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If a good or service has only one seller,then the seller is called a monopoly.

A) True
B) False

Correct Answer

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In a perfectly competitive market,the goods offered for sale are all exactly the same.

A) True
B) False

Correct Answer

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The actions of buyers and sellers naturally move markets toward equilibrium.

A) True
B) False

Correct Answer

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The law of demand states that,other things equal,when the price of a good rises,the quantity demanded of the good falls,and when the price falls,the quantity demanded rises.

A) True
B) False

Correct Answer

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When the price of a good is high,selling the good is profitable,and so the quantity supplied is large.

A) True
B) False

Correct Answer

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In a competitive market,the quantity of each good produced and the price at which it is sold are not determined by any single buyer or seller.

A) True
B) False

Correct Answer

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verified

Suppose the demand for calendars increases in November.At the same time,the price of the ink used in the production of calendars increases.In the market for calendars,the equilibrium price rises,but the effect on the equilibrium quantity is ambiguous.

A) True
B) False

Correct Answer

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True

An increase in the price of a product and an increase in the number of sellers in the market affect the supply curve in the same general way.

A) True
B) False

Correct Answer

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A reduction in an input price will cause a change in quantity supplied but not a change in supply.

A) True
B) False

Correct Answer

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If the demand for movies increases at the same time as the movie industry adopts labor-saving technology for producing movies,the equilibrium price for movies will increase,but the effect on the equilibrium quantity of movies is ambiguous.

A) True
B) False

Correct Answer

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Sellers respond to a surplus by cutting their prices.

A) True
B) False

Correct Answer

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The demand curve is the upward-sloping line relating price and quantity demanded.

A) True
B) False

Correct Answer

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verified

Monopolists are price takers.

A) True
B) False

Correct Answer

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verified

False

A decrease in demand will cause a decrease in price,which will cause a decrease in supply.

A) True
B) False

Correct Answer

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When a seller expects the price of its product to decrease in the future,the seller's supply curve shifts left now.

A) True
B) False

Correct Answer

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If orange juice and apple juice are substitutes,an increase in the price of orange juice will shift the demand curve for apple juice to the left.

A) True
B) False

Correct Answer

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All goods and services are sold in perfectly competitive markets.

A) True
B) False

Correct Answer

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When Mario's income decreases,he buys more pasta.For Mario,pasta is a normal good.

A) True
B) False

Correct Answer

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False

The market supply curve shows how the total quantity supplied of a good varies as input prices vary,holding constant all the other factors that influence producers' decisions about how much to sell.

A) True
B) False

Correct Answer

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When a supply curve or a demand curve shifts,the equilibrium price and equilibrium quantity change.

A) True
B) False

Correct Answer

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verified

Showing 1 - 20 of 108

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