Can someone help me with these microeconomic questions? 1. An increase in quanti
ID: 1141289 • Letter: C
Question
Can someone help me with these microeconomic questions?
1. An increase in quantity demanded refers to
a) a rightward shifts in the demand curve only
b) an increase in actual purchases
c) a movement down along a demand curve
d) a movement up along a demand curve
e) a greater willingness to purchase at each price
2. Comparative statics
a) refers to constant equilibrium prices and quantities
b) is the analysis of market equilibria under different sets of conditions
c) refers to disequilibrium prices and quantities
d) is the analysis of demand without reference to time
e) describes the path by which equilibrium price changes
3. When price exceeds its equilibrium value, the quantity actually bought and sold
a) is the quantity supplied
b) is different for consumers than for producers
c) is unknown because the market is not in equilibrium.
d) is the quantity demanded
e) is the quantity at equilibrium
4. A shift in the supply curve may be caused by any of the following except
a) An improvement in technology
b) An increase in the wage paid to labour
c) An increase in average consumer income
d) An increase in the number of firms in the industry
e) Both b) and c) are correct – neither will shift the supply curve
5. An increase in demand means that
a) Consumers buy more of the good specifically because its price ahs decreased
b) At each price, consumers desire a greater quantity
c) Consumers actually buy more of the good
d) Price has decreased
e) Consumers tastes have necessarily changed
Explanation / Answer
1. Option C.
2. Option A.
3. Option D.
4. Option c.
5. Option B.