ECON 1000 QUESTIONS AND VERIFIED ANSWERS |100% CORRECT | ALREADY GRADED A

ECON 1000 QUESTIONS AND VERIFIED ANSWERS |100%
CORRECT | ALREADY GRADED A
Law of Demand Correct Answers The quantity of a good demanded in a
given time period increases as its price falls, ceteris paribus.


Moving along the demand line Correct Answers changes in quantity
demanded (price changes)


Shift of demand line Correct Answers changes in demand (determinants
change)


Determinants of Demand Correct Answers Taste, income, other goods,
expectations, and number of buyers.


Law of Supply Correct Answers The quantity of a good supplied in a
given time period increases as its price increases, ceteris paribus.


Moving along supply line Correct Answers Changes in quantity
supplied (price change)


Shift of supply line Correct Answers Changes in supply (determinants
change)


Determinants of Supply Correct Answers Technology, factor costs,
other goods, taxes and subsidies, expectations, and number of sellers

, Equilibrium in Market Correct Answers The price at which the quantity
of a good demanded in a given time period equals the quantity supplied.


Market shortage Correct Answers Excess demand


Market surplus Correct Answers Excess supply


Demand increases Correct Answers shift to right


Demand decreases Correct Answers shift to left


Supply increases Correct Answers shift to right


Supply decreases Correct Answers shift to left


Equilibrium: demand shift right Correct Answers Price increases,
Quantity increases


Equilibrium: demand shift left Correct Answers Price decreases,
Quantity decreases


Equilibrium: supply shift right Correct Answers Price decreases,
Quantity increases