ECON 1001 CHAPTERS 3 with
complete verified solutions
A market demand curve is derived by summing (at each price) the individual
quantities demanded by all buyers in the market. - answer true
A demand schedule gives a schedule of ________ quantities demanded per
time dimension at ________. - answer alternative; different possible prices
The relative price of any commodity is its price in terms of - answer another
commodity
The price at which quantity demanded equals quantity supplied and at which
the demand curve intersects the supply curve is called the market clearing
price. - answer true
At equilibrium, there is neither excess quantity supplied nor excess quantity
demanded. - answer true
According to the law of supply, the quantity supplied of any commodity is
________ related to its price, other things being equal. - answer directly
A change in a good's own price leads to a change in quantity demanded for
any given demand curve. - answer true
Whenever there is a change in a ceteris paribus condition there will be a
change in ________, which is represented by a ________. - answer demand;
shift in the entire demand curve
If the number of firms in an industry decreases, the supply curve will shift to
the right. - answer false
complete verified solutions
A market demand curve is derived by summing (at each price) the individual
quantities demanded by all buyers in the market. - answer true
A demand schedule gives a schedule of ________ quantities demanded per
time dimension at ________. - answer alternative; different possible prices
The relative price of any commodity is its price in terms of - answer another
commodity
The price at which quantity demanded equals quantity supplied and at which
the demand curve intersects the supply curve is called the market clearing
price. - answer true
At equilibrium, there is neither excess quantity supplied nor excess quantity
demanded. - answer true
According to the law of supply, the quantity supplied of any commodity is
________ related to its price, other things being equal. - answer directly
A change in a good's own price leads to a change in quantity demanded for
any given demand curve. - answer true
Whenever there is a change in a ceteris paribus condition there will be a
change in ________, which is represented by a ________. - answer demand;
shift in the entire demand curve
If the number of firms in an industry decreases, the supply curve will shift to
the right. - answer false
