Managerial EconomicsChapter 2.docx
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ManagerialEconomicsChapter2
Chapter2
Student:
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1. Ifthepriceofacomplementdecreases,allelseequal,
A. Quantitydemandedwilldecrease.
B. Quantitysuppliedwilldecrease.
C. Demandwillincrease.
D. Demandwilldecrease.
E. Supplywillincrease.
2. ThemarketdemandcurveforagivengoodshiftswhenthereisachangeinanyofthefollowingfactorsEXCEPT
A. Thepriceofthegood.
B. Thelevelofconsumers'income.
C. Thepricesofgoodsrelatedinconsumption.
D. Thetastesofconsumers.
3. WhichofthefollowingwouldleadtoaDECREASEinthedemandfortennisballs?
A. Anincreaseinthepriceoftennisballs.
B. Adecreaseinthepriceoftennisrackets.
C. Anincreaseinthecostofproducingtennisballs.
D. Adecreaseinaveragehouseholdincomewhentennisballsareanormalgood.
E. Noneoftheabove.
4. Ifinputpricesincrease,allelseequal,
A. Quantitysuppliedwilldecrease.
B. Supplywillincrease.
C. Supplywilldecrease.
D. Demandwilldecrease.
5. Whichofthefollowingwouldincreasethesupplyofcorn?
A. Anincreaseinthepriceofpesticides.
B. Adecreaseinthedemandforcorn.
C. Afallinthepriceofcorn.
D. Aseveredroughtinthecornbelt.
E. Adecreaseinthepriceofwheat.
6. Whichofthefollowingwillcauseachangeinquantitysupplied?
A. Achangeininputprices.
B. Technologicalchange.
C. Achangeinthenumberoffirmsinthemarket.
D. Achangeinthemarketpriceofthegood.
Usethefollowinggenerallineardemandrelationtoanswerquestions9through13:
whereMisincomeand
isthepriceofarelatedgood,R.
7. Fromthisrelationitisapparentthatthegoodis:
A. Aninferiorgood.
B. AsubstituteforgoodR.
C. Anormalgood.
D. AcomplementforgoodR.
E. Bothcandd.
8. IfM=$15,000and
=$20,thedemandfunctionis
A.
.
B.
.
C.
.
D.
.
E.
.
9. IfM=$15,000and
=$20andthesupplyfunctionis
,equilibriumpriceandquantityare,respectively,
A. P=$55andQ=195.
B. P=$6andQ=38.
C. P=$12andQ=200.
D. P=$50andQ=170.
E. P=$40andQ=250.
10. IfM=$15,000and
=$20andthesupplyfunctionis
,then,whenthepriceofthegoodis$60,
A. Thereisashortageof60unitsofthegood.
B. Thereisequilibriuminthemarket.
C. Thereisasurplusof60unitsofthegood.
D. Thequantitiesdemandedandsuppliedareindeterminate.
11. IfM=$15,000and
=$20andthesupplyfunctionis
,then,whenthepriceofthegoodis$40,
A. Thereisequilibriuminthemarket.
B. Thereisashortageof180unitsofthegood.
C. Thereisasurplusof180unitsofthegood.
D. Thereisashortageof80unitsofthegood.
Questions12–14refertothefollowingfigure:
12. Ifpriceis$16thereis
A. Ashortageof250units.
B. Asurplusof250units.
C. Ashortageof125units.
D. Asurplusof125units.
E. Equilibriuminthemarket.
13. Ifthepriceis$6,theresulting
A. Surpluswillleadtoafallinprice.
B. Shortagewillleadtoafallinprice.
C. Surpluswillleadtoariseinprice.
D. Shortagewillleadtoariseinprice.
14. Ifpriceis$8,
A. Therewillbeasurplusof150units.
B. Therewillbeashortageof150units.
C. Pricewillfall.
D. Shortageof75units.
E. Surplusof75units.
15. Solongastheactualmarketpriceexceedstheequilibriummarketprice,therewillbe
A. Downwardpressureontheprice.
B. Upwardpressureontheprice.
C. Excessdemand.
D. Ashortage.
16. Increasesinthewageratesofcoalminersanddecreasesinthepriceofnaturalgaswouldcausethepriceofcoalto
A. Rise,fall,orremainunchangeddependingonthemagnitudeofthechanges,buttheequilibriumquantityofcoalwouldfall.
B. Rise,fall,orremainunchangeddependingonthemagnitudeofthechanges,buttheequilibriumquantityofcoalwouldincrease.
C. Rise,buttheequilibriumquantityofcoalwouldriseorfalldependingonthemagnitudeofthechanges.
D. Rise,buttheequilibriumquantityofcoalwouldfall.
E. Fall,buttheequilibriumquantityofcoalwouldriseorfalldependingonthemagnitudeofthechanges.
Usethefollowingfiguretoanswerthenext4questions:
17. Inthefigure,theequilibriumpriceandquantityare
A. P=$6andQ=800.
B. P=$4andQ=300.
C. P=$4andQ=400.
D. P=$6andQ=300.
E. P=$7andQ=800.
18. LetdemandremainconstantatD;anincreaseinwagescausesfirmstobewillingandabletosell150fewerunitsateachpricethantheywerebeforethewageincrease.
A. ThenewequilibriumpriceandquantitywillbeP=$6andQ=150.
B. ThenewequilibriumpriceandquantitywillbeP=$6andQ=400.
C. ThenewequilibriumpriceandquantitywillbeP=$7andQ=250.
D. ThenewequilibriumpriceandquantitywillbeP=$8andQ=300.
19. LetsupplyremainconstantatS;adecreaseinincomecausesconsumerstobewillingandabletopurchase150fewerunitsateachpricethantheywerepreviously.
A. ThenewequilibriumpriceandquantitywillbeP=$6andQ=150.
B. ThenewequilibriumpriceandquantitywillbeP=$5andQ=150.
C. ThenewequilibriumpriceandquantitywillbeP=$7andQ=250.
D. ThenewequilibriumpriceandquantitywillbeP=$5andQ=200.
20. LetsupplyremainconstantatS;anincreaseinthepriceofasubstitutegoodcausesconsumerstobewillingandabletobuy150moreunitsofthegoodateachpriceinthelistthantheywerewhendemandwasD.Whichofthefollowingstatementsis（are）true?
A. Attheoriginalequilibriumpricetherewillbeashortageof150.
B. Attheoriginalequilibriumpricetherewillbeasurplusof150.
C. AtthenewequilibriumP=$6andQ=450.
D. AtthenewequilibriumP=$7andQ=400.
E. Bothaandd.
Usethefollowingdemandandsupplyfunctionstoanswerthenextthreequestions.
Demand:
.
Supply:
.
21. Equilibriumpriceandoutputare
A. P=$7andQ=480.
B. P=$10andQ=300.
C. P=$20andQ=150.
D. P=$100andQ=5,300.
E. Noneoftheabove.
22. Ifthepriceiscurrently$11,thereisa
A. Surplusof110units.
B. Shortageof240units.
C. Surplusof350units.
D. Shortageof700units.
E. Noneoftheabove.
23. Letsupplyremainconstant;anincreaseinincomecausesconsumerstobewillingandabletobuy220moreunitsateachpricethantheywerepreviously.Thenewequilibriumpriceandquantityare
A. P=$10andQ=520.
B. P=$12andQ=400.
C. P=$10andQ=80.
D. P=$15andQ=600.
E. Noneoftheabove.
Usethefollowinggenerallineardemandrelationtoanswerquestions36through41:
wherePisthepriceofgoodX,Misincome,and
isthepriceofarelatedgood,R.
24. Incomeis$80,000,andthepriceoftherelatedgoodis$40.Alsoletconsumers'tasteschangesothatconsumersnowdemand100moreunitsateachprice.Whenthepriceofthegoodis$50,howmanyunitsofthegoodaredemanded?
A. 70.
B. 200.
C. 220.
D. 100.
E. Noneoftheabove.
25. IfademandcurvegoesthroughthepointP=$6and
=400,then
A. $6isthehighestpriceconsumerswillpayfor400units.
B. $6isthelowestpriceconsumerscanbechargedtoinducethemtobuy400units.
C. 400unitsarethemostconsumerswillbuyifpriceis$6.
D. Consumerswillbuymorethan400ifpriceis$6.
E. Bothaandc.
26. IfasupplycurvegoesthroughthepointP=$10and
=320,then
A. $10isthehighestpricethatwillinducefirmstosupply320units.
B. $10isthelowestpricethatwillinducefirmstosupply320units.
C. Atapricehigherthan$10therewillbeasurplus.
D. Atapricelowerthan$10therewillbeashortage.
E. Bothcandd.
27. Inthegeneraldemandfunction,whenagoodisanormalgood,thesignontheslopeparameterof____________is_____________（positive,negative,zero）.
28. Inthegeneraldemandfunction,ifgoodsXandRaresubstitutes,thesignontheslopeparameterofthe______________goodis______________（positive,negative,zero）.
29. Thedemandfunctionslopes______________becauseofthelawof_____________whichstatesthat,otherthingsequal,priceandquantitydemandedare______________related.
30. Ifincomeincreases,thedemandfora（n）______________goodwilldecrease.
31. ThegeneraldemandfunctionforgoodAis
where
=quantitydemandedofgoodApermonth,P=thepriceofgoodA,M=averagehouseholdincome,
=priceofrelatedgoodB,
=aconsumertasteindex,Pe=priceconsumersexpecttopaynextmonthforgoodA,andN=numberofbuyersinmarketforgood.
a.GoodAisa（n）___________goodbecausetheslopeparameteron__________is_________.
b.GoodsAandBare________________becausetheslopeparameteron________is_____________.
c.WhenP=$6,M=$40,000,
=$20,
=8,Pe=$2,andN=10,000,quantitydemandedofgoodAis____________unitspermonth.
Chapter2Key
1. Ifthepriceofacomplementdecreases,allelseequal,
a. Quantitydemandedwilldecrease.
b. Quantitysuppliedwilldecrease.
C. Demandwillincrease.
d. Demandwilldecrease.
e. Supplywillincrease.
Thomas-Chapter02#1
2. ThemarketdemandcurveforagivengoodshiftswhenthereisachangeinanyofthefollowingfactorsEXCEPT
A. Thepriceofthegood.
b. Thelevelofconsumers'income.
c. Thepricesofgoodsrelatedinconsumption.
d. Thetastesofconsumers.
Thomas-Chapter02#2
3. WhichofthefollowingwouldleadtoaDECREASEinthedemandfortennisballs
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