PEAI313

PEAI313

University

15 Qs

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PEAI313

PEAI313

Assessment

Quiz

Engineering

University

Practice Problem

Medium

Created by

JERICO AMAGO

Used 1+ times

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15 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

What happens when there is an increase in demand for a product, assuming the supply remains constant?

The equilibrium price will decrease.

The equilibrium quantity will decrease.

The equilibrium price will increase.

The supply curve will shift to the left.

2.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

If the price of a substitute good increases, what is likely to happen to the demand for the original good?

Demand will increase.

Demand will decrease.

Demand will remain unchanged.

Supply will decrease.


3.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

Which of the following is true if the market price is above the equilibrium price?

There will be a shortage of the good.

There will be a surplus of the good.

The demand curve will shift to the right.

The supply curve will shift to the left.

4.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

What is the impact on the equilibrium price and quantity if there is an improvement in technology that reduces production costs?

Price increases, quantity increases.

Price decreases, quantity increases.

Price increases, quantity decreases.

Price decreases, quantity decreases.

5.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

If both demand and supply increase simultaneously, what can be said about the equilibrium quantity and price?

Quantity will increase, price will definitely increase.

Quantity will decrease, price will definitely increase.

Quantity will increase, but price could increase, decrease, or remain the same.

Quantity will decrease, but price could increase, decrease, or remain the same.

6.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

What is the consumer surplus in a market?

The total amount paid by consumers for a good.

The difference between what consumers are willing to pay and what they actually pay.

The difference between the supply and demand curves.

The profit earned by producers.

7.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

Which of the following will cause a movement along the demand curve for a product?

A change in consumer income.

A change in the price of the product.

A change in the price of a complementary good.

A change in consumer preferences.

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