ECON 202 OLE MISS ACTUAL EXAM
2025-2026 WITH QUESTIONS AND
CORRECT ANSWERS | GRADED A+ |
ECON 202 LATEST EXAM
If a shortage exists in a market, then we know that the actual price is
a.
above the equilibrium price, and quantity demanded is greater than quantity
supplied.
b.
above the equilibrium price, and quantity supplied is greater than quantity
demanded.
c.
below the equilibrium price, and quantity demanded is greater than quantity
supplied.
d.
below the equilibrium price, and quantity supplied is greater than quantity
demanded. - ANSWER-C
A competitive market is one in which there
,a.
is only one seller, but there are many buyers.
b.
are so many buyers and so many sellers that each has a negligible impact on the
price of the product.
c.
are many sellers, and each seller has the ability to set the price of his product.
d.
are many sellers, and they compete with one another in such a way that some
sellers are always being forced out of the market. - ANSWER-B
A decrease in the number of sellers in the market causes
a.
the supply curve to shift to the left.
b.
a movement up and to the right along a stationary supply curve.
c.
the supply curve to shift to the right.
d.
a movement downward and to the left along a stationary supply curve. -
ANSWER-A
Equilibrium price must decrease when demand
a.
increases and supply does not change, when demand does not change and supply
decreases, and when demand increases and supply decreases simultaneously.
,b.
decreases and supply does not change, when demand does not change and supply
increases, and when demand decreases and supply increases simultaneously.
c.
increases and supply does not change, when demand does not change and supply
decreases, and when demand decreases and supply increases simultaneously.
d.
decreases and supply does not change, when demand does not change and supply
increases, and when demand increases and supply decreases simultaneously. -
ANSWER-B
A leftward shift of a supply curve is called a(n)
a.
increase in supply.
b.
decrease in quantity supplied.
c.
increase in quantity supplied.
d.
decrease in supply. - ANSWER-D
A leftward shift of a demand curve is called a(n)
a.
decrease in quantity demanded.
b.
decrease in demand.
, c.
increase in demand.
d.
increase in quantity demanded. - ANSWER-B
The supply of a good or service is determined by
a.
both those who buy and those who sell the good or service.
b.
the government.
c.
those who buy the good or service.
d.
those who sell the good or service. - ANSWER-D
A likely example of substitute goods for most people would be
a.
pencils and pens.
b.
televisions and subscriptions to cable television services.
c.
peanut butter and jelly.
d.
tennis balls and tennis rackets. - ANSWER-A
2025-2026 WITH QUESTIONS AND
CORRECT ANSWERS | GRADED A+ |
ECON 202 LATEST EXAM
If a shortage exists in a market, then we know that the actual price is
a.
above the equilibrium price, and quantity demanded is greater than quantity
supplied.
b.
above the equilibrium price, and quantity supplied is greater than quantity
demanded.
c.
below the equilibrium price, and quantity demanded is greater than quantity
supplied.
d.
below the equilibrium price, and quantity supplied is greater than quantity
demanded. - ANSWER-C
A competitive market is one in which there
,a.
is only one seller, but there are many buyers.
b.
are so many buyers and so many sellers that each has a negligible impact on the
price of the product.
c.
are many sellers, and each seller has the ability to set the price of his product.
d.
are many sellers, and they compete with one another in such a way that some
sellers are always being forced out of the market. - ANSWER-B
A decrease in the number of sellers in the market causes
a.
the supply curve to shift to the left.
b.
a movement up and to the right along a stationary supply curve.
c.
the supply curve to shift to the right.
d.
a movement downward and to the left along a stationary supply curve. -
ANSWER-A
Equilibrium price must decrease when demand
a.
increases and supply does not change, when demand does not change and supply
decreases, and when demand increases and supply decreases simultaneously.
,b.
decreases and supply does not change, when demand does not change and supply
increases, and when demand decreases and supply increases simultaneously.
c.
increases and supply does not change, when demand does not change and supply
decreases, and when demand decreases and supply increases simultaneously.
d.
decreases and supply does not change, when demand does not change and supply
increases, and when demand increases and supply decreases simultaneously. -
ANSWER-B
A leftward shift of a supply curve is called a(n)
a.
increase in supply.
b.
decrease in quantity supplied.
c.
increase in quantity supplied.
d.
decrease in supply. - ANSWER-D
A leftward shift of a demand curve is called a(n)
a.
decrease in quantity demanded.
b.
decrease in demand.
, c.
increase in demand.
d.
increase in quantity demanded. - ANSWER-B
The supply of a good or service is determined by
a.
both those who buy and those who sell the good or service.
b.
the government.
c.
those who buy the good or service.
d.
those who sell the good or service. - ANSWER-D
A likely example of substitute goods for most people would be
a.
pencils and pens.
b.
televisions and subscriptions to cable television services.
c.
peanut butter and jelly.
d.
tennis balls and tennis rackets. - ANSWER-A
