ECONOMICS 1002 (ECON 1002)

ECON 1002 Midterm Test. Question 1 A demand curve: Question 2 The income effect that results from a price change is given by: Question 3 The table below shows the quantities demanded and quantities supplied for a good at various prices. The equilibrium price and quantity for the good above respectively equal: Price Qdemanded Qsupplied $0.25 500 200 $0.50 400 400 $0.75 200 600 $1.00 100 800 Question 4 When price is below the market eq...