Quiz 4

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Chapter 3: Demand and Supply

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Quiz 4

This activity contains 10 questions.

Suppose you notice that when there was a large increase in the price of eggs there was a decrease in the quantity of pancake mix sold. From this you conclude that

eggs are not subject to the law of demand.eggs and pancake mix are complements.pancake mix is not subject to the law of demand.eggs and pancake mix are substitutes.

As the price of diamonds rises,

there will be a decrease in the quantity of diamonds supplied.there will be a decrease in the quantity of diamonds demanded.there will be a decrease in demand for diamonds.there will be an increase in the supply of diamonds.

Other things remaining equal, if the supply of gasoline shifts to the left

both the equilibrium price and quantity of gasoline will rise.the equilibrium price of gasoline will fall and the equilibrium quantity will rise.the equilibrium price of gasoline will rise and the equilibrium quantity will fall.both the equilibrium price and quantity of gasoline will fall.

A change in supply can be caused by a change in

tastes and preferences regarding the good.production costs.consumer incomes.the price of a substitute good.

Match the graph to the situation being described.

A matching question presents 6 answer choices and 6 items. The answer choices are lettered A through F. The items are numbered 5.1 through 5.6. Screen readers will read the answer choices first. Then each item will be presented along with a select menu for choosing an answer choice. Using the pull-down menus, match each item in the left column to the corresponding item in the right column.

	Graph A.
	Graphs B and D.
	Graph D.
	Graph C
	Graph B.
	Graphs A and C.

5.1 Increase in demand.
5.2 Decrease in demand.
5.3 Change in quantity demanded.
5.4 Increase in supply.
5.5 Decrease in supply.
5.6 Change in quantity supplied.

If the price of parking in Manhattan were to double, many more people would take the train into Manhattan because

the increase in parking fees would lead to a decline in train fares.autos and public transportation are complements.autos and public transportation are substitutes.All of the above.

The one thing that does NOT lead to a shift in the supply or demand curves of a good is

a change in technology.a change in population.a change in the price of that good.a change in tastes and preferences.

Ticket scalpers are able to receive prices for tickets above face value because

there are more people wishing to attend the event than there are tickets available, so the price is rising to eliminate the shortage.there are more tickets available than the public is willing to buy, so scalpers increase the price in order to make the event appear desirable.there are more people wishing to attend the event than there are tickets available, so price is rising to eliminate the surplus.they have convinced consumers to change their preference regarding the event.

Other things remaining equal, if the cost of providing dry cleaning services rises,

the demand for dry cleaning will decrease.the supply of dry cleaning will shift to the left.the equilibrium price of dry cleaning will fall.there will be no change in the equilibrium price of dry cleaning, but fewer people will use the service.

All of the following will decrease the supply of airline flights except

an increase in the salaries of pilots.a reduction in the number of airline companies offering service.a technological change that makes airplanes easier to maintain and more fuel-efficient.a rise in the price of jet fuel.

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