ECO (1) _ Cô Trang

when drawing a demand curve

• demand is on the vertical axis and price is on the horizontal axis

• quantity demanded is on the vertical axis and price is on the horizontal axis

• price is on the vertical axis and demand is on the horizontal axis

• price is on the vertical axis and quantity demanded is on the horiorizontal axits

suppose roses are currently selling for $40 per dozen, but the equilibrium price of roses is $30 per dozen. we would expect a

• shortage to exist and the market price of roses to increase

• shortage to exist and the market price of roses to decrease

• surplus to exist and the market price of roses to increase

• surplus to exist and the market price of roses to decrease

in a market economy, supply and demand determine

• both the quantity of each good produced and the price at which it is sold

• the quantity of each good produced, but not the price at which it is sold

• the price at which each good is sold, but not the quantity of each good produced

• neither the quantity of each good produced nor the price at which it is sold

a supply curve slopes upward because

• as more is produced, total cost of production falls

• an increase in input prices increase supply

• the quantity supplied of most goods and services increases over time

• an increase in price gives producers an incentive to supply a larger quantity

buyer and sellers who have no influence on market price are referred to as

• market pawns

• monopolists

• price makers
• price takers

the quantity demanded of a good is the amount that buyers

• are willing to purchare

• are willing and able and need to purchase

• are able to purchase

• are willing and able to purchase

the law of demand states that, other things equal

• when the price of a good falls, the demand for the good rises

• when the price of a good rises, the quantity demanded for the good rises

• when the price of a good rises, the demand for the good falls

• when the price of a good falls, the quantity demanded of the good rises

the quantity supplied of a good is the amount that

• buyers are willing and able to purchase

• sellers are able to produce

• buyers and sellers agree will be brought to market

• sellers are willing and able to sell

if the number of buyers in a market decrease, then

• demand will increase

• demand will decrease

• supply will increase

• supply will decrease

a table that shows the relationship between the price of a good and the quantity demanded of that good is called a

• price-quantity schedule

• buyer schedule

• demand schedule

• demand curve