2025 MBA EXIT EXAM | COMPLETE EXAM
QUESTIONS WITH CORRECT ANSWERS |
GRADED A+ | VERIFIED ANSWERS | LATEST
VERSION (JUST RELEASED)
Terms in this set (205)
The demand and supply market price level when the amount of a good that is
curves show the demanded holding all other factors constant.
relationship between the...
The degree to which elasticity
quantity demanded
'reacts' to price changes
can be determined with
the __ of demanded.
The law of demand states falls
that as prices rise, quantity
demanded __ (and vice-
versa).
Quantity supplied is -positively
___ (positively/negatively)
associated with price
increases, though the
degree to which quantity
supplied can respond to
price changes depends
on the elasticity of supply.
1/16
,Goods that are easily more
made (low marginal cost)
are __ (more/less) elastic
than those that are not.
Ex: capacity constraints of
a generator or factory, or
seats in a stadium
Goods that are easily -low
made are _ (low/high)
marginal cost.
What are 'comparative - changes in equilibrium price and quantity
statistics?'
T/F: If a 'determinant' of -true
demand or supply
changes, then the entire
price-quantity relationship
changes.
- an increase in demands that occurs because there
Example of comparative has been a positive income shock is expected to
statistics? increase the amount bought of a good-even holding
prices constant.
2/16
, 1. Tastes and preferences (ex: increase in demand for
organic products)
2. Income/wealth (ex: fall in restaurant demand during
recessions)
- important differences for normal goods and inferior
goods
What are the 5 important
3. Price of other related goods (ex: change in demand
demand determinants?
for taxi services after entrance of low-cost ride-share
options).
4. Exogenous shocks (Ex: change in demand for
generators following long-lasting power outage).
5. Future expectations (ex: change in demand for
toilet paper during COVID crisis).
1. Input costs (increase in supply due to innovation to
cost-saving technology).
What are the 3 primary
2. Government regulation (ex: new taxes and subsidies)
important supply
determinants?
3. Price of other goods you produce (ex: switch in
production to product that can command higher price
in the market).
What results in Resulting change in equilibrium price and quantity
comparative statistics? following a change to supply and/or demand.
-used to compare two 'statistic' states of the world-
What are comparative
before and after some innovation in supply/demand
statistics used for?
(ex: supply shock).
T/F: price/quantity change true
is also impacted by the
elasticity of supply and
demand.
3/16
QUESTIONS WITH CORRECT ANSWERS |
GRADED A+ | VERIFIED ANSWERS | LATEST
VERSION (JUST RELEASED)
Terms in this set (205)
The demand and supply market price level when the amount of a good that is
curves show the demanded holding all other factors constant.
relationship between the...
The degree to which elasticity
quantity demanded
'reacts' to price changes
can be determined with
the __ of demanded.
The law of demand states falls
that as prices rise, quantity
demanded __ (and vice-
versa).
Quantity supplied is -positively
___ (positively/negatively)
associated with price
increases, though the
degree to which quantity
supplied can respond to
price changes depends
on the elasticity of supply.
1/16
,Goods that are easily more
made (low marginal cost)
are __ (more/less) elastic
than those that are not.
Ex: capacity constraints of
a generator or factory, or
seats in a stadium
Goods that are easily -low
made are _ (low/high)
marginal cost.
What are 'comparative - changes in equilibrium price and quantity
statistics?'
T/F: If a 'determinant' of -true
demand or supply
changes, then the entire
price-quantity relationship
changes.
- an increase in demands that occurs because there
Example of comparative has been a positive income shock is expected to
statistics? increase the amount bought of a good-even holding
prices constant.
2/16
, 1. Tastes and preferences (ex: increase in demand for
organic products)
2. Income/wealth (ex: fall in restaurant demand during
recessions)
- important differences for normal goods and inferior
goods
What are the 5 important
3. Price of other related goods (ex: change in demand
demand determinants?
for taxi services after entrance of low-cost ride-share
options).
4. Exogenous shocks (Ex: change in demand for
generators following long-lasting power outage).
5. Future expectations (ex: change in demand for
toilet paper during COVID crisis).
1. Input costs (increase in supply due to innovation to
cost-saving technology).
What are the 3 primary
2. Government regulation (ex: new taxes and subsidies)
important supply
determinants?
3. Price of other goods you produce (ex: switch in
production to product that can command higher price
in the market).
What results in Resulting change in equilibrium price and quantity
comparative statistics? following a change to supply and/or demand.
-used to compare two 'statistic' states of the world-
What are comparative
before and after some innovation in supply/demand
statistics used for?
(ex: supply shock).
T/F: price/quantity change true
is also impacted by the
elasticity of supply and
demand.
3/16
