11/21/23,x9:31xPM ManagerialxEconomicsxandxBusinessxStrategyx8thxEditionxbyxBayexandxPri
…
Chapterx02
xMarketxForces:xDemandxandxSuppl
y
MultiplexChoicexQuestions
1. Inxaxcompetitivexmarket,xthexmarketxdemandxisxQdx=x60x-
x6PxandxthexmarketxsupplyxisxQsx=x4P.xAx pricexceilingxofx$3xwillxresultxinxa
A. shortagexofx30xunits.
B. shortagexofx15xunits.
C. surplusxofx30xunits.
D. surplusxofx12xunits.
2. Inxaxcompetitivexmarket,xthexmarketxdemandxisxQdx=x60x-
x6PxandxthexmarketxsupplyxisxQsx=x4P.xThex fullxeconomicxpricexunderxaxpricexceilingxofx$3xis
A. 6.
B. 7.
C. 8.
D. 9.
2-1
©x2014xbyxMcGraw-
Hill xEducation. xThisxis xproprietaryxmaterialxsolelyxforxauthorized xinstructorxuse.xNotxauthorizedxforxsale xorxdistributionx inxany
xmanner. xThisxdocument xmayxnotxbexcopied, xscanned, xduplicated, xforwarded, xdistributed, xor xpostedxonxaxwebsite, xinxwhole xor
xpart.
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…
3. Thexbuyerxsidexofxthexmarketxisxknownxasxthe:
A. incomexside.
B. demandxside.
C. supplyxside.
D. sellerxside.
4. Thexlawxofxdemandxstatesxthat,xholdingxallxelsexconstant:
A. asxpricexfalls,xdemandxwillxfallxalso.
B. asxpricexrises,xdemandxwillxalsoxrise.
C. pricexhasxnoxeffectxonxquantityxdemanded.
D. asxpricexfalls,xquantityxdemandedxrises.
5. WhichxofxthexfollowingxwouldxnotxshiftxthexdemandxforxgoodxA?
A. DropxinxpricexofxgoodxA.
B. DropxinxpricexofxgoodxB.
C. Consumerx income.
D. ChangexinxthexlevelxofxadvertisingxofxgoodxA.
6. ChangesxinxthexpricexofxgoodxAxleadxtoxaxchangexin:
A. demandxofxgoodxA.
B. demandxofxgoodxB.
C. thexquantityxdemandedxofxgoodxA.
D. thexquantityxdemandedxofxgoodxB.
2-2
©x2014xbyxMcGraw-
Hill xEducation. xThisxis xproprietaryxmaterialxsolelyxforxauthorized xinstructorxuse.xNotxauthorizedxforxsale xorxdistributionx inxany
xmanner. xThisxdocument xmayxnotxbexcopied, xscanned, xduplicated, xforwarded, xdistributed, xor xpostedxonxaxwebsite, xinxwhole xor
xpart.
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,11/21/23,x9:31xPM ManagerialxEconomicsxandxBusinessxStrategyx8thxEditionxbyxBayexandxPri
…
7. Axchangexinxincomexwillxnotxleadxto:
A. axmovementxalongxthexdemandxcurve.
B. axleftwardxshiftxofxthexdemandxcurve.
C. axrightwardxshiftxofxthexdemandxcurve.
D. allxofxthexstatementsxassociatedxwithxthexquestionxarexcorrect.
8. IfxgoodxAxisxanxinferiorxgood,xanxincreasexinxincomexleadsxto:
A. axdecreasexinxthexdemandxforxgoodxB.
B. axdecreasexinxthexdemandxforxgoodxA.
C. anxincreasexinxthexdemandxforxgoodxA.
D. noxchangexinxthexquantityxdemandedxofxgoodxA.
9. Whichxofxthexfollowingxisxprobablyxnotxaxnormalxgood?
A. designerxdresses.
B. lobster.
C. macaronixandxcheese.
D. expensivex automobiles.
10. Anxincreasexinxthexpricexofxsteakxwillxprobablyxleadxto:
A. anxincreasexinxdemandxforxchicken.
B. anxincreasexinxdemandxforxsteak.
C. noxchangexinxthexdemandxforxsteakxorxchicken.
D. anxincreasexinxthexsupplyxforxchicken.
2-3
©x2014xbyxMcGraw-
Hill xEducation. xThisxis xproprietaryxmaterialxsolelyxforxauthorized xinstructorxuse.xNotxauthorizedxforxsale xorxdistributionx inxany
xmanner. xThisxdocument xmayxnotxbexcopied, xscanned, xduplicated, xforwarded, xdistributed, xor xpostedxonxaxwebsite, xinxwhole xor
xpart.
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…
11. Whichxofxthexfollowingxpairsxofxgoodsxarexprobablyxcomplements?
A. Televisionsxandxrollerxskates.
B. Frozenxyogurtxandxicexcream.
C. Steakxandxchicken.
D. Hamburgersxandxketchup.
12. IfxAxandxBxarexcomplements,xanxincreasexinxthexpricexofxgoodxAxwould:
A. havexnoxeffectxonxthexquantityxdemandedxofxB.
B. leadxtoxanxincreasexinxdemandxforxB.
C. leadxtoxaxdecreasexinxdemandxforxB.
D. nonexofxthexstatementsxassociatedxwithxthisxquestionxarexcorrect.
13. Graphically,xaxdecreasexinxadvertisingxwillxcausexthexdemandxcurvexto:
A. becomexsteeper.
B. shiftxrightward.
C. becomexflatter.
D. shiftxleftward.
14. Persuasivex advertisingx influencesx demandx by:
A. providingxinformationxaboutxthexavailabilityxofxaxproduct.
B. offeringxreducedxpricesxforxthexproduct.
C. alteringxthexunderlyingxtastesxofxconsumers.
D. nonexofxthexstatementsxarexcorrect.
2-4
©x2014xbyxMcGraw-
Hill xEducation. xThisxis xproprietaryxmaterialxsolelyxforxauthorized xinstructorxuse.xNotxauthorizedxforxsale xorxdistributionx inxany
xmanner. xThisxdocument xmayxnotxbexcopied, xscanned, xduplicated, xforwarded, xdistributed, xor xpostedxonxaxwebsite, xinxwhole xor
xpart.
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…
Chapterx02
xMarketxForces:xDemandxandxSuppl
y
MultiplexChoicexQuestions
1. Inxaxcompetitivexmarket,xthexmarketxdemandxisxQdx=x60x-
x6PxandxthexmarketxsupplyxisxQsx=x4P.xAx pricexceilingxofx$3xwillxresultxinxa
A. shortagexofx30xunits.
B. shortagexofx15xunits.
C. surplusxofx30xunits.
D. surplusxofx12xunits.
2. Inxaxcompetitivexmarket,xthexmarketxdemandxisxQdx=x60x-
x6PxandxthexmarketxsupplyxisxQsx=x4P.xThex fullxeconomicxpricexunderxaxpricexceilingxofx$3xis
A. 6.
B. 7.
C. 8.
D. 9.
2-1
©x2014xbyxMcGraw-
Hill xEducation. xThisxis xproprietaryxmaterialxsolelyxforxauthorized xinstructorxuse.xNotxauthorizedxforxsale xorxdistributionx inxany
xmanner. xThisxdocument xmayxnotxbexcopied, xscanned, xduplicated, xforwarded, xdistributed, xor xpostedxonxaxwebsite, xinxwhole xor
xpart.
about:blank 1/151
,11/21/23,x9:31xPM ManagerialxEconomicsxandxBusinessxStrategyx8thxEditionxbyxBayexandxPri
…
3. Thexbuyerxsidexofxthexmarketxisxknownxasxthe:
A. incomexside.
B. demandxside.
C. supplyxside.
D. sellerxside.
4. Thexlawxofxdemandxstatesxthat,xholdingxallxelsexconstant:
A. asxpricexfalls,xdemandxwillxfallxalso.
B. asxpricexrises,xdemandxwillxalsoxrise.
C. pricexhasxnoxeffectxonxquantityxdemanded.
D. asxpricexfalls,xquantityxdemandedxrises.
5. WhichxofxthexfollowingxwouldxnotxshiftxthexdemandxforxgoodxA?
A. DropxinxpricexofxgoodxA.
B. DropxinxpricexofxgoodxB.
C. Consumerx income.
D. ChangexinxthexlevelxofxadvertisingxofxgoodxA.
6. ChangesxinxthexpricexofxgoodxAxleadxtoxaxchangexin:
A. demandxofxgoodxA.
B. demandxofxgoodxB.
C. thexquantityxdemandedxofxgoodxA.
D. thexquantityxdemandedxofxgoodxB.
2-2
©x2014xbyxMcGraw-
Hill xEducation. xThisxis xproprietaryxmaterialxsolelyxforxauthorized xinstructorxuse.xNotxauthorizedxforxsale xorxdistributionx inxany
xmanner. xThisxdocument xmayxnotxbexcopied, xscanned, xduplicated, xforwarded, xdistributed, xor xpostedxonxaxwebsite, xinxwhole xor
xpart.
about:blank 2/151
,11/21/23,x9:31xPM ManagerialxEconomicsxandxBusinessxStrategyx8thxEditionxbyxBayexandxPri
…
7. Axchangexinxincomexwillxnotxleadxto:
A. axmovementxalongxthexdemandxcurve.
B. axleftwardxshiftxofxthexdemandxcurve.
C. axrightwardxshiftxofxthexdemandxcurve.
D. allxofxthexstatementsxassociatedxwithxthexquestionxarexcorrect.
8. IfxgoodxAxisxanxinferiorxgood,xanxincreasexinxincomexleadsxto:
A. axdecreasexinxthexdemandxforxgoodxB.
B. axdecreasexinxthexdemandxforxgoodxA.
C. anxincreasexinxthexdemandxforxgoodxA.
D. noxchangexinxthexquantityxdemandedxofxgoodxA.
9. Whichxofxthexfollowingxisxprobablyxnotxaxnormalxgood?
A. designerxdresses.
B. lobster.
C. macaronixandxcheese.
D. expensivex automobiles.
10. Anxincreasexinxthexpricexofxsteakxwillxprobablyxleadxto:
A. anxincreasexinxdemandxforxchicken.
B. anxincreasexinxdemandxforxsteak.
C. noxchangexinxthexdemandxforxsteakxorxchicken.
D. anxincreasexinxthexsupplyxforxchicken.
2-3
©x2014xbyxMcGraw-
Hill xEducation. xThisxis xproprietaryxmaterialxsolelyxforxauthorized xinstructorxuse.xNotxauthorizedxforxsale xorxdistributionx inxany
xmanner. xThisxdocument xmayxnotxbexcopied, xscanned, xduplicated, xforwarded, xdistributed, xor xpostedxonxaxwebsite, xinxwhole xor
xpart.
about:blank 3/151
, 11/21/23,x9:31xPM ManagerialxEconomicsxandxBusinessxStrategyx8thxEditionxbyxBayexandxPri
…
11. Whichxofxthexfollowingxpairsxofxgoodsxarexprobablyxcomplements?
A. Televisionsxandxrollerxskates.
B. Frozenxyogurtxandxicexcream.
C. Steakxandxchicken.
D. Hamburgersxandxketchup.
12. IfxAxandxBxarexcomplements,xanxincreasexinxthexpricexofxgoodxAxwould:
A. havexnoxeffectxonxthexquantityxdemandedxofxB.
B. leadxtoxanxincreasexinxdemandxforxB.
C. leadxtoxaxdecreasexinxdemandxforxB.
D. nonexofxthexstatementsxassociatedxwithxthisxquestionxarexcorrect.
13. Graphically,xaxdecreasexinxadvertisingxwillxcausexthexdemandxcurvexto:
A. becomexsteeper.
B. shiftxrightward.
C. becomexflatter.
D. shiftxleftward.
14. Persuasivex advertisingx influencesx demandx by:
A. providingxinformationxaboutxthexavailabilityxofxaxproduct.
B. offeringxreducedxpricesxforxthexproduct.
C. alteringxthexunderlyingxtastesxofxconsumers.
D. nonexofxthexstatementsxarexcorrect.
2-4
©x2014xbyxMcGraw-
Hill xEducation. xThisxis xproprietaryxmaterialxsolelyxforxauthorized xinstructorxuse.xNotxauthorizedxforxsale xorxdistributionx inxany
xmanner. xThisxdocument xmayxnotxbexcopied, xscanned, xduplicated, xforwarded, xdistributed, xor xpostedxonxaxwebsite, xinxwhole xor
xpart.
about:blank 4/151
