2753 words - 12 pages

Name: ________________________ Class: ___________________ Date: __________


Microeconomics Mid-term
Multiple Choice Identify the letter of the choice that best completes the statement or answers the question. Figure 6-3






1. Refer to Figure 6-3. In panel (b), with the price floor in effect, there will be a. a shortage of wheat. b. equilibrium in the market. c. a surplus of wheat. d. an excess demand for wheat. 2. The positive relationship between price and quantity supplied is called a. profit. b. a change in supply. c. a shift of the supply curve. d. the law of supply. 3. When quantity demanded decreases at every possible price, we know ...view middle of the document...

Graph C shows which of the following? a. an increase in demand and an increase in quantity supplied b. an increase in demand and an increase in supply c. an increase in quantity demanded and an increase in quantity supplied d. an increase in supply and an increase in quantity demanded 9. Refer to Figure 4-10. Which of the four graphs illustrates a decrease in quantity demanded? a. A. b. B. c. C. d. D.


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____ 10. Refer to Figure 4-10. Which of the four graphs illustrates an increase in quantity supplied? a. A. b. B. c. C. d. D. ____ 11. Suppose a producer is able to separate customers into two groups, one having an inelastic demand and the other having an elastic demand. If the producer's objective is to increase total revenue, she should a. increase the price charged to customers with the elastic demand and decrease the price charged to customers with the inelastic demand. b. decrease the price charged to customers with the elastic demand and increase the price charged to customers with the inelastic demand. c. charge the same price to both groups of customers. d. increase the price for both groups of customers. Figure 5-2

____ 12. Refer to Figure 5-2. If the price decreased from $18 to $6, a. total revenue would increase by $1,200 and demand is elastic between points A and C. b. total revenue would increase by $800 and demand is elastic between points A and C. c. total revenue would decrease by $1,200 and demand is inelastic between points A and C. d. total revenue would decrease by $800 and demand is inelastic between points A and C. ____ 13. Refer to Figure 5-2. The elasticity of demand between point B and point C, using the midpoint method, is a. 0.5. b. 0.75. c. 1.0. d. 1.3.


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Figure 4-7

____ 14. Refer to Figure 4-7. At a price of $35, a. there would be a shortage of 400 units. b. there would be a surplus of 200 units. c. there would be a surplus of 400 units. d. there would be an excess supply of 200 units. ____ 15. Refer to Figure 4-7. Equilibrium price and quantity are, respectively, a. $35 and 200. b. $35 and 600. c. $25 and 400. d. $15 and 200. ____ 16. In markets, prices move toward equilibrium because of a. the actions of buyers and sellers. b. government regulations placed on market participants. c. increased competition among sellers. d. buyers' ability to affect market outcomes. ____ 17. A decrease in supply will cause the largest increase in price when a. both supply and demand are inelastic. b. both supply and demand are elastic. c. demand is elastic and supply is inelastic. d. demand is inelastic and supply is elastic.


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____ 18. During the last few decades in the United States, health officials have argued that eating too much beef might be harmful to human health. As a result, there has been a significant decrease in the amount of beef produced. Which of the following best...

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