WorksheetsMicroeconomics Topic 3
Total questions: 8
Worksheet time: 24mins
According to the table, The equilibrium price and quantity is _________
$15,000; 15
$10,000; 10
$15,000; 10
$20,000; 5
Suppose Diet Coke and Light Coke are substitutes. Both contain zero sugar but comprise different artificial sweeteners.
What would happen if there is a cancer scare over the consumption of Diet Coke?
The equilibrium price of Light Coke will fall
The demand curve for light coke will shift to the right
The equilibrium quantity of Diet Coke Coke will increase
The price of Diet Coke will rise
Study the graph. Which of the following factors would be responsible for the rise in the equilibrium price for wine in the graph according to the diagram?
There is a rise in preference for wine
A deadly fungus destroys vast amount of grapes in the vineyards
There is a fall in income
There is a rise in income
Suppose a flood destroys the rice fields, you would expect the supply/demand curve to shift left/right and the equilibrium price to fall/rise
demand, right, fall
demand, left, rise
supply, left, rise
supply, right, rise
What is the surplus/shortage situation when the price is at $150?
Suppose sugar and tea/coffee are complements. If the price of tea and coffee increase, you will expect __________________+
the demand curve for sugar to shift right
the demand curve for sugar to shift left
the quantity demanded for sugar to fall
the quantity demanded for sugar to rise
The law of demand states that as price of a good rises
the demand curve will shift left
the demand curve will shift right
the quantity demand of the good will fall
the quantity demand of the good will rise
