quiz question

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QUESTION 1

  1. When the demand curve for coffee shifts to the left, which of the following outcomes is NOT expected to occur?
    A. Equilibrium price declines
    B. Equilibrium price increases
    C. Quantity demanded declines
    D. Quantity supplied declines

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QUESTION 2

  1. Suppose the population of Lexington, KY, increases. What happens to the retail market for food in Lexington?
    A. Supply curve shifts rightward
    B. Supply curve shifts leftward
    C. Demand curve shifts rightward
    D. Demand curve shifts leftward

QUESTION 3

  1. If the equilibrium price for milk in the retail grocery market increases, then we know that:
    A. the retail milk demand curve shifts rightward
    B. we move downwards along the retail milk demand curve
    C. the retail milk demand curve shifts leftward
    D. we move upwards along the retail milk demand curve

QUESTION 4

  1. When the demand curve for coffee shifts to the right, which of the following outcomes is NOT expected to occur?
    A. Quantity supplied increases
    B. Equilibrium price increases
    C. Quantity demanded increases
    D. Equilibrium price declines

QUESTION 5

  1. Which of the following events would shift the demand curve for bottled water to the right?
    A. New medical research indicates that bottled water can contain harmful chemicals
    B. The prices of other bottled beverages declines
    C. Income increases and bottled water is an inferior good
    D. Income increases and bottled water is a normal good

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