ECONOMICS 211 CLICKER QUESTIONS Chapter 4 – Question Set #3.

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Presentation transcript:

ECONOMICS 211 CLICKER QUESTIONS Chapter 4 – Question Set #3

Holding the nonprice determinants of supply constant, a change in price would 1. result in either a decrease in supply or an increase in supply. 2. result in a movement along a stationary supply curve. 3. result in a shift of demand. 4. have no effect on the quantity supplied. Response Counter

If the demand for a product increases, we would expect 1. equilibrium price to increase and equilibrium quantity to decrease. 2. equilibrium price to decrease and equilibrium quantity to increase. 3. equilibrium price and equilibrium quantity both to increase. 4. equilibrium price and equilibrium quantity both to decrease. Response Counter

Increase and Decrease in Demand