Mod 7 Practice Quiz
1. Which of the following describes what will happen in the market for tomatoes if a salmonella outbreak is attributed to tainted tomatoes?
A. Supply will decrease and price will increase
B. Supply will decrease and price will decrease
C. Demand will decrease and price will increase
D. Demand will decrease and price will decrease
E. Supply and demand will both decrease
2. Which of the following will lead to an increase in the equilibrium price of product “X”? A(n)
a. increase in consumer incomes if product “X” is an inferior good
b. increase in the price of machinery used to produce product “X”
c. technological advance in the production of good “X”
d. decrease in the price of good “Y” (a substitute for good “X”)
e. expectation by consumers that the price of good “X” is going to fall
3. The equilibrium price will rise, but equilibrium quantity may increase, decrease, or stay the same if
a. demand increases and supply decreases.
b. demand increases and supply increases.
c. demand decreases and supply increases.
d. demand decreases and supply decreases.
e. demand increases and supply does not change.
4. An increase in the number of buyers and a technological advance will cause
a. demand to increase and supply to increase.
b. demand to increase and supply to decrease.
c. demand to decrease and supply to increase.
d. demand to decrease and supply to decrease.
e. no change in demand and an increase in supply.
5. Which of the following is certainly true if demand and supply increase at the same time?
a. The equilibrium price will increase.
b. The equilibrium price will decrease.
c. The equilibrium quantity will increase.
d. The equilibrium quantity will decrease.
e. e. The equilibrium quantity may increase, decrease, or stay the same.
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