ECON 110 FINAL ZIRLOTT EXAM QUESTIONS
WITH CORRECT ANSWERS 2026/2027
Quantity Demanded - CORRECT ANSWER -Specific point on demand curve at a given price
Demand Schedule - CORRECT ANSWER -a table that shows the relationship between the price of
a good and the quantity demanded
Quantity Supplied - CORRECT ANSWER -the QS supplied of any good is the amount that sellers
are willing and able to sell at a specific price.
Law of Demand - CORRECT ANSWER -As price increases, quantity demanded decreases
Market Demand - CORRECT ANSWER -sum of qd's of each buyer at a given price
Demand Curve Shifters - CORRECT ANSWER -Number of buyers, Income, Price of related goods,
taste, Expectations
Number of buyers - CORRECT ANSWER -increase: shift right
decrease: shift left
Income - CORRECT ANSWER -Normal goods: shift right
Inferior goods: shift left
Price of related goods - CORRECT ANSWER -Substitutes: increase in price for one good causes
increase of demand of another
Compliments: Increase in price for one good creates less demand for another (peanut butter
and jelly)
, Taste - CORRECT ANSWER -Shift in taste towards goods increase their quantity demanded
(Atkins diet causing increased demand for protein)
Expectations - CORRECT ANSWER -People expecting their income to rise cause higher demand
for expensive meals at nice restaurants
Factors Affecting Supply - CORRECT ANSWER -Price of inputs, production technology, number of
sellers, expectations
Price of inputs - CORRECT ANSWER -increased costs make production less profitable, shift left
and vice versa
Production technology - CORRECT ANSWER -more efficient, lower cost, higher production, shift
right
Number of sellers - CORRECT ANSWER -More: shift right
Less: shift left
Expectations of supply - CORRECT ANSWER -Shortage: upward pressure
Surplus: downward pressure
Law of Supply - CORRECT ANSWER -As price increases, quantity supplied increases
Supply curve - CORRECT ANSWER -a set if various quantities supplied at corresponding prices
Supply Schedule - CORRECT ANSWER -a table that shows the relationship between the price of a
good and the quantity supplied
WITH CORRECT ANSWERS 2026/2027
Quantity Demanded - CORRECT ANSWER -Specific point on demand curve at a given price
Demand Schedule - CORRECT ANSWER -a table that shows the relationship between the price of
a good and the quantity demanded
Quantity Supplied - CORRECT ANSWER -the QS supplied of any good is the amount that sellers
are willing and able to sell at a specific price.
Law of Demand - CORRECT ANSWER -As price increases, quantity demanded decreases
Market Demand - CORRECT ANSWER -sum of qd's of each buyer at a given price
Demand Curve Shifters - CORRECT ANSWER -Number of buyers, Income, Price of related goods,
taste, Expectations
Number of buyers - CORRECT ANSWER -increase: shift right
decrease: shift left
Income - CORRECT ANSWER -Normal goods: shift right
Inferior goods: shift left
Price of related goods - CORRECT ANSWER -Substitutes: increase in price for one good causes
increase of demand of another
Compliments: Increase in price for one good creates less demand for another (peanut butter
and jelly)
, Taste - CORRECT ANSWER -Shift in taste towards goods increase their quantity demanded
(Atkins diet causing increased demand for protein)
Expectations - CORRECT ANSWER -People expecting their income to rise cause higher demand
for expensive meals at nice restaurants
Factors Affecting Supply - CORRECT ANSWER -Price of inputs, production technology, number of
sellers, expectations
Price of inputs - CORRECT ANSWER -increased costs make production less profitable, shift left
and vice versa
Production technology - CORRECT ANSWER -more efficient, lower cost, higher production, shift
right
Number of sellers - CORRECT ANSWER -More: shift right
Less: shift left
Expectations of supply - CORRECT ANSWER -Shortage: upward pressure
Surplus: downward pressure
Law of Supply - CORRECT ANSWER -As price increases, quantity supplied increases
Supply curve - CORRECT ANSWER -a set if various quantities supplied at corresponding prices
Supply Schedule - CORRECT ANSWER -a table that shows the relationship between the price of a
good and the quantity supplied
