ECON 1002 FINAL EXAM – MGMT 3503 MICROECONOMICS WITH ANSWERS

ECON 1002 FINAL EXAM – MGMT 3503 MICROECONOMICS WITH ANSWERS Question 1 0 out of 4 points A demand curve: Selected Answer: shows the quantity of a good that buyers will purchase at each price. Correct Answer: all of the above. Question 2 4 out of 4 points The income effect that results from a price change is given by: Selected Answer: the change in quantity demanded of a good that results from the effect of a change in price on a buyer's purchasing power. Correct Answer: the change in quantity demanded of a good that results from the effect of a change in price on a buyer's purchasing power. Question 3 4 out of 4 points The table below shows the quantities demanded and quantities supplied for a good at various prices. The equilibrium price and quantity for the good above respectively equal: Price Qdemanded Qsupplied $0.25 500 200 $0.50 400 400 $0.75 200 600 $1.00 100 800 Selected Answer: $0.50; 400. Correct Answer: $0.50; 400. Question 4 4 out of 4 points When price is below the market equilibrium price: Selected Answer: the quantity demanded will exceed the quantity supplied. Correct Answer: the quantity demanded will exceed the quantity supplied. Question 5 4 out of 4 points The economic surplus to an individual from consuming a good is given by: