ECON 101 Week 2 Quiz Winter 2024 Already passed;AMU

ECON 101 Week 2 Quiz Winter 2024 Already passed;AMU Question 1 10 / 10 points A shift of a demand curve to the right, all other things unchanged, will: . decrease equilibrium price and quantity. decrease quantity and increase price. increase quantity and decrease price. Question 2 10 / 10 points If the current price is above the equilibrium price, we would expect: quantity demanded to exceed quantity supplied. upward pressure on price. no change in the market price. Question 3 10 / 10 points Demand is defined as: an amount that is purchased at a specific price, given supply. a schedule that establishes the price of a good. the amount that will be bought at a specific price. Question 4 10 / 10 points The primary difference between a change in demand and a change in the quantity demanded is: a change in demand is a movement along the demand curve, and a change in quantity demanded is a shift in the demand curve. both a change in quantity demanded and a change in demand are shifts in the demand curve, only in different directions. both a change in quantity demanded and a change in demand are movements along the demand curve, only in different directions. Question 5 10 / 10 points A negative relationship between the quantity demanded and price is called the law of _. diminishing marginal returns market clearing supply Question 6 10 / 10 points The relationship between the quantity of a good or service sellers are willing and able to offer for sale and the independent variables that determine quantity is: demand. equilibrium. disequilibrium. Question 7 10 / 10 points A price below the equilibrium price will: result in a surplus. never be the case. result in pressure for price to fall. Question 8 10 / 10 points It is true that the equilibrium quantity will always go up if supply: increases and demand decreases. and demand both decrease. decreases and demand remains unchanged. Question 9 10 / 10 points The intersection of the supply and demand curves indicates: a surplus that will cause the price to fall. a shortage that will cause the price to rise. the quantity demanded exceeds the quantity supplied. Question 10 A decrease in supply means: a shift to the left of the entire supply curve. moving downward (to the left) along the supply curve with lower prices. less will be demanded at every price.