The relationship between quantity supplied and price is _____ and the relationship between quantity demanded and price is _____.

When an economist says that the demand for a product has increased, this means that:

The equilibrium price and quantity in a market usually produces allocative efficiency because:

The quantity demanded of a product increases as its price declines because the:

The upward slope of the supply curve reflects the:

The relationship between quantity supplied and price is _____ and the relationship between quantity demanded and price is _____.

If we say that a price is too high to clear the market, we mean that:

What do the income and substitution effects account for?

Microeconomics Chapter 3 Quiz

interfere with the rationing function of prices.

direct, inverse

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When an economist says that the demand for a product has increased, this means that:
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The equilibrium price and quantity in a market usually produces allocative efficiency because:
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The relationship between quantity supplied and price is _____ and the relationship between quantity demanded and price is _____.
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The quantity demanded of a product increases as its price declines because the:

demand curve is downsloping.

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If an economy produces its most wanted goods but uses outdated production methods, it is:
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The quantity demanded of a product increases as its price declines because the:
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If we say that a price is too high to clear the market, we mean that:
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The equilibrium price and quantity in a market usually produces allocative efficiency because:

states that price and quantity demanded are inversely related.

producers will offer more of a product at high prices than they will at low prices.

the mix of output that will maximize society's satisfaction.

law of supply.

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The upward slope of the supply curve reflects the:
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The relationship between quantity supplied and price is _____ and the relationship between quantity demanded and price is _____.
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If we say that a price is too high to clear the market, we mean that:
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What do the income and substitution effects account for?

quantity supplied exceeds quantity demanded.

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If a legal ceiling price is set above the equilibrium price:
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If an economy produces its most wanted goods but uses outdated production methods, it is:
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If we say that a price is too high to clear the market, we mean that:
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The quantity demanded of a product increases as its price declines because the:

indicates the quantity demanded at each price in a series of prices.

marginal benefit and marginal cost are equal at that point.

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The quantity demanded of a product increases as its price declines because the:
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The equilibrium price and quantity in a market usually produces allocative efficiency because:
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If we say that a price is too high to clear the market, we mean that:
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When an economist says that the demand for a product has increased, this means that:

the downward sloping demand curve.

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The quantity demanded of a product increases as its price declines because the:
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Graphically, the market demand curve is:
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What do the income and substitution effects account for?
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Allocative efficiency involves determining:

not achieving productive efficiency.

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The quantity demanded of a product increases as its price declines because the:
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If an economy produces its most wanted goods but uses outdated production methods, it is:
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If we say that a price is too high to clear the market, we mean that:
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When an economist says that the demand for a product has increased, this means that:

the use of the least-cost method of production.

producing the combination of goods most desired by society.

result in a product surplus.