Question

Help with these questions please,

1.Which statement most accurately describes what happens when both supply and demand curves shift?

Use letters in alphabetical order to select options

A

When both curves shift, typically we can determine the overall effect on price or on quantity, but not on both.

B

When both curves shift, typically we can determine the overall effect on price but not on quantity.

C

When both curves shift, typically we can determine the overall effect on price and on quantity.

D

When both curves shift, typically we can determine the overall effect on quantity, but not on price.

2. Which statement is most likely correct about quantity supplied?

Use letters in alphabetical order to select options

A

When economists refer to quantity supplied, they are referring to a certain point on the supply curve or a certain quantity on the supply schedule.

B

Quantity supplied will increase for one good when the quantity of the other good is increased.

C

When economists refer to quantity supplied, they are referring to the relationship between a range of prices and the quantities supplied at those prices.

D

Quantity supplied does not change with price.

3.Which of the following best describes efficiency in the demand and supply model?

Use letters in alphabetical order to select options

A

The economy is not receiving as much benefit as possible from its scarce resources and not achieving all the possible gains from trade.

B

The economy is not receiving as much benefit as possible from its scarce resources but is getting all the possible gains from trade.

C

The economy is receiving as much benefit as possible from its scarce resources but not achieving all the possible gains from trade.

D

The economy is receiving as much benefit as possible from its scarce resources and all the possible gains from trade have been achieved.

4.

In economics, the demand for a good refers to the amount of the good that people

Use letters in alphabetical order to select options

A

need to achieve a minimum standard of living.

B

will buy at alternative income levels.

C

would like to have if the good were free.

D

will buy at various prices.

Answer 1

1. Option C. We can determine change in quantity for a change in price for both supply and demand
2. Option C. It is the schedule quantity supplied for different prices
3. Option C. Which does not have any dead weight losses
4. Option D. It is the schedule quantity demanded for different prices