Why does an individual’s demand curve generally slope downwards to the right?
2 The Price System and the Microeconomy

Quiz
•
Social Studies
•
10th Grade
•
Medium
Richard Luna
Used 14+ times
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25 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The additional satisfaction an individual gets from consuming most goods decreases as consumption increases.
The additional satisfaction an individual gets from consumption decreases as income rises.
The individual has finite income which is used to attempt to satisfy many wants.
For most goods the price charged by producers falls as the quantity purchased increases
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is price elasticity of supply?
the change in the quantity supplied when a price changes
the change in the quantity supplied when demand changes
the comparison of the proportionate change in supply to the proportionate change in demand
the comparison of the proportionate change in supply to the proportionate change in price
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is necessary for consumer surplus to be zero?
Demand is perfectly elastic.
Demand is perfectly inelastic.
Supply is perfectly elastic.
Supply is perfectly inelastic.
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
When will the price mechanism not function as a system for allocating goods?
when the government bans advertising
when the government maintains an effective maximum price
when there is a limited supply of the good
when there is a powerful company able to set the market price
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The price of a product is above the market equilibrium price. Which combination of changes is certain to result as the market adjusts towards equilibrium?
quantity demanded falls, quantity supplied falls.
quantity demanded falls, quantity supplied rises.
quantity demanded rises, quantity supplied falls.
quantity demanded rises, quantity supplied rises.
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What can be concluded about a good with a positive cross-price elasticity of demand?
Its price will be sensitive to changes in prices of close substitutes.
Its price will be sensitive to changes in quantity demanded of close substitutes.
The quantity demanded for this good will be sensitive to changes in prices of close substitutes.
The quantity demanded for this good will be sensitive to changes in quantity demanded of close substitutes.
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
India is one of the largest producers of tractors in the world. S1 and D1 are the original supply and demand curves for Indian tractors.
What would cause the supply curve to move to S2?
a rise in the incomes of Indian farmers
a rise in the price of electricity paid by Indian tractor manufacturers
a rise in the price of tractors produced in the US
a rise in the productivity of workers in Indian tractor factories
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