1|Page
ECON 300 EXAM 1 || MOST RECENT EXAM ACTUAL
COMPLETE 122 REAL VERIFIED EXAM QUESTIONS
AND CORRECT ANSWERS (VERIFIED ANSWERS)
ALREADY GRADED A+ | GUARANTEED SUCCESS!!
NEWEST EXAM!!!
If the demand curve is QD = 10 − 2P, then the lowest price
at which no consumer is willing to buy the good (i.e., the
demand choke price) is: - Answer-5.
When the prevailing price is above the price where supply
intersects demand: - Answer-price falls because there is a
surplus, so producers cut prices to try to attract buyers.
Which of the following would cause an increase in the
quantity demanded of pizza? - Answer-an increase in the
supply of pizza
If demand increases and supply increases: - Answer-
equilibrium price will be uncertain and equilibrium quantity
will increase.
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If supply decreases: - Answer-equilibrium price increases
and equilibrium quantity decreases.
If supply increases and demand decreases: - Answer-
equilibrium price will decrease and equilibrium quantity will
be uncertain.
If demand decreases: - Answer-equilibrium price
decreases and equilibrium quantity decreases.
If the inverse demand curve is P = 12 − 2QD and the
inverse supply curve is P = 4QS, then the equilibrium price
and quantity are: - Answer-Pe = 8; Qe = 2.
A decrease in supply: - Answer-creates excess demand,
causing equilibrium price to increase.
A decrease in demand: - Answer-produces excess supply,
causing equilibrium price to decrease.
The impact of an increase in demand on equilibrium price
will be bigger when: - Answer-supply is steeper.
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When the prevailing price is below the price where supply
intersects demand: - Answer-price rises because a
shortage, so buyers bid up the price.
If the cross-price elasticity between two goods is positive,
then the goods are: - Answer-substitutes.
If the income elasticity of a good is positive, then the good
is: - Answer-normal.
When demand increases: - Answer-the demand curve
shifts to the right.
What will not cause demand for apples to increase or
decrease? - Answer-a reduction in the price of apples
If the price of crude oil increases and the number of
people who own cars falls: - Answer-the equilibrium price
of gasoline will be uncertain and equilibrium quantity of
gasoline will decrease.
ECON 300 EXAM 1 || MOST RECENT EXAM ACTUAL
COMPLETE 122 REAL VERIFIED EXAM QUESTIONS
AND CORRECT ANSWERS (VERIFIED ANSWERS)
ALREADY GRADED A+ | GUARANTEED SUCCESS!!
NEWEST EXAM!!!
If the demand curve is QD = 10 − 2P, then the lowest price
at which no consumer is willing to buy the good (i.e., the
demand choke price) is: - Answer-5.
When the prevailing price is above the price where supply
intersects demand: - Answer-price falls because there is a
surplus, so producers cut prices to try to attract buyers.
Which of the following would cause an increase in the
quantity demanded of pizza? - Answer-an increase in the
supply of pizza
If demand increases and supply increases: - Answer-
equilibrium price will be uncertain and equilibrium quantity
will increase.
,2|Page
If supply decreases: - Answer-equilibrium price increases
and equilibrium quantity decreases.
If supply increases and demand decreases: - Answer-
equilibrium price will decrease and equilibrium quantity will
be uncertain.
If demand decreases: - Answer-equilibrium price
decreases and equilibrium quantity decreases.
If the inverse demand curve is P = 12 − 2QD and the
inverse supply curve is P = 4QS, then the equilibrium price
and quantity are: - Answer-Pe = 8; Qe = 2.
A decrease in supply: - Answer-creates excess demand,
causing equilibrium price to increase.
A decrease in demand: - Answer-produces excess supply,
causing equilibrium price to decrease.
The impact of an increase in demand on equilibrium price
will be bigger when: - Answer-supply is steeper.
, 3|Page
When the prevailing price is below the price where supply
intersects demand: - Answer-price rises because a
shortage, so buyers bid up the price.
If the cross-price elasticity between two goods is positive,
then the goods are: - Answer-substitutes.
If the income elasticity of a good is positive, then the good
is: - Answer-normal.
When demand increases: - Answer-the demand curve
shifts to the right.
What will not cause demand for apples to increase or
decrease? - Answer-a reduction in the price of apples
If the price of crude oil increases and the number of
people who own cars falls: - Answer-the equilibrium price
of gasoline will be uncertain and equilibrium quantity of
gasoline will decrease.
