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Economics
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1. In free-market equilibrium, demand equals supply at the equilibrium price.

A. True

B. False

 

2. If a tax is imposed on sellers of a product the demand curve will:

a. shift upward.

b. shift downward.

c. not shift.

d. shift upward or downward depending on the elasticity of demand.

 

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Romarie Khazandra Marijuan
Romarie Khazandra MarijuanLv10
28 Sep 2019
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Related questions

A $2.00 tax levied on the sellers of birdhouses will shift the supply curve:
a. upward by exactly $2.00.
b. upward by less than $2.00.
c. downward by exactly $2.00.
d. downward by less than $2.00.

According to the law of demand, a demand curve will:

a. be upward sloping

b. shift with changes in price

c. be downward sloping

d. cannot exist

1. In a competitive market, the quantity of a product produced and the price of the product are determined by

a. buyers.

b. sellers.

c. both buyers and sellers.

d. None of the above is correct.

 

2. Which of the following statements is correct?

a. Buyers determine supply and sellers determine demand.

b. Buyers determine demand and sellers determine supply.

c. Buyers determine both demand and supply

d. Sellers determine both demand and supply

 

3. The demand for a good or service is determined by

a. those who buy the good or service

b. the government.

c. those who sell the good or service.

d. both those who buy and those who sell the good or service.

 

4. An increase in supply is represented by

a. a movement downward and to the left along a supply curve.

b. a movement upward and to the right along a supply curve.

c. a rightward shift of a supply curve.

d. a leftward shift of a supply curve

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