Qnt 561 Week 4

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1. When the market price is higher than the equilibrium price, there is: (Points: 5) a surplus. a shortage. both a shortage and a surplus. neither a shortage nor a surplus. 2. A decrease in demand means that quantity demanded falls: (Points: 5) at least one price. at a few prices. at most prices. at all prices. 3. If the market price is below equilibrium price, quantity demanded: (Points: 5) is less than quantity supplied. is equal to quantity supplied. is greater than quantity supplied. remains the same. 4. At equilibrium, quantity demanded __________ equals quantity supplied. (Points: 5) always usually sometimes never 5. When the market price is above equilibrium price, the market price…show more content…
negative. 15. According to the general utility formula, the marginal utility of a good divided by the price of that good is: (Points: 5) less that negative one. equal to one. greater than one. equal to zero. 16. If your marginal utility from your last session with your personal trainer is equal to the price she charged you, then: (Points: 5) you have had exactly the right number of sessions. you have had too many sessions. you have not had enough sessions. there is no way to determine whether you have had enough sessions. 17. A decrease in the demand for a service means that the: (Points: 5) demand curve shifts to the right. demand curve shifts to the left. supply curve shifts to the right. supply curve shifts to the left. 18. The market demand curve is derived: (Points: 5) so that it slopes downward and to the left as quantity rises. by totaling the average demands for products in all markets. by horizontally summing potential buyers' individual demand curves. by vertically summing the demand curves of individuals in the market. 19. An increase in supply means that quantity supplied rises: (Points: 5) at least one price. at a few prices. at most

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