1. The \"law of demand\" indicates that if Eastern College increases the price o
ID: 1184375 • Letter: 1
Question
1. The "law of demand" indicates that if Eastern College increases the price of tuition, all other things remaining the same (ceteris paribus),
a) the demand for classes will decrease at Eastern college.
b) the demand for classes will increase at Eastern college.
c) the quantity of classes demanded will increase at Eastern college.
d) he quantity of classes demanded will decrease at Eastern college.
2. The maximization goals of the primary economic entities in the economy are:
a) income for consumers, profits for businesses, and taxes for government.
b) goods and services for consumers, scarce resources for business, and resources not used by business government.
c) satisfaction from purchases for consumers, profits for businesses, and general well-being of its citizens for government.
d) available goods and services for consumers, scarce resources for businesses, and general welfare for government.
3. Teenagers demand more soda than other age groups. If the number of teenagers increases, everything else remaining the same (ceteris paribus),
a) market demand for soda increases.
b) market demand for soda decreases.
c) market demand for soda does not change.
d) there is a movement along the market demand curve for soda.
4. If the price system is allowed to function without interference and a surplus occurs, quantity demanded will _______________ and quantity supplied will _____________ as the price falls.
a) rise; rise
b) fall; fall
c) rise; fall
d) fall; rise
e) remain the same; remain the same
5. Pizza and tacos are substitutes and the price of a pizza increases. which of the following correctly indicates what happens?
a) the demand for pizzas decreases and demand for tacos increases.
b) the demand for both goods decreases.
c) the quantity of tacos demanded increases and the quantity of pizza demanded decreases
Explanation / Answer
he quantity of classes demanded will decrease at Eastern college. ==================================================================== 3.market demand for soda increases. ================================================================== 4.rise, fall =============================================== 5 The quantity of pizza demanded decreases and the demand for tacos increases.
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