1.A fall in the price of milk, used in the production of ice cream, will: A) decrease the supply of ice cream, causing t
Posted: Wed Jul 06, 2022 6:33 pm
1.A fall in the price of milk, used in the production of icecream, will:
A) decrease the supply of ice cream, causing the supply curve ofice cream to shift to the left.
B) increase the supply of ice cream, causing the supply curve ofice cream to shift to the right.
C) cause a downward movement along the supply curve of icecream.
D) have no effect on the supply of ice cream.
2. A market for a product is in equilibrium when:
A) product price equals demand.
B) the supply curve remains fixed.
C) quantity supplied equals quantity demanded.
D) quantity demanded is greater than quantity supplied.
3. If the supply and demand curves for a product both decrease,then equilibrium:
A) quantity must fall and equilibrium price must rise.
B) price must fall, but equilibrium quantity may either rise,fall, or remain unchanged.
C) quantity must decline, but equilibrium price may eitherrise, fall, or remain unchanged.
D) quantity and equilibrium price must both decline.
A) decrease the supply of ice cream, causing the supply curve ofice cream to shift to the left.
B) increase the supply of ice cream, causing the supply curve ofice cream to shift to the right.
C) cause a downward movement along the supply curve of icecream.
D) have no effect on the supply of ice cream.
2. A market for a product is in equilibrium when:
A) product price equals demand.
B) the supply curve remains fixed.
C) quantity supplied equals quantity demanded.
D) quantity demanded is greater than quantity supplied.
3. If the supply and demand curves for a product both decrease,then equilibrium:
A) quantity must fall and equilibrium price must rise.
B) price must fall, but equilibrium quantity may either rise,fall, or remain unchanged.
C) quantity must decline, but equilibrium price may eitherrise, fall, or remain unchanged.
D) quantity and equilibrium price must both decline.