2.6.1 Price Changes

Changes in non-price factors that affect demand and supply change the equilibrium price, but don't change the equilibrium quantity.

• Definitely True

• Sometimes True

• Sometimes False

• Definitely False

Price changes _____ occur due to shifts in supply

• will

• can

• can't

• won't

equilibrium quantity and equilibrium price have an inverse relationship in response to changes in supply

• Yes, It's pretty obvious

• Could be true

• Can't be true!

• Your crazy if you believe that!

Shifts in demand are _____ due to price changes

• always

• sometimes

• rarely

• never

The relationship between equilibrium quantity and equilibrium price is positive in response to price changes

• absolutely true!

• somewhat true

• somewhat false

• absolutely true

Select the correct demand and supply curve for the below situation.

The impact of a booking charge on hotel rooms

• Blue

• Green

• Yellow

• Red

Select the correct demand and supply curve for the below situation.

A cyclone hitting the rice-growing region of China

• Blue

• Green

• Yellow

• Red

Select the correct demand and supply curve for the below situation.

An advert that offends people

• Blue

• Green

• Yellow

• Red

Select the correct demand and supply curve for the below situation.

A reduction in unemployment

• Blue

• Green

• Yellow

• Red

Select the correct demand and supply curve for the below situation.

A price drop in the cost of coal for a coal-powered electricity station

• Blue

• Green

• Yellow

• Red