50) An increase in demand is shown as a _____ demand curve.

movement down along a

movement up along a

shift to the left of the

shift to the right of the

52) If both the supply of and the demand for a good change, but you don't have information about which curve shifted the most, then the direction of the change in either price or quantity (but not both) can be predicted.

True

False

53) Which factor would increase demand for a given good?

an increase in the price of a complementary good

the expectation that the price will increase in the near future

high unemployment, if it is a normal good

a reduction in price, if it is a normal good

58) In the market for medicine, if surplus is transferred from producers to consumers, from the standpoint of efficiency

the current price of medicine is too high.

total surplus increased because consumers paid lower prices for the existing inventory.

the current quantity of medicine is too low.

deadweight loss could be reduced if the current price were lower.

68) Asymmetric information reduces deadweight loss.

False

True