ECON 1002 Final Exam – MGMT 3503 Microeconomics

ECON 1002 Final Exam – MGMT 3503 Microeconomics Exam – Week 3 (92 out of 100 points ) A demand curve: The income effect that results from a price change is given by: The table below shows the quantities demanded and quantities supplied for a good at various prices. The equilibrium price and quantity for the good above respectively equal: When price is below the market equilibrium price: The economic surplus to an individual from consuming a good is given by: A change in “demand” of a good is caused by ______________; a change in “quantity demanded” of a good is caused by ______________: Based on the diagram below, which of the following best explains the change depicted? A production possibilities curve with a bowed outward shape indicates: The increased popularity of screw off caps on wine bottles has led to a decrease in the demand for cork. As a result, we can expect that: If supply shifts in (leftward) and simultaneously demand shifts out (rightward), what can we expect to happen to the equilibrium price and quantity?