9/5/23, 1:02 PM MCQ - Supply and Demand: Attempt review
Dashboard / My courses / 23/FA (BEC-152-91) / UNIT #4 - Supply and Demand Model (65 points in this Unit; 180 points total so far)
/ MCQ - Supply and Demand
Started on Tuesday, September 5, 2023, 4:34 AM
State Finished
Completed on Tuesday, September 5, 2023, 6:02 AM
Time taken 1 hour 27 mins
Grade 25.00 out of 25.00 (100%)
Question 1
Correct
1.00 points out of 1.00
If the price of a good rises, then:
a. more sellers will enter a market but existing sellers will not expand.
b. existing sellers will expand but more sellers will not enter a market.
c. more sellers and more buyers will enter a market.
d. more sellers will enter a market and existing sellers will expand.
Question 2
Correct
1.00 points out of 1.00
Demand and Supply are:
a. lies.
b. theories.
c. laws.
d. models.
Question 3
Correct
1.00 points out of 1.00
Suppose the government declares that a gallon of milk MUST cost $10. As a result of this new decree:
a. both the demand curve and the supply curve for milk will shift.
b. neither the demand curve nor the supply curve for milk will shift.
c. the supply curve for milk will shift, but the demand curve will not.
d. the demand curve for milk will shift, but the supply curve will not.
https://online.hfcc.edu/mod/quiz/review.php?attempt=2652364&cmid=2702661 1/9
, 9/5/23, 1:02 PM MCQ - Supply and Demand: Attempt review
Question 4
Correct
1.00 points out of 1.00
An inferior good is a good that:
a. you would buy less of if the price of a complement fell.
b. you would buy more of if your income fell.
c. you would buy less of if the price of a substitute fell.
d. you would buy more of if your income rose.
Question 5
Correct
1.00 points out of 1.00
When the demand for a good increases, the demand curve:
a. becomes flatter.
b. becomes steeper.
c. shifts to the left.
d. shifts to the right.
Question 6
Correct
1.00 points out of 1.00
A "change in quantity supplied" refers to:
a. a change in the slope of the supply curve.
b. a shift of the entire supply curve, either up or down.
c. a shift of the entire supply curve, either to the right or left.
d. a movement along a stationary supply curve.
Question 7
Correct
1.00 points out of 1.00
A firm produces volleyballs and soccer balls. What happens to the supply of soccer balls if the market price of volleyballs increases?
a. The opportunity cost of producing soccer balls rises, so the supply of soccer balls increases.
b. The opportunity cost of producing soccer balls falls, so the supply of soccer balls increases.
c. The opportunity cost of producing soccer balls falls, so the supply of soccer balls decreases.
d. The opportunity cost of producing soccer balls rises, so the supply of soccer balls decreases.
https://online.hfcc.edu/mod/quiz/review.php?attempt=2652364&cmid=2702661 2/9
Dashboard / My courses / 23/FA (BEC-152-91) / UNIT #4 - Supply and Demand Model (65 points in this Unit; 180 points total so far)
/ MCQ - Supply and Demand
Started on Tuesday, September 5, 2023, 4:34 AM
State Finished
Completed on Tuesday, September 5, 2023, 6:02 AM
Time taken 1 hour 27 mins
Grade 25.00 out of 25.00 (100%)
Question 1
Correct
1.00 points out of 1.00
If the price of a good rises, then:
a. more sellers will enter a market but existing sellers will not expand.
b. existing sellers will expand but more sellers will not enter a market.
c. more sellers and more buyers will enter a market.
d. more sellers will enter a market and existing sellers will expand.
Question 2
Correct
1.00 points out of 1.00
Demand and Supply are:
a. lies.
b. theories.
c. laws.
d. models.
Question 3
Correct
1.00 points out of 1.00
Suppose the government declares that a gallon of milk MUST cost $10. As a result of this new decree:
a. both the demand curve and the supply curve for milk will shift.
b. neither the demand curve nor the supply curve for milk will shift.
c. the supply curve for milk will shift, but the demand curve will not.
d. the demand curve for milk will shift, but the supply curve will not.
https://online.hfcc.edu/mod/quiz/review.php?attempt=2652364&cmid=2702661 1/9
, 9/5/23, 1:02 PM MCQ - Supply and Demand: Attempt review
Question 4
Correct
1.00 points out of 1.00
An inferior good is a good that:
a. you would buy less of if the price of a complement fell.
b. you would buy more of if your income fell.
c. you would buy less of if the price of a substitute fell.
d. you would buy more of if your income rose.
Question 5
Correct
1.00 points out of 1.00
When the demand for a good increases, the demand curve:
a. becomes flatter.
b. becomes steeper.
c. shifts to the left.
d. shifts to the right.
Question 6
Correct
1.00 points out of 1.00
A "change in quantity supplied" refers to:
a. a change in the slope of the supply curve.
b. a shift of the entire supply curve, either up or down.
c. a shift of the entire supply curve, either to the right or left.
d. a movement along a stationary supply curve.
Question 7
Correct
1.00 points out of 1.00
A firm produces volleyballs and soccer balls. What happens to the supply of soccer balls if the market price of volleyballs increases?
a. The opportunity cost of producing soccer balls rises, so the supply of soccer balls increases.
b. The opportunity cost of producing soccer balls falls, so the supply of soccer balls increases.
c. The opportunity cost of producing soccer balls falls, so the supply of soccer balls decreases.
d. The opportunity cost of producing soccer balls rises, so the supply of soccer balls decreases.
https://online.hfcc.edu/mod/quiz/review.php?attempt=2652364&cmid=2702661 2/9
