lOMoAR cPSD| 63316909
ECON 247 Quiz 2 Demand and Supply in Economics
Questions and Detailed Correct Answers Graded A+ |
2026/2027 Update | Athabasca University
Question 1
CorrectMark 1.00 out of 1.00Flag question
Question text
Which of the following would be most likely to increase the price of a new house?
Select one:
a. lower wages for carpenters, lower wood prices, decreases in consumer incomes, lower apartment
rents, decreases in population, and expectations of lower house prices in the future
b. lower wages for carpenters, higher wood prices, decreases in consumer incomes, higher
apartment rents, decreases in population, and expectations of higher house prices in the future
c. higher wages for carpenters, higher wood prices, increases in consumer incomes, higher
apartment rents, increases in population, and expectations of higher house prices in the future
d. lower wages for carpenters, lower wood prices, increases in consumer incomes, higher apartment
rents, increases in population, and expectations of higher house prices in the future
Feedback
Your answer is correct.
The correct answer is: higher wages for carpenters, higher wood prices, increases in consumer
incomes, higher apartment rents, increases in population, and expectations of higher house prices in
, lOMoAR cPSD| 63316909
the future
Question 2
CorrectMark 1.00 out of 1.00Flag question
Question text
Which of the following reflects the downward-sloping demand curve?
Select one:
a. When the price falls, buyers willingly buy less.
b. There is an inverse relationship between price and quantity demanded.
c. There is a direct relationship between price and quantity demanded.
d. Price is positively related to quantity supplied.
Feedback
Your answer is correct.
The correct answer is: There is an inverse relationship between price and quantity demanded.
Question 3
CorrectMark 1.00 out of 1.00Flag question
Question text
If the demand for a product decreases, we expect
, lOMoAR cPSD| 63316909
Select one:
a. equilibrium price and equilibrium quantity to both increase.
b. equilibrium price to decrease and equilibrium quantity to increase.
c. equilibrium price and equilibrium quantity to both decrease.
d. equilibrium price to increase and equilibrium quantity to decrease.
Feedback
Your answer is correct.
The correct answer is: equilibrium price and equilibrium quantity to both decrease.
Question 4
CorrectMark 1.00 out of 1.00Flag question
Question text
A market supply curve is constructed
Select one:
a. by finding the average quantity supplied by the market’s individual supply curves.
b. by vertically summing individual supply curves.
c. by horizontally summing individual supply curves.
d. by summing a consumer’s demands for all goods.
Feedback
ECON 247 Quiz 2 Demand and Supply in Economics
Questions and Detailed Correct Answers Graded A+ |
2026/2027 Update | Athabasca University
Question 1
CorrectMark 1.00 out of 1.00Flag question
Question text
Which of the following would be most likely to increase the price of a new house?
Select one:
a. lower wages for carpenters, lower wood prices, decreases in consumer incomes, lower apartment
rents, decreases in population, and expectations of lower house prices in the future
b. lower wages for carpenters, higher wood prices, decreases in consumer incomes, higher
apartment rents, decreases in population, and expectations of higher house prices in the future
c. higher wages for carpenters, higher wood prices, increases in consumer incomes, higher
apartment rents, increases in population, and expectations of higher house prices in the future
d. lower wages for carpenters, lower wood prices, increases in consumer incomes, higher apartment
rents, increases in population, and expectations of higher house prices in the future
Feedback
Your answer is correct.
The correct answer is: higher wages for carpenters, higher wood prices, increases in consumer
incomes, higher apartment rents, increases in population, and expectations of higher house prices in
, lOMoAR cPSD| 63316909
the future
Question 2
CorrectMark 1.00 out of 1.00Flag question
Question text
Which of the following reflects the downward-sloping demand curve?
Select one:
a. When the price falls, buyers willingly buy less.
b. There is an inverse relationship between price and quantity demanded.
c. There is a direct relationship between price and quantity demanded.
d. Price is positively related to quantity supplied.
Feedback
Your answer is correct.
The correct answer is: There is an inverse relationship between price and quantity demanded.
Question 3
CorrectMark 1.00 out of 1.00Flag question
Question text
If the demand for a product decreases, we expect
, lOMoAR cPSD| 63316909
Select one:
a. equilibrium price and equilibrium quantity to both increase.
b. equilibrium price to decrease and equilibrium quantity to increase.
c. equilibrium price and equilibrium quantity to both decrease.
d. equilibrium price to increase and equilibrium quantity to decrease.
Feedback
Your answer is correct.
The correct answer is: equilibrium price and equilibrium quantity to both decrease.
Question 4
CorrectMark 1.00 out of 1.00Flag question
Question text
A market supply curve is constructed
Select one:
a. by finding the average quantity supplied by the market’s individual supply curves.
b. by vertically summing individual supply curves.
c. by horizontally summing individual supply curves.
d. by summing a consumer’s demands for all goods.
Feedback
