Remaining Time: 2 hous, 57, Question Completion Status: 4 points Save Answer QUESTION 5 As additional firms enter an industry, the market supply curve shifts to the right shifts to the left remains the same none of the statements associated with this question are correct 4 points Save Answer QUESTIONS Changes in the price of a good lead to no effects in quantity supplied or demanded changes in the quantity supplied of the good changes in demand changes in supply 4 points Save Answer QUESTION 7 Changes in the price of other goods lead to a change in demand a movement along the demand curve. no change in the demand curve a change in quantity demanded. QUESTION 8 Competitive market equilibrium is determined by the intersection of the market demand and supply curves implies that quantity supplied is sufficiently larger than quantity demanded. is determined by the intersection of the excess demand and excess supply curves implies that quantity demanded is sufficiently larger than quantity supplied QUESTION 11 For a wood furniture manufacturer, an increase in the cost of lumber will cause the supply curve to: shift to the right become steeper become flatter shift to the left QUESTION 12 Given a linear demand function of the form Qx d = 100 - 0.5P X. find the inverse linear demand function. Px= 1000X -0.5PX Px= 100 - 20% Px= 200-20 Px = 100 - 05Qx Remaining Time: 2 hours, 57 minutes, 29 seconds. Question Completion Status: QUESTION 9 Consider a market characterized by the following inverse demand and supply functions: P x= 10-20 x and P x=2 + 20 x Compute the equilibrium price and quantity in this market. $2 and 6 units, respectively $6 and 2 units, respectively 524 and 24 units, respectively $4 and 4 units, respectively QUESTION 10 Consumer surplus is the value consumers get from a supplier equal to the amount consumers pay for a good the value consumers do not pay because of a discount by supplier the value consumers get from a good but do not pay for QUESTION 11 Click Save and Submit to save and submit. Click Save All Answers to save all answers. Save All An ar Remaining Time: 2 hours, 57 minutes, 08 seconds. Question Completion Status: QUESTION 13 Good X is an inferior good if a decrease in income leads to e a decrease in the supply of good X an increase in the supply of good X a decrease in the demand for good X an increase in the demand for good X QUESTION 14 Graphically, an increase in the number of vegetarians will cause the demand curve for Tofu (a meat substitute) to become flatter shift rightward become steeper shift leftward. QUESTION 15 If A and B are complements, an increase in the price of good A would Click Save and Submit to save and submit. Click Save All Answers to save all answers. Remaining Time: 2 hours, 56 minutes, 55 seconds. Question Completion Status: QUESTION 15 If A and B are complements, an increase in the price of good A would. have no effect on the quantity demanded of B. lead to an increase in demand for B. lead to a decrease in demand for B. none of the statements associated with this question are correct. QUESTION 16 If good A is an inferior good, an increase in income leads to: no change in the quantity demanded of good A. a decrease in the demand for good A. an increase in the demand for good A. a decrease in the demand for good B. QUESTION 17 Click Save and Submit to save and submit. Click Save All Answers to save all answers. Remaining Question Completion Status: QUESTION 16 If good A is an inferior good, an increase in income leads to: no change in the quantity demanded of good A a decrease in the demand for good A. an increase in the demand for good A. a decrease in the demand for good B. QUESTION 17 If supply increases, then the equilibrium quantity goes down. supply curve shifts to the left demand curve shifts to the right. equilibrium price goes down QUESTION 18 Morbi nam If the price of good X becomes lower, then the level of consumer surplus becomes higher unchanged. lower in the short-run but higher in the long run. lower QUESTION 19 Producer surplus is the maximum amount a producer can collect from consumers. area above the supply curve but below the demand curve. minimum amount required by a producer for producing the good. area above the supply curve but below the market price of the good. QUESTION 20 Technological advances will cause the supply curve to become flatter. hift the rinkt Click Save and Submit to save and submit. Click Save All Answers to save all answers. Question Completion Status: QUESTION 20 Technological advances will cause the supply curve to: become flatter. shift to the right shift to the left become steeper. QUESTION 21 The curve which summarizes the total quantity producers are willing and able to produce at differi consumer surplus curve. market demand curve. average cost curve. market supply curve QUESTION 22 The demand function recognizes that the quantity of a good consumed depends on. d Submit to save and submit. Click Save All Answers to save all answers. Question Completion Status: QUESTION 22 The demand function recognizes that the quantity of a good consumed depends on: demand shifters and price. the prices of other goods only. price and supply shifters. demand shifters only. QUESTION 23 The law of demand states that, holding all else constant as price falls, demand will fall also price has no effect on quantity demanded. as price rises, demand will also rise. as price falls, quantity demanded rises QUESTION 24 TL-J. ---- ruhmit. Click Save All Answers to save all answers. Remaining Time: 2 hours, 55 minutes, 35 seconds. Question Completion Status: QUESTION 24 The seller side of the market is known as the income side supply side seller side demand side. QUESTION 25 The supply function recognizes that the quantity of a good produced depends on its price and supply shifters shows the relationship between the quantity supplied of X and variables other than its price describes how much of good X will be produced at an alternative price of good X, given all the other variables being constant. does not include technology Save All An Click Save and Submit to save and submit. Click Save All Answers to save all answers. Remaining Time: 2 hours, 55 minutes, 35 seconds. Question Completion Status: QUESTION 24 The seller side of the market is known as the income side supply side seller side demand side. QUESTION 25 The supply function recognizes that the quantity of a good produced depends on its price and supply shifters shows the relationship between the quantity supplied of X and variables other than its price describes how much of good X will be produced at an alternative price of good X, given all the other variables being constant. does not include technology Save All An Click Save and Submit to save and submit. Click Save All Answers to save all answers