econ based off (quiz 2)
Which of the following is not a characteristic of a perfectly competitive market?
There is no free entry or exit.
Currently you purchase ten frozen pizza per month. You will graduate from college in December, and you will start a new job in January. You have no plans to purchase frozen pizzas in January. For you, frozen pizzas are
an inferior good.
A supply schedule is a table that shows the relationship between?
price and quantity supplied
Which of the following is not held constant in a supply schedule?
The price of the good
When we move along a given supply curve,
all nonprice determinants of supply are held constant.
The market supply curve
represents the sum of the quantities supplied by all the sellers at each price of the good.
Today, producers changed their expectations about the future. This change
can affect today's supply.
A baker recently has come to expect higher prices for bread in the near future. We would expect
the baker to supply less bread now than she was supplying previously.
If the demand for a product increases, then we would expect equilibrium price
and equilibrium quantity both to increase.
If the supply of a product increases, then we would expect equilibrium price
to decrease and equilibrium quantity to increase.
Which of the following events would cause both the equilibrium price and equilibrium quantity of number two grade potatoes to increase if number two grade potatoes are an inferior good?
A decrease in consumer income
Beef is a normal good. You observe that both the equilibrium price and quantity of beef have fallen over time. Which of the following explanations would be most consistent with this observation?
New medical evidence has been released that indicates a negative correlation between a person's beef consumption and life expectancy.
A yard sale is an example of a market?
True