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ECON EXAM 1 REVIEW 2026 ACTUAL
QUESTIONS WITH VERIFIED ANSWERS.
A demand curve shows the relationship between - correct
answer-the price of a product and the quantity of the product
demanded
A _______ _______ _______ demand curve for shampoo
would be caused by an change in the price of shampoo -
correct answer-movement along the
The market for smart watches is becoming very competitive.
The increase in competition in the market is an example of how
the market responds to - correct answer-changes in consumer
tastes
The phrase "demand has increased" means that - correct
answer-a demand curve has shifted to the right
Suppose that when the price of hamburgers increases, the Ruiz
family increases their purchases of hot dogs. To the Ruiz family,
- correct answer-hamburgers and hotdogs are substitutes
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Farmers can plant either corn or soybeans in their fields. What
would cause the supply of soybeans to increase - correct
answer-a decrease in the price of corn
Last month the Tecumseh Corporation supplied 400 units of
three ring binders at $6 per units. This month the company
supplied the same quantity of binders at $4 per unit based on
tis evidence, Tecumseh has experienced what - correct answer-
an increase in supply
See figure 3-2 from quiz 2, a technological advancement would
be represented by a movement from --- - correct answer-S1 to
S2
See figure 3-7 from quiz 2, assume that the graphs in this figure
represent the demand and supply curves for Blu-ray discs.
Which panel best describes what happens in this market if
there is a substantial increase in the price of Blu-ray players -
correct answer-panel D
ECON EXAM 1 REVIEW 2026 ACTUAL
QUESTIONS WITH VERIFIED ANSWERS.
A demand curve shows the relationship between - correct
answer-the price of a product and the quantity of the product
demanded
A _______ _______ _______ demand curve for shampoo
would be caused by an change in the price of shampoo -
correct answer-movement along the
The market for smart watches is becoming very competitive.
The increase in competition in the market is an example of how
the market responds to - correct answer-changes in consumer
tastes
The phrase "demand has increased" means that - correct
answer-a demand curve has shifted to the right
Suppose that when the price of hamburgers increases, the Ruiz
family increases their purchases of hot dogs. To the Ruiz family,
- correct answer-hamburgers and hotdogs are substitutes
, Page | 2
Farmers can plant either corn or soybeans in their fields. What
would cause the supply of soybeans to increase - correct
answer-a decrease in the price of corn
Last month the Tecumseh Corporation supplied 400 units of
three ring binders at $6 per units. This month the company
supplied the same quantity of binders at $4 per unit based on
tis evidence, Tecumseh has experienced what - correct answer-
an increase in supply
See figure 3-2 from quiz 2, a technological advancement would
be represented by a movement from --- - correct answer-S1 to
S2
See figure 3-7 from quiz 2, assume that the graphs in this figure
represent the demand and supply curves for Blu-ray discs.
Which panel best describes what happens in this market if
there is a substantial increase in the price of Blu-ray players -
correct answer-panel D
