1.Which of the following is held constant along a demand curve? A) Tastes and preferences. B) Household income C) The price of substitute goods D) All of the above
1.Which of the following is held constant along a demand curve?
A) Tastes and preferences. B) Household income
C) The
2.Reasons for supply curves being positively sloped include:
A) typically, as output rises, unit costs rise, so price must also rise.
B) firms always want to raise prices to boost profits.
C) the higher the demand for a good the more firms can charge.
D) all of the above.
3.Inferior goods are best defined as
A) goods that only those who are relatively poor purchase.
B) goods that have higher-quality alternatives.
C) goods whose demand falls as people's income rises.
D) goods whose supply falls as people's income rises
4.An increase in supply, not caused by a change in market price, is represented by
A) a move down the given supply curve. B) a move up the given supply curve.
C) a rightward shift of the supply curve. D) A and C
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