ECON 300 EXAM 1 | 122 QUESTIONS AND
CORRECT ANSWERS WITH COMPLETE
SOLUTION | NEW 2026 UPDATE
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Terms in this set (122)
When demand increases: the demand curve shifts to the right.
What will not cause demand for a reduction in the price of apples
apples to increase or decrease?
If the price of crude oil increases the equilibrium price of gasoline will be uncertain
and the number of people who and equilibrium quantity of gasoline will
own cars falls: decrease.
If the price of crude oil decreases: the equilibrium price of gasoline will decrease
and equilibrium quantity of gasoline will increase.
, If the supply curve is QS = 4P − 4, 1.
then the highest price at which no
producer is willing to sell the good
(i.e. the supply choke price) is:
If the demand curve is QD = 10 − 2P, 5.
then the lowest price at which no
consumer is willing to buy the good
(i.e., the demand choke price) is:
When the prevailing price is above price falls because there is a surplus, so
the price where supply intersects producers cut prices to try to attract buyers.
demand:
Which of the following would cause an increase in the supply of pizza
an increase in the quantity
demanded of pizza?
If demand increases and supply equilibrium price will be uncertain and
increases: equilibrium quantity will increase.
If supply decreases: equilibrium price increases and equilibrium
quantity decreases.
If supply increases and demand equilibrium price will decrease and equilibrium
decreases: quantity will be uncertain.
If demand decreases: equilibrium price decreases and equilibrium
quantity decreases.
CORRECT ANSWERS WITH COMPLETE
SOLUTION | NEW 2026 UPDATE
Save
Terms in this set (122)
When demand increases: the demand curve shifts to the right.
What will not cause demand for a reduction in the price of apples
apples to increase or decrease?
If the price of crude oil increases the equilibrium price of gasoline will be uncertain
and the number of people who and equilibrium quantity of gasoline will
own cars falls: decrease.
If the price of crude oil decreases: the equilibrium price of gasoline will decrease
and equilibrium quantity of gasoline will increase.
, If the supply curve is QS = 4P − 4, 1.
then the highest price at which no
producer is willing to sell the good
(i.e. the supply choke price) is:
If the demand curve is QD = 10 − 2P, 5.
then the lowest price at which no
consumer is willing to buy the good
(i.e., the demand choke price) is:
When the prevailing price is above price falls because there is a surplus, so
the price where supply intersects producers cut prices to try to attract buyers.
demand:
Which of the following would cause an increase in the supply of pizza
an increase in the quantity
demanded of pizza?
If demand increases and supply equilibrium price will be uncertain and
increases: equilibrium quantity will increase.
If supply decreases: equilibrium price increases and equilibrium
quantity decreases.
If supply increases and demand equilibrium price will decrease and equilibrium
decreases: quantity will be uncertain.
If demand decreases: equilibrium price decreases and equilibrium
quantity decreases.
