows in a particular market area
4. According to the law of demand, assuming other factors are
held constant: as the price of bread increase, the quantity of
bread demand will decrease.
5. The law of demand states that as the price of a good
increases: buyers desire to purchase
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