Social 4th qtr review - equilibrium

Identify the equilibrium quantity

• 1.40

• 600

• 60.0

• 140

Identify the equilibrium price

• 3

• 2

• 280

• 215

When demand increases, the equilibrium price and quantity supplied will both

• increase

• decrease

• stay the same

Changes in either demand or supply cause changes in market equilibrium

• true

• false

• stay the same

An decrease in supply causes the supply curve to shift to the _____________.

• left

• right

• nowhere

If the cost of one aspect of a good decreases, it becomes cheaper to produce that good, and producers increase supply.

• true

• false

• no change

A technological improvement usually leads to a decrease in supply.

• true

• false

• no change

A per-unit tax almost always leads to a decrease in supply.

• true

• false

• no change

When suppliers enter a market, supply will ________.

• increase

• decrease

• no change

Which of the following statements is incorrect?

• If demand increases and supply remains constant, equilibrium quantity will rise.

• If supply increases and demand remains constant, equilibrium quantity will rise.

• If supply increases and demand increases, equilibrium quantity will rise.

• If demand decreases and supply remains constant, equilibrium quantity will rise.