Econ 247 unit 2 Questions and Detailed Correct
Answers Graded A+ | 2026/2027 Updated Edition |
Athabasca University
the number of buyers affects
a. the market demand curve
b. all individual supply curves
c. all individual demand curves - ANSWERS a
an increase in the expected future price of a good will cause the current demand
for the good to:
a. decrease, which is a shift to the right
b. decrease which is a shift to the left
c. increase shift to the right
d. increase shift to the left - ANSWERS c
if francis receives an increase in his pay, we would expect
, a. francis' demand for inferior goods to increase
b. francis' demand for normal goods to decrease
c. francis' demand for luxury goods to increase - ANSWERS c
when there is a surplus in a market
a. there is upward pressure on price
b. there is downward pressure on price
c. the market is operating below the equilibrium level - ANSWERS b
At a price of $5 Layla buys 10 units of a product; when the price increases to $6
Layla buys 8 units. Has Layla's demand decreased?
a. yes Laylas demand has decreased
b. no Laylas demand has increase
c. no Layla's quantity demanded has decreased and her demand has not changed
- ANSWERS c
Answers Graded A+ | 2026/2027 Updated Edition |
Athabasca University
the number of buyers affects
a. the market demand curve
b. all individual supply curves
c. all individual demand curves - ANSWERS a
an increase in the expected future price of a good will cause the current demand
for the good to:
a. decrease, which is a shift to the right
b. decrease which is a shift to the left
c. increase shift to the right
d. increase shift to the left - ANSWERS c
if francis receives an increase in his pay, we would expect
, a. francis' demand for inferior goods to increase
b. francis' demand for normal goods to decrease
c. francis' demand for luxury goods to increase - ANSWERS c
when there is a surplus in a market
a. there is upward pressure on price
b. there is downward pressure on price
c. the market is operating below the equilibrium level - ANSWERS b
At a price of $5 Layla buys 10 units of a product; when the price increases to $6
Layla buys 8 units. Has Layla's demand decreased?
a. yes Laylas demand has decreased
b. no Laylas demand has increase
c. no Layla's quantity demanded has decreased and her demand has not changed
- ANSWERS c
