Demand, Supply, Equilibrium

Question 1

(T/F) Demand is a schedule of amount, will be offered

Answer 1

False

Question 2

(T/F) Price and Quantity Demanded are negatively related

Answer 2

True

Question 3

(T/F) Law of Supply, Price Increase, Supply Increase

Answer 3

False

Question 4

(T/F) Relation between a change in demand-in equilibrium price is direct

Answer 4

True

Question 5

(T/F) Upon equilibrium, increase supply, will cause a decrease in equilibrium price

Answer 5

True

Question 6

(T/F) Increase in demand meands that QD at each price in the schedule has increases

Answer 6

True

Question 7

(T/F) Price of substitutes tend to change in opposite direction.

Answer 7

False

Question 8

(T/F) When the supply shifted to the right, the QS at each price has decrease.

Answer 8

False

Question 9

(T/F) When the price of the good reaches the equilibrium price, there is either a surplus or shortage.

Answer 9

False

Question 10

(T/F) Changes in people’s income can trigger demand to increase or decrease.

Answer 10

True