A monopoly is a market with one

seller, and that seller sets the price.

seller, and that seller is a price taker.

buyer, and that buyer is a price taker.

buyer, and that buyer sets the price.

The quantity demanded of a good is the amount that buyers are

willing, able, and need to purchase.

Refer to Figure 4-1. The movement from point A to point B on the graph shows

an increase in quantity demanded.

a decrease in quantity demanded.

Refer to Figure 4-1. The movement from point A to point B on the graph is caused by

a decrease in the price of a substitute good.

Refer to Figure 4-1. It is apparent from the figure that the

demand for the good conforms to the law of demand.

demand for the good decreases as income increases.

The law of demand states that, other things equal, when the price of a good

falls, the quantity demanded of the good rises.

falls, the demand for the good rises.

rises, the quantity demanded of the good rises.

rises, the demand for the good falls.

Which of the following demonstrates the law of demand?

Ashlyn buys more donut holes at $0.25 per donut hole than at $0.50 per donut hole, other things equal.

After Qyatt got a raise at work, he bought more pretzels at $1.50 per pretzel than he did before his raise.

Benjamin buys fewer croissants at $0.75 per croissant than at $1 per croissant, other things equal.

Ellie buys fewer Snickers at $0.60 per candy bar after the price of Skittles falls to $0.50 per bag.

Suppose that when the price of a 16 oz. to-go cup of gourmet coffee is $4.25, students purchase 750 cups per day. If the price decreases to $3.75 per cup, which of the following is the most likely outcome?

Students would purchase more than 750 cups per day.

Students would purchase fewer than 750 cups per day.

Student would continue to purchase 750 cups per day.

We do not have enough information to answer this question.

A demand schedule is a table that shows the relationship between

quantity demanded and quantity supplied.

A demand schedule is a table that shows the relationship between

quantity demanded and quantity supplied.

The line that relates the price of a good and the quantity demanded of that good is called the demand

curve, and it usually slopes downward.

schedule, and it usually slopes upward.

schedule, and it usually slopes downward.

curve, and it usually slopes upward.

When we move along a given demand curve,

all nonprice determinants of demand are held constant.

income and price are held constant.

all determinants of quantity demanded are held constant.

If something happens to alter the quantity demanded at any given price, then

the demand curve becomes steeper.

the demand curve becomes flatter.

we move along the demand curve.

The market demand curve

represents the sum of the quantities demanded by all the buyers at each price of the good.

shows how quantity demanded changes when the number of sellers changes.

represents the sum of the prices that all the buyers are willing to pay for a given quantity of the good.

is found by vertically adding the individual demand curves.

Which of the following changes would not shift the demand curve for a good or service?

A change in the price of the good or service.

A change in expectations about the future price of the good or service.

A change in the price of a related good or service.

Which of the following events would cause a movement upward and to the left along the demand curve for olives?

The number of people who purchase olives decreases.

Consumer income decreases, and olives are a normal good.

The price of pickles decreases, and pickles are a substitute for olives.

Which of the following is not a determinant of the demand for a particular good?

The prices of the inputs used to produce the good

Pizza is a normal good if the demand

for pizza rises when income rises.

for pizza rises when the price of pizza falls.

curve for pizza shifts to the right when the price of burritos rises, assuming pizza and burritos are substitutes.

Which of the following would shift the demand curve for gasoline to the right?

An increase in consumer income, assuming gasoline is a normal good

A decrease in the price of gasoline

An increase in the price of cars, a complement for gasoline

A decrease in the expected future price of gasoline

Soup is an inferior good if the demand

for soup falls when the price of a substitute for soup rises.

for soup rises when the price of soup falls.

Soup is an inferior good if the demand

for soup falls when income rises.

for soup falls when the price of a substitute for soup rises.

for soup rises when the price of soup falls.

Two goods are substitutes when a decrease in the price of one good

increases the demand for the other good.

decreases the demand for the other good.

decreases the quantity demanded of the other good.

increases the quantity demanded of the other good.

A likely example of substitute goods for most people would be

tennis balls and tennis rackets.

If muffins and bagels are substitutes, a higher price for bagels would result in

an increase in the demand for muffins.

an increase in the demand for bagels.

a decrease in the demand for bagels.

a decrease in the demand for muffins.

Two goods are complements when a decrease in the price of one good

increases the demand for the other good.

decreases the quantity demanded of the other good.

decreases the demand for the other good.

increases the quantity demanded of the other good.

Suppose you like to make, from scratch, pies filled with bananas and vanilla pudding. You notice that the price of bananas has increased. As a result, your demand for vanilla pudding would

change but you don't know how without more information.

When the quantity demanded has increased at every price, it might be because

the price of a complementary good has decreased.

the number of buyers in the market has decreased.

income has increased, and the good is an inferior good.

the costs incurred by sellers producing the good have decreased.

Suppose scientists provide evidence that people who drink energy drinks are more likely to have a heart attack than people who do not drink energy drinks. We would expect to see

a decrease in the demand for energy drinks.

no change in the demand for energy drinks.

an increase in the demand for energy drinks.

a decrease in the supply of energy drinks.

If Christopher expects to earn a higher income next month, he may choose to

save less now and spend more of his current income on goods and services.

save more now and spend less of his current income on goods and services.

decrease his current demand for goods and services.

move along his current demand curves for goods and services.

What will happen in the market for shotgun-shell ammunition now if buyers expect higher shotgun-shell prices in the near future?

The demand for shotgun-shell ammunition will increase.

The demand for shotgun-shell ammunition will decrease.

The demand for shotgun-shell ammunition will be unaffected.

The supply of shotgun-shell ammunition will increase.

Warrensburg is a small college town in Missouri. At the end of August each year, the market demand for fast food in Warrensburg

remains constant, but we observe a movement downward and to the right along the demand curve.

remains constant, but we observe a movement upward and to the left along the demand curve.

Market Concepts Quiz

Authored by khaiminh tran

English

University

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MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A group of buyers and sellers of a particular good or service is called

a coalition.

an economy.

a market.

a competition.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is not an example of a market?

A small town has only one seller of water.

In the United States, a sick person cannot legally purchase a lung.

In California, there are many buyers and sellers of avocados.

The availability of internet shopping has expanded the shoe choices for buyers who do not live near large cities.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A competitive market is a market in which

an auctioneer helps set prices and arrange sales.

there are only a few sellers.

the forces of supply and demand do not apply.

no individual buyer or seller has any significant impact on the market price.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Assume Kalene buys notebooks in a competitive market. It follows that

Kalene has a limited number of sellers from which to buy notebooks.

Kalene will negotiate with sellers whenever she buys notebooks.

Kalene cannot influence the price of notebooks even if she buys a large quantity of them.

Kalene might have trouble finding notebooks at her local store.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If a seller in a competitive market chooses to charge more than the going price, then

the sellers' profits must increase.

the owners of the raw materials used in production would raise the prices for the raw materials.

other sellers would also raise their prices.

buyers will make purchases from other sellers.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is not a characteristic of a perfectly competitive market?

There is free entry and exit.

There are many buyers and sellers.

Sellers must accept the price the market determines.

Different sellers sell differentiated products.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

An example of a perfectly competitive market would be the

cable TV market.

soybean market.

breakfast cereal market.

shampoo market.

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Market Concepts Quiz

A group of buyers and sellers of a particular good or service is called

Which of the following is not an example of a market?

A competitive market is a market in which

Assume Kalene buys notebooks in a competitive market. It follows that

If a seller in a competitive market chooses to charge more than the going price, then

Which of the following is not a characteristic of a perfectly competitive market?

An example of a perfectly competitive market would be the

A monopoly is a market with one

The quantity demanded of a good is the amount that buyers are

A decrease in the price of a good will

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