?????? Question ??1 5 / 5 points If a competitive market operate

??????
Question ??1

5 / 5 points
If a competitive market operates perfectly, it relies on __________.
Question options:
??

the ??number of people buying goods
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the laws of supply and demand
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how ??many products can be produced for sale
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how ??much people are willing to pay for the products
?
Question ??2

5 / 5 points
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?
Refer to Figure 4.6, which shows David’s and Celeste’s individual supply curves for flower arrangements per week. Assuming David and Celeste are the only producers in the market, what is the market quantity supplied at a price of $30?
Question options:
??

200
?

250
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300
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350
?
Question ??3

5 / 5 points
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The big tradeoff is the tradeoff between __________.
Question options:
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quantity ??demanded and quantity supplied
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price ??and quantity demanded
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efficiency and equity
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total ??surplus and deadweight loss
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Question ??4

5 / 5 points
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A change in the quantity demanded of a product is the result of a change in __________.
Question options:
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the price of the product
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the ??price of related goods
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consumer ??income
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the ??cost of producing the product
?
Question ??5

5 / 5 points
???????
What happens if the price of a product is below the equilibrium price?
Question options:
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The ??buyers will stop purchasing a "cheap" product.
?

The ??producer will lower the price to sell more product.
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There will be an excess demand for ??the product.
?

There ??will be a surplus of the product.
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Question ??6

5 / 5 points
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If the equilibrium price of a good increases and the equilibrium quantity of the good decreases, we can conclude that __________.
Question options:
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demand ??increased
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demand ??decreased
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supply ??increased
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supply decreased
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Question ??7

5 / 5 points
???????
A supply curve is defined as the relationship between __________.
Question options:
??

the ??price of a good and the quantity that consumers are willing to buy
?

the price of a good and the quantity ??that producers are willing to sell
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the ??income of consumers and the quantity of a product that consumers are willing ??to buy
?

the ??income of consumers and the quantity of a product that producers are willing ??to sell
?
Question ??8

5 / 5 points
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?
Refer to Figure 4.6, which shows David’s and Celeste’s individual supply curves for flower arrangements per week. Assuming David and Celeste are the only producers in the market, if the market quantity supplied is 50, the price must be __________.
Question options:
??

$0
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$10
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between $10 and $20
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$30
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Question ??9

5 / 5 points
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The market demand curve __________.
Question options:
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shows the relationship between the ??price of a good and the quantity that all consumers together arewilling to buy
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is ??drawn assuming that variables such as income and tastes are variable
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is ??drawn assuming that the number of consumers is variable
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is ??drawn assuming that the selling price is fixed
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Question ??10

5 / 5 points
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When consumers are willing to buy more than producers are willing to sell, __________.
Question options:
??

there ??is excess supply of the product in the market
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there is excess demand for the ??product in the market
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the ??market is in equilibrium
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the ??demand curve will shift until the quantity supplied equals the quantity ??demanded
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Question ??11

5 / 5 points
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When there is a change in the quantity demanded it means that __________.
Question options:
??

the ??hours the customer can buy products each day have increased
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the ??number of products in inventory have increased
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the quantity a consumer is willing ??to buy changes when the price changes
?

the ??selling price of the products has not changed
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Question ??12

5 / 5 points
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Quantity of Frozen Latte-On-A-Stick Supplied
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Price

Flo’s ??Supply

Rita’s ??Supply
?
1

0

0
?
2

0

3
?
3

4

6
?
4

9

9
?
5

15

12
Table 4.1
?Refer to Table 4.1, which shows Flo’s and Rita’s individual supply schedules for frozen latte-on-a-stick. Assuming Flo and Rita are the only suppliers in the market, what is the market quantity supplied at a price of $2?
Question options:
??

0
?

2
?

3
?

5
?
Question ??13

5 / 5 points
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?
Refer to Figure 4.1, which shows Molly’s and Ryan’s individual demand curves for compact discs per month. Assuming Molly and Ryan are the only consumers in the market, what is the market quantity demanded at a price of $3?
Question options:
??

6
?

9
?

15
?

20
?
Question ??14

5 / 5 points
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When the price of apples goes up, __________.
Question options:
??

the ??demand for apples will decrease, ceteris paribus
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the ??demand for apples will increase, ceteris paribus
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the quantity of apples demanded will ??decrease, ceteris paribus
?

the ??quantity of apples demanded will increase, ceteris paribus
?
Question ??15

5 / 5 points
???????
A demand curve is defined as the relationship between __________.
Question options:
??

the price of a good and the quantity ??of that good that consumers are willing to buy
?

the ??price of a good and the quantity of that good that producers are willing to ??sell
?

the ??income of consumers and the quantity of a good that consumers are willing to ??buy
?

the ??income of consumers and the quantity of a good that producers are willing to ??sell
?
Question ??16

5 / 5 points
???????

?
Figure 4.2 illustrates the supply and demand for T-shirts. If the actual price of T-shirts is $7, there is an __________.
Question options:
??

excess demand of 8 T-shirts
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excess ??supply of 8 T-shirts
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excess ??demand of 10 T-shirts
?

excess ??supply of 10 T-shirts
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Question ??17

5 / 5 points
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Suppose that the quantity of cars supplied exceeds the quantity of cars demanded. We would expect that __________.
Question options:
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the ??price of cars will increase
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the price of cars will decrease
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the ??supply will increase (supply will shift to the right. to meet the demand
?

the ??demand will decrease (demand will shift to the left. to meet the supply
?
Question ??18

5 / 5 points
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If there is an advancement in the technology used to produce a product, what is the likely effect it may have on the supply?
Question options:
??

The ??company would not change its manufacturing.
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More ??people would be needed to produce the product.
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It ??would decrease the supply.
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It would increase the supply.
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Question ??19

0 / 5 points
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When demand increases and the demand curve shifts to the right, equilibrium price __________ and equilibrium quantity __________.
Question options:
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increases; increases (Incorrect)
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increases; ??decreases
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decreases; ??increases
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decreases; ??decreases
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Question ??20

5 / 5 points
???????
A change in quantity supplied of a product is the result of a change in __________.
Question options:
??

consumer ??income
?

the ??state of production technology
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the ??cost of producing the product
?

the price of the product

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