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1.	Which of the following is a key assumption of the supply and demand model?
A)	that the price and quantity sold are determined in a single market
B)	that the prices and quantities sold are simultaneously determined in all markets
C)	the way the whole economy achieves equilibrium
D)	that international markets affect domestic markets, which in turn affect local markets

2.	A key assumption of the supply and demand model is that:
A)	each firm's good is unique and cannot be duplicated by other firms in the market.
B)	firms will continue to raise price until profits become positive.
C)	each firm in the market produces an identical good.
D)	each firm produces at a level of output at which price exceeds marginal cost.

3.	One assumption of the supply and demand model is that:
A)	several large sellers can raise prices by restricting output.
B)	buyers with bargaining power are able to receive quantity discounts.
C)	all of the goods in the market sell for the same price.
D)	larger firms sell their products at lower prices than smaller firms.

4.	Which of the following is not an assumption underlying the supply and demand model?
A)	The focus is on supply and demand in a single market.
B)	All goods sold in the market are identical.
C)	Different firms sell their goods at different prices.
D)	There are many producers and consumers in the market.

5.	In the supply and demand model, we assume that there are _____ buyers and _____ sellers in the market.
A)	many; many
B)	several; several
C)	many; several
D)	several; many

Which of the following factors influences demand?

consumer income

II.

prices of complement goods

III.

prices of substitute goods

IV.

the number of consumers


A)	I and IV
B)	II and III
C)	I, III, and IV
D)	I, II, III, and IV

7.	Electric guitars and amplifiers are complement goods, and electric guitars and acoustic guitars are substitute goods. An increase in the price of amplifiers _____ the number of electric guitars consumers want to buy, while an increase in the price of acoustic guitars _____ the number of electric guitars consumers want to buy.
A)	increases; decreases
B)	decreases; increases
C)	decreases; decreases
D)	increases; increases

8.	Which of the following statements is TRUE?
A)	A demand curve shows the relationship between a product's price and the number of units consumers want to buy at each price, assuming there are no changes in other factors affecting demand.
B)	A demand curve shows the relationship between consumer income and the quantity purchased of some product.
C)	A demand curve shows the relationship among consumer income, price of a product, quantity supplied, and the number of units of that product consumers want to buy.
D)	A demand curve is drawn with the assumption that demand equals supply.

9.	If the demand curve is Q_D = 10 - 2P, then the lowest price at which no consumer is willing to buy the good (i.e., the demand choke price) is:
A)	10.
B)	2.
C)	7.
D)	5.

10.	The demand curve for a good is Q = 80 – 0.20P, where Q is the quantity demanded and P is the price per unit. This good's inverse demand curve is:
A)	P = 80 – 0.20Q.
B)	P = 40 – Q.
C)	P = 5Q + 40.
D)	P = 400 – 5Q.

Use the following to answer questions 11-12:

Figure 2.1

11.	(Figure 2.1) Mathematically, the demand curve D₁ is described by this equation:
A)	Q = 0.75 – P.
B)	Q = 6 – 0.75P.
C)	Q = 8 – 1.33P.
D)	P = 6 – 8P.

12.	(Figure 2.1) A salmonella outbreak would shift the demand curve for turkey from D₁ to _____, and a discovery that eating turkey reduces muscle fatigue in athletes would shift the demand curve for turkey from D₁ to _____.
A)	D₂; D₃
B)	D₃; D₂
C)	D₃; D₃
D)	D₂; D₂

13.

Which of the following will not cause demand for apples to increase or decrease?

a red

About this item

1.	Which of the following is a key assumption of the supply and demand model?
A)	that the price and quantity sold are determined in a single market
B)	that the prices and quantities sold are simultaneously determined in all markets
C)	the way the whole economy achieves equilibrium
D)	that international markets affect domestic markets, which in turn affect local markets

2.	A key assumption of the supply and demand model is that:
A)	each firm's good is unique and cannot be duplicated by other firms in the market.
B)	firms will continue to raise price until profits become positive.
C)	each firm in the market produces an identical good.
D)	each firm produces at a level of output at which price exceeds marginal cost.

3.	One assumption of the supply and demand model is that:
A)	several large sellers can raise prices by restricting output.
B)	buyers with bargaining power are able to receive quantity discounts.
C)	all of the goods in the market sell for the same price.
D)	larger firms sell their products at lower prices than smaller firms.

4.	Which of the following is not an assumption underlying the supply and demand model?
A)	The focus is on supply and demand in a single market.
B)	All goods sold in the market are identical.
C)	Different firms sell their goods at different prices.
D)	There are many producers and consumers in the market.

5.	In the supply and demand model, we assume that there are _____ buyers and _____ sellers in the market.
A)	many; many
B)	several; several
C)	many; several
D)	several; many

Which of the following factors influences demand?

consumer income

II.

prices of complement goods

III.

prices of substitute goods

IV.

the number of consumers


A)	I and IV
B)	II and III
C)	I, III, and IV
D)	I, II, III, and IV

7.	Electric guitars and amplifiers are complement goods, and electric guitars and acoustic guitars are substitute goods. An increase in the price of amplifiers _____ the number of electric guitars consumers want to buy, while an increase in the price of acoustic guitars _____ the number of electric guitars consumers want to buy.
A)	increases; decreases
B)	decreases; increases
C)	decreases; decreases
D)	increases; increases

8.	Which of the following statements is TRUE?
A)	A demand curve shows the relationship between a product's price and the number of units consumers want to buy at each price, assuming there are no changes in other factors affecting demand.
B)	A demand curve shows the relationship between consumer income and the quantity purchased of some product.
C)	A demand curve shows the relationship among consumer income, price of a product, quantity supplied, and the number of units of that product consumers want to buy.
D)	A demand curve is drawn with the assumption that demand equals supply.

9.	If the demand curve is Q_D = 10 - 2P, then the lowest price at which no consumer is willing to buy the good (i.e., the demand choke price) is:
A)	10.
B)	2.
C)	7.
D)	5.

10.	The demand curve for a good is Q = 80 – 0.20P, where Q is the quantity demanded and P is the price per unit. This good's inverse demand curve is:
A)	P = 80 – 0.20Q.
B)	P = 40 – Q.
C)	P = 5Q + 40.
D)	P = 400 – 5Q.

Use the following to answer questions 11-12:

Figure 2.1

11.	(Figure 2.1) Mathematically, the demand curve D₁ is described by this equation:
A)	Q = 0.75 – P.
B)	Q = 6 – 0.75P.
C)	Q = 8 – 1.33P.
D)	P = 6 – 8P.

12.	(Figure 2.1) A salmonella outbreak would shift the demand curve for turkey from D₁ to _____, and a discovery that eating turkey reduces muscle fatigue in athletes would shift the demand curve for turkey from D₁ to _____.
A)	D₂; D₃
B)	D₃; D₂
C)	D₃; D₃
D)	D₂; D₂

13.

Which of the following will not cause demand for apples to increase or decrease?

a red

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About this item

1.	Which of the following is a key assumption of the supply and demand model?
A)	that the price and quantity sold are determined in a single market
B)	that the prices and quantities sold are simultaneously determined in all markets
C)	the way the whole economy achieves equilibrium
D)	that international markets affect domestic markets, which in turn affect local markets

2.	A key assumption of the supply and demand model is that:
A)	each firm's good is unique and cannot be duplicated by other firms in the market.
B)	firms will continue to raise price until profits become positive.
C)	each firm in the market produces an identical good.
D)	each firm produces at a level of output at which price exceeds marginal cost.

3.	One assumption of the supply and demand model is that:
A)	several large sellers can raise prices by restricting output.
B)	buyers with bargaining power are able to receive quantity discounts.
C)	all of the goods in the market sell for the same price.
D)	larger firms sell their products at lower prices than smaller firms.

4.	Which of the following is not an assumption underlying the supply and demand model?
A)	The focus is on supply and demand in a single market.
B)	All goods sold in the market are identical.
C)	Different firms sell their goods at different prices.
D)	There are many producers and consumers in the market.

5.	In the supply and demand model, we assume that there are _____ buyers and _____ sellers in the market.
A)	many; many
B)	several; several
C)	many; several
D)	several; many

Which of the following factors influences demand?

consumer income

II.

prices of complement goods

III.

prices of substitute goods

IV.

the number of consumers


A)	I and IV
B)	II and III
C)	I, III, and IV
D)	I, II, III, and IV

7.	Electric guitars and amplifiers are complement goods, and electric guitars and acoustic guitars are substitute goods. An increase in the price of amplifiers _____ the number of electric guitars consumers want to buy, while an increase in the price of acoustic guitars _____ the number of electric guitars consumers want to buy.
A)	increases; decreases
B)	decreases; increases
C)	decreases; decreases
D)	increases; increases

8.	Which of the following statements is TRUE?
A)	A demand curve shows the relationship between a product's price and the number of units consumers want to buy at each price, assuming there are no changes in other factors affecting demand.
B)	A demand curve shows the relationship between consumer income and the quantity purchased of some product.
C)	A demand curve shows the relationship among consumer income, price of a product, quantity supplied, and the number of units of that product consumers want to buy.
D)	A demand curve is drawn with the assumption that demand equals supply.

9.	If the demand curve is Q_D = 10 - 2P, then the lowest price at which no consumer is willing to buy the good (i.e., the demand choke price) is:
A)	10.
B)	2.
C)	7.
D)	5.

10.	The demand curve for a good is Q = 80 – 0.20P, where Q is the quantity demanded and P is the price per unit. This good's inverse demand curve is:
A)	P = 80 – 0.20Q.
B)	P = 40 – Q.
C)	P = 5Q + 40.
D)	P = 400 – 5Q.

Use the following to answer questions 11-12:

Figure 2.1

11.	(Figure 2.1) Mathematically, the demand curve D₁ is described by this equation:
A)	Q = 0.75 – P.
B)	Q = 6 – 0.75P.
C)	Q = 8 – 1.33P.
D)	P = 6 – 8P.

12.	(Figure 2.1) A salmonella outbreak would shift the demand curve for turkey from D₁ to _____, and a discovery that eating turkey reduces muscle fatigue in athletes would shift the demand curve for turkey from D₁ to _____.
A)	D₂; D₃
B)	D₃; D₂
C)	D₃; D₃
D)	D₂; D₂

13.

Which of the following will not cause demand for apples to increase or decrease?

a red

About this item

1.	Which of the following is a key assumption of the supply and demand model?
A)	that the price and quantity sold are determined in a single market
B)	that the prices and quantities sold are simultaneously determined in all markets
C)	the way the whole economy achieves equilibrium
D)	that international markets affect domestic markets, which in turn affect local markets

2.	A key assumption of the supply and demand model is that:
A)	each firm's good is unique and cannot be duplicated by other firms in the market.
B)	firms will continue to raise price until profits become positive.
C)	each firm in the market produces an identical good.
D)	each firm produces at a level of output at which price exceeds marginal cost.

3.	One assumption of the supply and demand model is that:
A)	several large sellers can raise prices by restricting output.
B)	buyers with bargaining power are able to receive quantity discounts.
C)	all of the goods in the market sell for the same price.
D)	larger firms sell their products at lower prices than smaller firms.

4.	Which of the following is not an assumption underlying the supply and demand model?
A)	The focus is on supply and demand in a single market.
B)	All goods sold in the market are identical.
C)	Different firms sell their goods at different prices.
D)	There are many producers and consumers in the market.

5.	In the supply and demand model, we assume that there are _____ buyers and _____ sellers in the market.
A)	many; many
B)	several; several
C)	many; several
D)	several; many

Which of the following factors influences demand?

consumer income

II.

prices of complement goods

III.

prices of substitute goods

IV.

the number of consumers


A)	I and IV
B)	II and III
C)	I, III, and IV
D)	I, II, III, and IV

7.	Electric guitars and amplifiers are complement goods, and electric guitars and acoustic guitars are substitute goods. An increase in the price of amplifiers _____ the number of electric guitars consumers want to buy, while an increase in the price of acoustic guitars _____ the number of electric guitars consumers want to buy.
A)	increases; decreases
B)	decreases; increases
C)	decreases; decreases
D)	increases; increases

8.	Which of the following statements is TRUE?
A)	A demand curve shows the relationship between a product's price and the number of units consumers want to buy at each price, assuming there are no changes in other factors affecting demand.
B)	A demand curve shows the relationship between consumer income and the quantity purchased of some product.
C)	A demand curve shows the relationship among consumer income, price of a product, quantity supplied, and the number of units of that product consumers want to buy.
D)	A demand curve is drawn with the assumption that demand equals supply.

9.	If the demand curve is Q_D = 10 - 2P, then the lowest price at which no consumer is willing to buy the good (i.e., the demand choke price) is:
A)	10.
B)	2.
C)	7.
D)	5.

10.	The demand curve for a good is Q = 80 – 0.20P, where Q is the quantity demanded and P is the price per unit. This good's inverse demand curve is:
A)	P = 80 – 0.20Q.
B)	P = 40 – Q.
C)	P = 5Q + 40.
D)	P = 400 – 5Q.

Use the following to answer questions 11-12:

Figure 2.1

11.	(Figure 2.1) Mathematically, the demand curve D₁ is described by this equation:
A)	Q = 0.75 – P.
B)	Q = 6 – 0.75P.
C)	Q = 8 – 1.33P.
D)	P = 6 – 8P.

12.	(Figure 2.1) A salmonella outbreak would shift the demand curve for turkey from D₁ to _____, and a discovery that eating turkey reduces muscle fatigue in athletes would shift the demand curve for turkey from D₁ to _____.
A)	D₂; D₃
B)	D₃; D₂
C)	D₃; D₃
D)	D₂; D₂

13.

Which of the following will not cause demand for apples to increase or decrease?

a red

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