Changes In Which One Of The Following Will Not Shift The Demand Curve In The Short Run?

All the following questions are from previous exams for Economics 103. They are duplicates of the questions found in the Topic sub-sections.

Exercises 3.2

ane. A heir-apparent has purchased three units of skilful X. The marginal benefit of the quaternary unit of X exceeds the marginal price of the fourth unit of good X. Which of the following reasons explains why the heir-apparent should purchase the fourth unit?

I.The marginal net benefit of the fourth unit of measurement is positive.
II. Ownership the fourth unit will increase full benefits by more total costs.
Three. Buying the fourth unit volition increase total benefits and decrease total costs.

a) I only
b) I and II simply
c) II only
d) I, II, Iii

two. According to marginal analysis, optimal controlling involves:

a) Taking actions whenever the marginal benefit is positive.
b) Taking actions only if the marginal price is zero.
c) Taking actions whenever the marginal benefit exceeds the marginal cost.
d) All of the higher up.

The following TWO questions refer to an private's need curve diagram, illustrated below.

3. If the toll of this good is $one per unit, what volition be the quantity demanded?

a) 5.
b) 10.
c) 15.
d) 20.

4. What are the Total benefits to this individual if she consumes 10 units of the good?

a) $five.
b) $x.
c) $xx.
d) $30.

5. The demand curve for a good is derived from the:

a) Marginal cost of the good.
b) Marginal do good of the good.
c) Marginal benefits of the good minus marginal costs of the good.
d) Product Possibilities Frontier

6. Which of the following statements about need curves is TRUE?

I. The "Police of Demand" holds if a consumer'due south marginal benefit is lower at higher quantities consumed than it is at lower quantities consumed.
II. If the consumer's marginal do good is the same no matter what quantity is consumed, then her demand curve will exist vertical.
III. All else equal, the marginal benefit of consuming a normal good will be college for richer consumers than for poorer consumers.

a) Three only.
b) I and Ii just.
c) I and III simply.
d) I just.

The following 4 questions refer to the diagram below, which illustrates a consumer's demand curve for a skilful.

7. If the toll of this skilful is $30, what quantity volition be demanded?

a) 5 units.
b) ten units.
c) 15 units.
d) twenty units.

eight. If the price of this proficient is $xx, what quantity will exist demanded?

a) 5 units.
b) x units.
c) 15 units.
d) 20 units.

ix. If the price of this good is $20, what will consumer surplus equal?

a) $100.
b) $200.
c) $300
d) $400.

10. If the price of this good falls from $30 to $xx, merely the consumer is prohibited from ownership more than v units of the good, past how much will consumer surplus increase?

a) $100.
b) $75.
c) $50
d) $25.

Exercises three.3

1. Which of the following statements about demand curves is TRUE?

a) If price falls and quantity demanded increases, this is represented by a move along a given demand curve.
b) If cost falls and quantity demanded increases, this is represented by a shift of the demand curve.
c) If cost falls and quantity demanded increases, this can be represented by either a movement forth a given demand curve, or a shift of the demand bend.
d) None of the above are true.

2. Which of the post-obit is Non a determinant of the demand for skilful X?

a) The income of consumers who buy good X.
b) The cost of labor used to produce proficient X.
c) The price of good Y, a complement to 10.
d) The number of buyers of good X.

iii. Which of the following will upshot in a DECREASE in need (i.due east., a leftward shift of the demand curve)?

a) An increase in income, if the good is normal.
b) A subtract in the price of a complement to the good.
c) An increment in the price of a substitute for the good.
d) None of the above.

four. Suppose that my daily marginal do good from drinking coffee increases by $2 per cup. Which of the following represents the effect of this on my java need curve?

5. Which of the post-obit is Not a determinant of the demand for adept X?

a) The cost of labor used to produce good 10.
b) The price of good X.
c) The income of consumers who buy good X.
d) The toll of good Y, which is a substitute for proficient X.

6. Which of the post-obit IS a determinant of the need for good X?

a) The income of consumers who buy proficient 10.
b) The toll of labor used to produce expert X.
c) The supply of practiced 10.
d) The number of sellers of good X.

7. A subtract in quantity demanded is, graphically, represented by:

a) A leftward shift in the demand curve.
b) A rightward shift in the demand curve.
c) A motility up and to the left along a demand bend.
d) A motility down and to the right forth a demand curve.

viii. Suppose goods X and Y are substitutes. Which of the following is TRUE?

a) An increase in the price of X will result in a subtract in the equilibrium cost of Y.
b) An subtract in the price of X volition result in an increase in the equilibrium quantity of Y.
c) An increase in the price of X will event in an increase in the equilibrium quantity of Y.
d) More than one of the in a higher place is true.

ix. If cookies are a normal skillful and incomes increase, we would expect:

a) An increase in equilibrium cost and a subtract in equilibrium quantity.
b) A subtract in equilibrium cost and an increase in equilibrium quantity.
c) A decrease in equilibrium cost and equilibrium quantity.
d) An increment in equilibrium cost and equilibrium quantity.

10. A decrease in need is, graphically, represented by:

a) A leftward shift in the demand bend.
b) A rightward shift in the need curve.
c) A movement up and to the left along a demand bend.
d) A movement down and to the correct along a demand curve.

eleven. The diagram beneath illustrates iii possible demand curves for coconuts.

Suppose that coconuts and pineapples are substitutes. If the price of pineapples increases, which of the following movements will represent the effect of this in the market place for coconuts?

a) A to C.
b) A to B.
c) B to A.
d) B to E.

The post-obit TWO questions refer to the diagram below.

12. If the price of this good is $20, what will be the quantity demanded?

a) 10.
b) 20.
c) 30.
d) 40.

13. If the price of this good is $threescore, what volition consumer surplus equal?

a) $l.
b) $100.
c) $150.
d) $200.

xiv. The following question refers to the diagram beneath, which illustrates an individual'due south demand bend for a good.

If the price of this good falls from P _ane to P ₂ , then consumer surplus will _____ past areas _____.

a) increase; B+D.
b) decrease; B+D.
c) increment; A+B+D.
d) subtract; A.

15. Consider the diagram below.

At the equilibrium in this market place, which area represents CONSUMER surplus?

a) There is no consumer surplus.
b) Area westward.
c) Area x + y.
d) Area w + y.

xvi. Which of the following CANNOT issue in a shift of the demand bend for a proficient?

a) A change in consumers' incomes.
b) A change in the toll of the good.
c) A change in the price of a complement to the good.
d) All of the above will shift the demand curve.

17. Suppose the price of good Ten increases. If X and Y are substitutes, then, in the market for expert Y, nosotros would expect:

a) An increase in both the equilibrium cost and quantity.
b) A decrease in the equilibrium price and an increase in the equilibrium quantity.
c) An increase in the equilibrium price and a decrease in the equilibrium quantity.
d) A decrease in both the equilibrium price and quantity.

18. If coffee and milk are complements, then which of the following volition occur if the toll of java increases?

a) The quantity of java demanded will increment.
b) The quantity of coffee supplied will decrease.
c) The need for milk will increase.
d) The demand for milk will decrease.

xix. Consumer surplus is equal to:

a) Revenue received for a good minus that skilful'south cost of product.
b) The corporeality of money a consumer is willing to pay for a good.
c) The opportunity toll of a adept.
d) None of the higher up.

twenty. The diagram beneath illustrates iii possible need curves for coconuts.

Suppose that (i) coconuts are an inferior good and (2) consumer incomes subtract. Which of the following movements could stand for the event of this in the marketplace for coconuts?

a) A to C.
b) B to A.
c) C to A.
d) B to East.

Exercises 3.4

1. An individual producer'due south supply curve for a good is derived from:

a) The preferences of consumers of that skilful.
b) The income of consumers of that skilful.
c) The marginal price of producing that good.
d) All of the above.

The following TWO questions refer to the supply bend diagram below.

2. If price is $8 per unit, quantity supplied will equal:

a) 10.
b) 20.
c) thirty.
d) forty.

3. If quantity supplied increases from 10 to 20 units, the producer's total costs volition increase past:

a) $20.
b) $30.
c) $forty.
d) $80.

4. Which of the post-obit statements well-nigh supply curves is True?

a) The "law of supply" states that as toll rises, quantity supplied as well rises.
b) If the marginal toll of producing a good is higher at high levels of output than at low levels of output, then the supply curve for that good is upwards sloping.
c) Both a) and b) are true.
d) Neither a) nor b) are true.

five. When deciding how much of a detail good to produce, a producer should:

a) Keep producing more units until the total benefits equal the full costs.
b) Always produce an additional unit of measurement if price is greater than marginal cost.
c) Never produce an additional unit of measurement if its marginal toll is higher than the marginal cost of previously produced units.
d) Always produce at boosted unit if toll is greater than zero.

The following TWO questions refer to the diagram below, which illustrates a supply curve.

half-dozen. In gild for quantity supplied to equal half dozen units, the cost per unit must be:

a) $1.
b) $2.
c) $three.
d) $4.

7. If the price of this good is $4 per unit of measurement, then what does producer surplus equal?

a) $32.
b) $24.
c) $xvi.
d) $12.

eight. The diagram beneath illustrates a supply curve.

If the toll of this good is $2 per unit of measurement, so what will be the quantity supplied?

a) 0.
b) 1.
c) 2.
d) three.

9. Sarah is selling her used truck. The minimum corporeality she needs to exist paid for the truck is $five,000. She advertises the truck on usedvictoria.com for $viii,000, and eventually sells the truck for $6,000. Her producer surplus is equal to _____.

a) $1,000.
b) $ii,000.
c) $iii,000.
d) $half-dozen,000.

Exercises 3.five

1. Which of the following will NOT shift the market supply curve of expert X?

a) A alter in the toll of inputs used to produce skillful Ten.
b) A change in the technology used to produce X.
c) A modify number of sellers of proficient 10.
d) A modify in the price of expert X.

ii. Which of the following is Not a determinant of the supply of proficient X?

a) The cost of inputs used to produce practiced Ten.
b) The technology used to produce X.
c) The number of sellers of good X.
d) All of the to a higher place are determinants of the supply of good X.

The post-obit TWO questions refer to the diagram beneath.

3. At what cost will quantity supplied equal 3 units?

a) $1.
b) $ii.
c) $iii.
d) $4.

iv. At what price will producer surplus equal $2?

a) $i.
b) $2.
c) $3.
d) $four.

5. A subtract in supply is, graphically, represented by:

a) A leftward shift in the supply curve.
b) A rightward shift in the supply curve.
c) A motility upward and to the right along a supply curve.
d) A movement downwards and to the left along a supply curve.

6. Which of the following is Non a determinant of the supply of good X?

a) The cost of labor used to produce adept X.
b) The price of good X.
c) The income of consumers who purchase practiced Ten.
d) The number of sellers of good X.

7. Which of the following is NOT a determinant of the supply of good X?

a) The price of labor used to produce skilful X.
b) Consumer preferences.
c) Technology.
d) All of the above are determinants of the supply of good X.

eight. Martin is selling his viola. The minimum amount he needs to exist paid for the viola is $15,500. He find a heir-apparent for who is willing to pay $22,400, just this buyer insists that Martin pays for delivery of the viola. The price of delivery is $700. Martin's producer surplus from selling his viola is equal to _____.

a) $fourteen,800.
b) $7,600.
c) $half-dozen,900.
d) $6,200.

9. Which of the following statements near junior goods is/are Faux?

I. Junior goods are those that we will never purchase, no matter how cheap they are.
II. Inferior goods are those that we buy more of, if nosotros become poorer.
3. Inferior goods are those that nosotros buy more of, if we get richer.

a) I only
b) Iii only.
c) I and 3 only.
d) I, II, and III.

Exercises 3.6

ane. Suppose that – at a given level of some economic activity – marginal benefit is greater than marginal cost. The economical amanuensis in question (the decision-maker) can increment cyberspace benefits past increasing the level of the activity, for which of the following reasons?

a) Full costs will fall past more than full benefits.
b) Total benefits will rise past more total costs.
c) Neither a) nor b).
d) Either a) or b).

two. Which of the following statements is TRUE?

a) Consumer surplus is the difference between the minimum amount a consumer is willing to pay, and what he or she actually pays.
b) Producer surplus is the difference between the amount of money a seller is paid, and the maximum amount that he or she needs to be paid.
c) Market surplus is equal to the sum of consumer surplus and producer surplus.
d) All of the higher up are true.

The following TWO questions refer to the supply and demand bend diagram beneath.

3. The equilibrium price in this market is equal to:

a) $half dozen per unit.
b) $5 per unit.
c) $4 per unit of measurement.
d) $iii per unit of measurement.

4. At a price of $8, at that place is:

a) Excess demand (a shortage) of 25 units.
b) Excess demand (a shortage) of xv units.
c) Backlog supply (a surplus) of 15 units.
d) Excess supply (a surplus) of 25 units.

5. Which of the following statements near consumer surplus and producer surplus is True?

a) Consumer surplus is equal to the area nether the demand curve.
b) Producer surplus is equal to the surface area under the supply curve.
c) Both producer and consumer surplus are equal to price multiplied by quantity.
d) None of the higher up statements is true.

6. Consider the supply and need bend diagram below.

If the price of this practiced is $6, then:

a) There is an excess demand (a shortage) equal to 210 units.
b) There is an excess demand (a shortage) equal to 140 units.
c) There is an excess supply (a surplus) equal to 210 units.
d) There is an backlog supply (a surplus) equal to 140 units.

7. When deciding how much of a particular good to purchase, a consumer should:

a) Go on buying more than units until the total benefits equal the total costs.
b) Always buy at boosted unit of measurement if its marginal net benefit is positive.
c) Keep ownership more units if marginal toll is greater than marginal benefit.
d) Always purchase at additional unit if its marginal benefit is positive.

8. Refer to the supply and need diagram below.

At the equilibrium price in this market, consumer surplus is equal to surface area ___ and producer surplus is equal to area ____

a) a + b; c.
b) a; b + c.
c) a + b; b + c.
d) a + b + c; d + f.

9. Which of the following statements about consumer and producer surplus is Truthful?

a) Consumer surplus is equal to the maximum amount a consumer is willing to pay for a good, minus what the consumer has to pay for the good.
b) Producer surplus is equal to the amount received from selling a good, minus the minimum corporeality the seller needed to receive, in order to be willing to sell the expert.
c) Both a) and b) are true.
d) Neither a) nor b) are true.

The following TWO questions refer to the supply and demand diagram below.

10. Which of the following COULD explain the shift in supply from S1 to S2.

a) An increase in the cost of producing the good.
b) A subtract in the number of sellers in the market.
c) Both a) and b).
d) Neither a) nor b).

xi. If supply is S2, which expanse represents MARKET surplus?

a) a
b) a + b.
c) a + b + due east.
d) We demand to know price in order to determine marketplace surplus.

12. Consider the supply and demand diagram drawn beneath.

Suppose that demand is initially D1, simply, post-obit a change in consumer preferences, need shifts to D2. Notation that the two demand curves are parallel. Which of the post-obit statements is TRUE?

a) Demand increases by 30 units.
b) Quantity demanded increases past 30 units.
c) Equilibrium quantity increases by 30 units.
d) More than one of the above statements is truthful.

thirteen. Suppose the equilibrium price of good Ten is $10 and the equilibrium quantity is 60 units. If the price of good Ten is $4:

a) The quantity demanded volition be less than lx units.
b) The quantity supplied will be more than 60 units.
c) There will exist an excess demand for practiced X.
d) There will be an excess supply of practiced X.

xiv. All else equal, a subtract in the marginal price of producing a expert will result in:

a) A lower equilibrium quantity and a higher equilibrium price.
b) A lower equilibrium quantity and a lower equilibrium price.
c) A higher equilibrium quantity and a higher equilibrium price.
d) A higher equilibrium quantity and a lower equilibrium cost.

The following Ii questions refer to the diagram below.

15. The equilibrium price is ____ the equilibrium quantity is _____.

a) $5; xxx.
b) $seven; 30.
c) $7; 40.
d) $8; 40.

16. If the marginal cost of producing this good rises by $3 at every output level, and then the new equilibrium price will be _____.

a) There is insufficient information to calculate the new equilibrium price
b) $3.
c) $viii.
d) $10.

17. Consider the supply and need diagram fatigued below.

What does the equilibrium toll equal in this market place?

a) $8.
b) $15.
c) $30.
d) $45.

xviii. Refer to the diagram beneath.

At a price of $10 per unit:

a) There is backlog demand (a shortage) equal to 45 units.
b) In that location is backlog supply (a surplus) equal to 45 units.
c) There is excess demand (a shortage) equal to twenty units.
d) In that location is backlog supply (a surplus) equal to 20 units.

19. Consider the market for oranges. Suppose that both of the following occur simultaneously: (i) the price of apples (a substitute for oranges) decreases; and (ii) world-wide droughts reduce the harvest of oranges by 30%. Then, in the market for oranges we would expect:

a) The equilibrium price of oranges could either increase or decrease, only equilibrium quantity will definitely decrease.
b) The equilibrium quantity of oranges could either increase or decrease, but equilibrium price will definitely decrease.
c) The equilibrium price of oranges could either increment or subtract, merely equilibrium quantity will definitely increment.
d) The equilibrium quantity of oranges could either increase or decrease, but equilibrium price will definitely increase.

20. Suppose that, following a subtract in the supply of good X, we notice that the price of skillful Y decreases. If no other curves take shifted, which of the following can we infer?

a) Skilful X is an junior good.
b) Appurtenances 10 and Y are complements.
c) Appurtenances Ten and Y are substitutes.
d) None of the above.

21. In contempo years there have been a couple of loftier profile cases of contamination of infant formula produced in People's republic of china. As a effect, many Chinese parents buy baby formula that is produced outside China. Which of the following accurately describes the likely consequence of this on baby formula prices?

a) An increase in the toll of infant formula produced in Communist china and a decrease in the toll of babe formula produced outside China.
b) A decrease in the cost of babe formula produced in China and an increment in the toll of baby formula produced outside Mainland china.
c) A decrease in the price of both baby formula produced in Prc and babe formula produced outside People's republic of china.
d) An increment in the price of both baby formula produced in China and baby formula produced outside China.

22. Refer to the supply and need diagram below.

If supply is S1, which area represents Market surplus?

a) a
b) a + b.
c) a + b + eastward.
d) We need to know price in order to determine market surplus.

23. Suppose that in the market place for proficient X (a normal skillful), the following occur simultaneously: (i) consumer incomes increase and (ii) the price of oil (an input to the production of X) increases. Which of the following statements is True?

a) The equilibrium price of X could either increment or decrease, only equilibrium quantity will definitely decrease.
b) The equilibrium quantity of X could either increase or subtract, but equilibrium price will definitely decrease.
c) The equilibrium toll of X could either increase or decrease, but equilibrium quantity volition definitely increase.
d) The equilibrium quantity of 10 could either increase or decrease, but equilibrium cost will definitely increase.

24. Consider the supply and need diagram below.

If supply decreases from S1 to S2, which expanse represents the change in PRODUCER surplus?

a) b + c – f.
b) a + b + c.
c) b – f – eastward.
d) c + f + yard + e.

25. A recent news story reported that OPEC is expected to subtract the supply of oil adjacent summer. Summer is traditionally a time of increased demand for oil because of the many families driving and flying to vacation sites. What would be the combined effect of these 2 activities on the summer market for gasoline?

a) An increment in the equilibrium price and the quantity.
b) An increase in the equilibrium price and an unpredictable alter in the equilibrium quantity.
c) An unpredictable change in both the equilibrium price and the quantity.
d) An unpredictable change in the equilibrium toll and a decrease in the equilibrium quantity.

26. Consider the supply and need curves drawn below.

Given the equilibrium quantity, which surface area represents MARKET SURPLUS?

a) X + Y + Z.
b) Ten + Y.
c) 10.
d) There is no market surplus.

27. Which of the following CANNOT effect in an increase in price in a competitive market for a normal good?

a) An increase in income.
b) A decrease in the price of a complement to this good.
c) An increase in the cost of a substitute for this good.
d) A subtract in the wages paid to workers who produce this good.

28. Consider the supply and demand curves illustrated below.

Which of the following statements is true?

a) At a cost of P3, there is excess demand equal to the altitude DE.
b) At a price of P3, there is excess need equal to the altitude BE.
c) At a price of P3, there is excess supply equal to the distance Be.
d) At a price of P3, at that place is excess supply equal to the distance DE.

29. Which of the following CANNOT result in a decrease in the equilibrium quantity sold of an inferior good?

a) An increase in the price of a substitute for the adept.
b) An increment in consumer incomes.
c) An increase in wages paid to workers who produce the proficient.
d) An increment in the price of a complement for the good.

xxx. Which of the following statements is FALSE?

a) At the competitive equilibrium, marketplace surplus is maximized.
b) At the competitive equilibrium, the marginal benefit to consumers equals the marginal cost to producers.
c) At the competitive equilibrium, social surplus is maximized if there are no externalities.
d) At the competitive equilibrium, information technology is possible to make at least 1 person better off without making anyone worse off.

31. A contempo Wellness Canada report argued that there is a stiff link between the consumption of steak and heart disease. At the same time, Canadian consumers' incomes rose. If steak is a normal good, what are the combined effects in the marketplace for steak?

a) An increase in the equilibrium price and the quantity.
b) An increment in the equilibrium cost and an unpredictable change in the equilibrium quantity.
c) An unpredictable alter in both the equilibrium price and the quantity.
d) An unpredictable change in the equilibrium price and a decrease in the equilibrium quantity.

The next THREE questions refer to the diagram below.

32. Given the equilibrium quantity of 300 units, which areas represent Market place SURPLUS?

a) a+b+c+d.
b) a+b+c.
c) a+c.
d) a+b.

33. Given the equilibrium quantity of 300 units, which areas represent PRODUCER SURPLUS?

a) c+d.
b) a+b.
c) a+c.
d) b+d.

34. Given the equilibrium quantity of 300 units, which areas represent CONSUMER SURPLUS?

a) c+d.
b) a+b.
c) a+c.
d) b+d.

Changes In Which One Of The Following Will Not Shift The Demand Curve In The Short Run?,

Source: https://pressbooks.bccampus.ca/uvicecon103/chapter/topic-3-multiple-choice-questions/

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