BBA Quiz-01

When quantity demand smaller than quantity supply the price will usually?

• increase

• decrease

• remain the same

• equilibrium

What is the Equilibrium Price?

• 1

• 2

• 3

• 4

Point at which supply and demand curve intersect each other

• price ceiling

• excess demand

• equilibrium

• disequilibrium

What is the equilibrium quantity in this graph?

• $1.50
• $1.00
• 600
• 800

When the quantity demanded is greater than the quantity supplied it is known as

• equilibrium

• a shortage

• a surplus

• an opportunity cost

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

• increase

• decrease

• stay the same

Market demand curves are obtained by

• determining the price each consumer is willing to pay for the good & summing those prices across all consumers
• observing the prices and quantities sold in a market over time and plotting those price-quantity combinations in a graph
• summing the quantities every consumer is willing to buy at each different price
• observing the behavior of an individual consumer in a market

To access Internet services, consumers must use a computer. If computer prices fall, what is the effect on the demand for Internet services

• the demand for Internet services increases
• the demand for Internet services decreases
• The demand for Internet services remains unchanged
• The demand for Internet services could increase, decrease, or stay the same depending on other factors 

Maggi noodles are a staple food item for many college students. Maggi noodles are very inexpensive, easy to prepare, and can be combined easily with other foods. After students graduate, find employment, and earn a higher income, they decrease their Maggi noodle purchases significantly. In this case, Maggi noodles are: 

• a normal good
• an inferior good
• a complement for higher income people
• none of these are correct

The prices for houses steadily increase, causing more people to want to sell their homes. Which of these demonstrates this concept?

• 
• 
• 
•