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Microeconomic Concepts Quiz: Supply, Demand, and Market Equilibrium Quiz 3

Quiz on microeconomic concepts.

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Microeconomic Concepts Quiz: Supply, Demand, and MarketEquilibriumQuiz 31.Which of the following is the most likely effect of higher chicken prices on theprice and quantity purchased of beef, a substitute product?a.The price of beef willincrease, and the quantity purchased willincrease2.In Figure 3-3, If the initial demand for margarine were D1, the impact of anincrease in the price of margarine from $0.35 to $0.40 per pound onconsumer purchases would be illustrated asa.2 a shift in demand curve to D33.Which of the following events would decrease producer surplus?a.All of the above are correct4.Andrew decides that he would pay as much as $3,000 for a new laptopcomputer. He buys the computer and realizes consumer surplus of $700.How much did Andrew pay for his computer?a.$2,3005.How would a decrease in consumer income affect the market for newfurniture?a.Demand would decrease, leading to a reduction in price and areduction in quantity sold.6.Ceteris paribus, an increase in the price of a good will cause thea.Producer surplus derived from the good to increase7.If price falls, what happens to the quantity demanded for a product?a.It increases8.Other things constant, an increase in consumer income willa.Shift the demand curve for automobiles to the right9.How will an increase in lumber prices influence the home constructionmarket?a.The supply of newly constructed homes will decrease10.If the quantity of a good supplied is not very sensitive to the price of thegood, this is illustrated by aa.Supply curve that is relatively steep (more vertical)

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