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MBA 701 - Module 1 Questions with Correct Answers

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MBA 701 - Module 1 Questions with Correct Answers Demand - price goes up quantity demand goes down Demand - price goes down quantity demand goes up Negative (or inverse) relationship between price and quantity demanded Supply - price goes up quantity supply goes up Supply side business Demand side consumer behavioral (maximize utility) When the price goes up more people want to supply quantity "Normal" good - income of consumer goes up demand goes up "Normal" good - demand curve shifts to the right "Normal" good - keep supply constant, higher price and quantity goes up (more available) so equilibrium price & quantity go up Quantity demanded - change in QD due to price is changing (price change QD change) Quantity demanded is any points on the demand curve Quantity demanded illustration at any given price in the market Demand curve is the whole graph Demand curve shifts to the right or left Demand curve shocks like preference/taste or change in income Reason quantity demand of good increase when price falls demand curve is downward graph, why inverse relationship Substitution effect when things become expensive/cheap, people tend to buy more of 1 good over another Demand of good increasing when price falls is called substitution effect Tea goes up (expensive) more people buy coffee Income effect limited income Spend $100 on coffee for a month price goes up and $100 buys less than before The purchasing part goes down as prices get expensive

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MBA 701 - Module 1 Questions with
Correct Answers

Demand - price goes up - answer quantity demand goes down

Demand - price goes down - answer quantity demand goes up

Negative (or inverse) relationship - answer between price and quantity demanded

Supply - price goes up - answer quantity supply goes up

Supply side - answer business

Demand side - answer consumer behavioral (maximize utility)

When the price goes up - answermore people want to supply quantity

"Normal" good - income of consumer goes up - answerdemand goes up

"Normal" good - demand curve shifts - answerto the right

"Normal" good - keep supply constant, higher price - answerand quantity goes up (more
available)
so equilibrium price & quantity go up

Quantity demanded - change in QD due to - answerprice is changing
(price change > QD change)

Quantity demanded is - answerany points on the demand curve

Quantity demanded illustration - answerat any given price in the market

Demand curve is - answerthe whole graph

Demand curve shifts - answerto the right or left

Demand curve shocks like - answerpreference/taste or change in income

Reason quantity demand of good increase when price falls - answerdemand curve is
downward graph, why inverse relationship

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