ECON 202 OLE MISS HAYES MIDTERM EXAM (LATEST) ||
MOST RECENT EXAM 2026|2027 ACTUAL COMPLETE
REAL EXAM QUESTIONS AND CORRECTLY WELL DEFINED
ANSWERS (VERIFIED ANSWERS) ALREADY GRADED A+ |
This will occur when beyond some point, the production costs of
additional units of output will rise. -ANSWERS-up-sloping supply curve
An improvement in production technology will
_______________________. -ANSWERS-shift the supply curve to the
right
the use of the least-cost method of production -ANSWERS-production
efficiency
T/F: A price floor in a competitive market will result in persistent
shortages of a product. -ANSWERS-False
At the point where the demand and supply curves for a product
intersect, what is happening? -ANSWERS-the quantity that consumers
want to purchase and the amount producers choose to sell are the
same
If there is a shortage of product X, and the price is free to change, what
will happen? -ANSWERS-the price of the product will rise
, The equilibrium price and quantity in a market usually produce
allocative efficiency because what? -ANSWERS-marginal benefit and
marginal cost are equal at that point
T/F: Surpluses drive market prices up; shortages drive them down. -
ANSWERS-False
If the supply of a product decreases and the demand for that product
simultaneously increases, then equilibrium _____________________. -
ANSWERS-price must rise, but equilibrium quantity may rise, fall, or
remain unchanged
The law of supply indicates that, other things equal,
______________________. -ANSWERS-producers will offer more of a
product at high prices than at low prices
At equilibrium price, ____________________. -ANSWERS-there are no
pressures on price to either rise or fall
an increase in supply -ANSWERS- causes a decrease in market
equilibrium price and an increase in equilibrium quantity
MOST RECENT EXAM 2026|2027 ACTUAL COMPLETE
REAL EXAM QUESTIONS AND CORRECTLY WELL DEFINED
ANSWERS (VERIFIED ANSWERS) ALREADY GRADED A+ |
This will occur when beyond some point, the production costs of
additional units of output will rise. -ANSWERS-up-sloping supply curve
An improvement in production technology will
_______________________. -ANSWERS-shift the supply curve to the
right
the use of the least-cost method of production -ANSWERS-production
efficiency
T/F: A price floor in a competitive market will result in persistent
shortages of a product. -ANSWERS-False
At the point where the demand and supply curves for a product
intersect, what is happening? -ANSWERS-the quantity that consumers
want to purchase and the amount producers choose to sell are the
same
If there is a shortage of product X, and the price is free to change, what
will happen? -ANSWERS-the price of the product will rise
, The equilibrium price and quantity in a market usually produce
allocative efficiency because what? -ANSWERS-marginal benefit and
marginal cost are equal at that point
T/F: Surpluses drive market prices up; shortages drive them down. -
ANSWERS-False
If the supply of a product decreases and the demand for that product
simultaneously increases, then equilibrium _____________________. -
ANSWERS-price must rise, but equilibrium quantity may rise, fall, or
remain unchanged
The law of supply indicates that, other things equal,
______________________. -ANSWERS-producers will offer more of a
product at high prices than at low prices
At equilibrium price, ____________________. -ANSWERS-there are no
pressures on price to either rise or fall
an increase in supply -ANSWERS- causes a decrease in market
equilibrium price and an increase in equilibrium quantity
