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CHAPTER 2 QUIZ
Question 1
The equilibrium $price is ___ and the equilibrium
quantity is ___
Question 2
At what price would there be an excess demand of
125?
Question 3
If the supply curve shifts to the left, which of the
following will be true?
Question 4
If the government sets a ceiling price of $3, which
of the following is not likely to happen.
Question 5
The current price of Thanksgiving bonnets is $20.
The quantity demanded is 2000 and the quantity supplied is 1500. If the price
is allowed to adjust to equilibrium the equilibrium quantity of bonnets
supplied will be greater than 1500. Which of the following factors is
definitely not associated with this change?
Question 6
Questions 6 and 7 refer to the figure below.
The U.S. would import rubber chickens if the world
price was
Question 7
What world price will lead the US to export rubber
chickens?
Question 8
In some markets, the supply of a product is fixed
independently of the price. For example, there is only one Mona Lisa painting,
and the supply of these paintings will not change when the price changes. In
these markets there will always be shortages. True or False?
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