Unit 2 Test: Microeconomics

If you were to graph this demand schedule, the demand curve would

• Slope upward from left to right

• Be horizontal

• Slope downward from left to right

• Be vertical

Based on this graph, how many Beanie Babies™ were demanded at a price of $6 before they became a fad?

• 100

• 200

• 300

• 400

The movement in the graph shows that the quantity demanded of butter decreased because the

• Price of butter increased

• Price of margarine decreased

• Price of margarine increased

• Price of butter decreased

Which of the following choices could cause the movement shown in this graph?

• An increase in the price of film

• A decrease in the price of film

• An increase in the price of cameras

• A decrease in the price of cameras

What does the movement shown on this graph represent?

• A change in demand

• Inverse

• The inverse relationship between price and quantity demanded

• Diminishing marginal utility

What does the movement from b' to b on the graph represent?

• An increase in demand

• An increase in QD

• A decrease in demand

• A decrease in the QD

Study the illustration. At a price of $25, how much more of the product is demanded on curve D'D' than on curve DD?

• 2 units

• 3 units

• 1 unit

• 4 units

Assume that Damien and Kara are the only two people in the market for mystery novels. Based on the graphs, what would be the market quantity demanded for mystery novels at a price of $5?

a.

5

c.

15

b.

10

d.

20

• 5

• 10

• 15

• 20

Based on the graph, how does the market demand for concert tickets change if the price increases from $30 to $40?

• QD decreased by 4

• The demand curve shifts to the left

• QD decreases by 4,000

• QD increases by 4,000

Based on the table, what is the market demand for burritos at a price of $5?

• 2

• 3

• 6

• 8