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G123/ECO10 Rasmussen Law of Supply and Markets Equilibrium Quiz

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Economics

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• Question 1 0 out of 1 points The Law of Supply suggests as prices increase, quantities ______________. Selected Answer: Decrease Correct Answer: Increase • Question 2 0 out of 1 points Which of the following is not a determinant of supply? Selected Answer: Taxes Correct Answer: Preferences • Question 3 0 out of 1 points If the price of hot dogs were to rise in price, then the demand for hotdog buns would ____________. Selected Answer: Rise Correct Answer: Fall • Question 4 0 out of 1 points What is market equilibrium? Selected Answer: The summation of demand values Correct Answer: The point in which the supply and demand curve intersect • Question 5 1 out of 1 points If Hamburger Helper is an inferior good, then a decrease in income would lead to a(n) _____________ in demand. Selected Answer: Increase Correct Answer: Increase • Question 6 0 out of 1 points Which of the following is not a determinant of demand? Selected Answer: Income Correct Answer: Taxes • Question 7 1 out of 1 points According to the Law of Supply, a decrease in quantity will lead to a(n) _____________ in price. Selected Answer: Decrease Correct Answer: Decrease • Question 8 1 out of 1 points An equilibrium point would ________________, if demand rises. Selected Answer: Rise Correct Answer: Rise • Question 9 0 out of 1 points A price floor is a government mandated price set _______________the equilibrium point and results in a market ________________. Selected Answer: Be ...
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In this thread you are asked to compare and contrast minimum wage and rent control in the labor market and rental apartmen ...

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