The relationship between a price of a good and a supply of it is positive.Select one:TrueFalse

Price of the good is one of the factors affecting the demand for a commodity.a.Falseb.True

Which statement is true?Multiple ChoiceThere is an inverse relationship between product price and quantity supplied.As product price decreases, producers are willing to put more of the good on the market for sale.To entice producers to offer more of a product on the market for sale, product price must rise.There is some price at which quantity supplied of a product is negative.

Price is the key factor that determines both quantity supplied and quantity demanded.Select one:TrueFalse

Yesterday, a seller supplied 328 units of good X at $973 per unit. Today, the same seller supplies the same quantity of good X at $625 per unit. Based on this evidence, the seller has experienced ............Question 6Select one:a.a decrease in the quantity supplied. b.an increase in supply.c.an increase in the quantity supplied.d.a decrease in supply.e.an increase in demand.Clear my choiceQuestion 7Not yet answeredMarked out of 1.00Flag questionTipsQuestion textIf the price of potato chips increases, other things being equal, demand for potato-chip dip will:Question 7Select one:a.decrease, because the goods are complements.b.increase, because the goods are substitutes.c.not change, only the quantity demanded will change.d.decrease, because the goods are substitutes.Clear my choiceQuestion 8Not yet answeredMarked out of 1.00Flag questionTipsQuestion textWhen the price of a good is above its equilibrium price:Question 8Select one:a.a shortage puts downward pressure on the price.b.a surplus puts downward pressure on the price.c.a surplus puts upward pressure on the price.d.a shortage puts upward pressure on the price.e.there will be no effect on the market response.Clear my choiceQuestion 9Not yet answeredMarked out of 1.00Flag questionTipsQuestion textAssuming cosmetics are a normal good, an increase in consumer income, other things being equal, will ..............Question 9Select one:a.cause a downward movement along the demand curve for cosmetics.b.cause an upward movement along the demand curve for cosmetics.c.shift the demand curve for cosmetics to the right.d.shift the demand curve for cosmetics to the left.Clear my choiceQuestion 10Not yet answeredMarked out of 1.00Flag questionTipsQuestion textThe effect of a decrease in the price of coffee, ceteris paribus, causes a (an):Question 10Select one:a.increase in quantity of coffee demanded.b.rightward shift in the demand curve for coffee.c.no change in the demand for coffee.d.decrease in the quantity of coffee demanded.e.leftward shift in the demand curve for coffee.

The law of supply claims that sellers will increase their supply of a good if:A.the demand for the good goes up.B.the price of the good goes up.C.the demand for the good goes down.D.the price of the good goes down