An exam on the relationship of demand and supply

Suppose it is observed that initially increases in income cause consumption of hamburger to rise but that as income continues to rise consumption of hamburger begins to decline. We move along the supply curve. Answers to these quiz questions are also available.

All of the Above When college students leave town for the summer, the demand for meals at the local restaurants declines. This is not simply a move along the demand curve.

Supply demand and equilibrium practice problems answers

One purpose of advertising is to: A. This allows both the price of Christmas trees and the quantity sold of Christmas trees to rise. We move along the supply curve. Answer: We know that the equilibrium quantity will be where supply meets or equals demand. Answer: No. When a price ceiling is imposed above the equilibrium price, a shortage results. Which one of the following would be most likely to cause the demand for firewood to increase?

As a household's average income rises, we usually expect: A. The supply curve shifts right. Answer: No. Which of the following will NOT, all else equal, cause demand for good A to change?

supply and demand practice problems high school

Consider automobiles and automobile tires. This would imply that hamburger: A.

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Supply, demand, and market equilibrium