MTEL Business: Supply & Demand in Microeconomics Chapter Exam

Exam Instructions:

Choose your answers to the questions and click 'Next' to see the next set of questions. You can skip questions if you would like and come back to them later with the yellow "Go To First Skipped Question" button. When you have completed the practice exam, a green submit button will appear. Click it to see your results. Good luck!

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Question 1 1. One of the toy company's products is a baby item that simulates a car driving. It can be attached to a crib to help soothe babies to sleep. No other product like this is available. What type of demand would this product likely have?

Question 2 2. The supply curve is _____ sloping, which means that _____ of a good will be supplied at higher prices.

Question 3 3. _____ is the curve that shows how much of a good will be demanded by consumers at various price points.

Question 4 4. Which of the following intersect at market equilibrium?

Question 5 5. _____ refers to a specific quantity offered for sale at a specific price.

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Question 6 6. When there is excess demand or a shortage of goods and services, this puts _____ pressure on prices.

Question 7 7. If a shoe store was running a big sale over the weekend, what would they be hoping to do?

Question 8 8. A demand chart or schedule is the _____

Question 9 9. Movement along the supply and demand curve is caused by changes in the quantity demanded or quantity supplied as a result of _____ changes.

Question 10 10. Bob sees a tablet for sale at the electronics store that he has seen before, but now the price is higher. According to the law of supply, what will happen, assuming all other factors are held constant?

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Question 11 11. _____ is when the amount of goods or services sought by buyers is equal to the amount of goods or services produced by sellers.

Question 12 12. If the price of televisions were to fall, then how would the market be affected?

Question 13 13. All of the following can cause demand to shift, EXCEPT:

Question 14 14. On a normal demand curve, if we know an individual will demand five units of a good when the good is priced at $5, what statement is MOST LIKELY true if the price of the good changes to $4?

Question 15 15. _____ refers to the various quantities offered for sale at various prices.

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Question 16 16. All of the following are true about the demand curve in microeconomics, except what?

Question 17 17. If a shift factor of demand causes a shift of the demand curve to the right, what will most likely happen?

Question 18 18. When demand for a product is greater than supply, a _____ exists and there is _____ pressure on prices.

Question 19 19. Why does internet piracy cause the supply curve to shift to the left?

Question 20 20. A _____ demand curve is a horizontal sum of all the individual demand curves put together.

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Question 21 21. If a new clothing brand becomes more popular because some recent movie stars endorsed the clothing line, how will it affect the market equilibrium for the clothing brand?

Question 22 22. If the supply curve shifts to the left, what most likely happened?

Question 23 23. All of the following can cause the supply curve to shift, EXCEPT:

Question 24 24. What is the price at which demand and supply are equal?

Question 25 25. Bribery can be _____, but of course is illegal.

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Question 26 26. How does innovation impact the supply and demand curve?

Question 27 27. A movement along the supply curve is caused by:

Question 28 28. Which of the following BEST describes the intersection between supply and demand?

Question 29 29. How does advertising impact the supply and demand curve?

Question 30 30. How is an individual demand curve created?

MTEL Business: Supply & Demand in Microeconomics Chapter Exam Instructions

Choose your answers to the questions and click 'Next' to see the next set of questions. You can skip questions if you would like and come back to them later with the yellow "Go To First Skipped Question" button. When you have completed the practice exam, a green submit button will appear. Click it to see your results. Good luck!

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