Question 1 1 The price at which quantity demanded and quantity supplied are equal is known as the price. Not yet answered O a. equilibrium Points out of O b. real 1.00 O c. nominal F Flag question O d. socially optimal Question 12 Which of the following is in the CORRECT chronological order? Not yet answered O a. A change in demand, a change in price, a change in quantity supplied Points out of O b. A change in demand, a change in quantity supplied, a change in price 1.00 F Flag question O c. A change in price, a change in demand, a change in quantity supplied O d. A change in price, a change in quantity supplied, a change in demand Question 13 Supply curves have a positive slope because of the: Not yet answered O a. theory of comparative advantage. Points out of O b. law of supply. 1.00 O c. law of equilibrium. Flag question O d. demand curve. Question 14 To maximize profits, a firm in a highly competitive industry should set its price: Not yet answered O a. lower than the market price. Points out of O b. at the market price 1.00 Flag question O c. it depends: sometimes at the market price but sometimes higher or lower. O d. higher than the market price. Question 15 Politicians can trade votes in part because: Not yet answered O a. legislative votes are rarely done by secret ballot. Points out of O b. legislative votes are very infrequent. 1.00 O c. most decisions are made by the public in general elections. Flag question O d. even though it is illegal, it is hard to prove