ECN 220 ECN220 Week 2 Quiz Answers (Grand Canyon University)

ECN 220 ECN220 Week 2 Quiz

1. If there is a surplus at a given price, then:
2. A market is said to be in equilibrium when:
3. Which determinant of demand changes in the personal computer market as more individuals become interested in "surfing the Internet"?
4. At the equilibrium price, there are:
5. According to the law of demand, a demand curve:
6. If bagels and donuts are substitutes, then a decrease in the price of donuts will result in:
7. The term market mechanism refers to:
8. Which of the following is a determinant of supply?
9. Ceteris paribus, if the price of a digital camera rises, then we can expect:
10. The law of supply implies that:
11. If there is a shortage at a given price, then:
12. Peanut butter and jelly are complements. A decrease in the price of one will result in:
13. Which of the following events would cause a rightward shift in the market supply curve for automobiles?
14. The equilibrium price and quantity in the above graph are, respectively:
15. If the actual market price were fixed at $15 per unit in the above graph: