AGBM 106 EXAM 1 QUESTIONS AND ANSWERS
(Assume P on vertical axis and Q on horizontal axis) Supply is downward sloping in price (T/F) - CORRECT
ANSWER✅✅False
All other things being equal consumers prefer lower prices (T/F) - CORRECT ANSWER✅✅True
Assume the price of apples right now is $5.00/bushel (or bu for bushel). At that price demanders
demand 20 bu but suppliers are only supplying 10 bu, for the market to reach equilibrium the price of
apples must go down.
(T/F) - CORRECT ANSWER✅✅False
Assume the price of grapes is $3.50/lb, at this price the amount demanders are willing to demand is 10
lbs and the amount suppliers are willing to supply at that price is 20 lbs. For this market to reach
equilibrium the price of grapes must go down.(T/F) - CORRECT ANSWER✅✅True
I would like to use the number stored in cell A1 in a formula, this number will not change. I intend to
copy and paste this formula into a different column, I will not paste into different rows. When I refer to
cell A1 I should use? - CORRECT ANSWER✅✅A$1
Assume asparagus supply is fixed at 50 units post harvest and asparagus quantity demanded = 200 -5*P.
What is the equilibrium price? - CORRECT ANSWER✅✅$30
The demand for tomatoes is fixed at 100 units. The supply of tomatoes is given by tomato quantity
supplied = 20 + 4*P. What is the equilibrium price? - CORRECT ANSWER✅✅$20
The demand for frog legs is given by QD = 4-P while the supply of frog legs is given by QS = 1 + 3P. What
is the equilibrium price of frog legs? - CORRECT ANSWER✅✅$.75
I have a number stored in cell A1, this number is fixed and never changes. I will use the number in A1 in
a formula that will get copied into different columns and different rows. How should I refer to cell A1 in
my formula? - CORRECT ANSWER✅✅$A$1
(Assume P on vertical axis and Q on horizontal axis) Supply is downward sloping in price (T/F) - CORRECT
ANSWER✅✅False
All other things being equal consumers prefer lower prices (T/F) - CORRECT ANSWER✅✅True
Assume the price of apples right now is $5.00/bushel (or bu for bushel). At that price demanders
demand 20 bu but suppliers are only supplying 10 bu, for the market to reach equilibrium the price of
apples must go down.
(T/F) - CORRECT ANSWER✅✅False
Assume the price of grapes is $3.50/lb, at this price the amount demanders are willing to demand is 10
lbs and the amount suppliers are willing to supply at that price is 20 lbs. For this market to reach
equilibrium the price of grapes must go down.(T/F) - CORRECT ANSWER✅✅True
I would like to use the number stored in cell A1 in a formula, this number will not change. I intend to
copy and paste this formula into a different column, I will not paste into different rows. When I refer to
cell A1 I should use? - CORRECT ANSWER✅✅A$1
Assume asparagus supply is fixed at 50 units post harvest and asparagus quantity demanded = 200 -5*P.
What is the equilibrium price? - CORRECT ANSWER✅✅$30
The demand for tomatoes is fixed at 100 units. The supply of tomatoes is given by tomato quantity
supplied = 20 + 4*P. What is the equilibrium price? - CORRECT ANSWER✅✅$20
The demand for frog legs is given by QD = 4-P while the supply of frog legs is given by QS = 1 + 3P. What
is the equilibrium price of frog legs? - CORRECT ANSWER✅✅$.75
I have a number stored in cell A1, this number is fixed and never changes. I will use the number in A1 in
a formula that will get copied into different columns and different rows. How should I refer to cell A1 in
my formula? - CORRECT ANSWER✅✅$A$1
