Econ 202 Exam 1 Practice Problems - Krypton

priceD'Dquantity____ 12. Refer to Figure 4-3. The shift from D to D’ is calleda. an increase in demand.b. a decrease in demand.c. a decrease in quantity demanded.d. an increase in quantity demanded.Table 4-3PriceFirm A’sQuantitySuppliedFirm B’sQuantitySuppliedFirm C’sQuantitySuppliedFirm D’sQuantitySupplied$0 10 0 0 0$2 8 3 4 5$4 6 6 8 10$6 4 9 12 15$8 2 12 8 20$10 0 15 4 25____ 13. Refer to Table 4-3. Which supply schedules obey the law of supply?a. Firm A’s only.b. Firm B’s, Firm C’s, and Firm D’s.c. Firm A’s and Firm C’s.d. Firm B’s and Firm D’s.____ 14. An increase in the price of oranges would lead toa. an increased supply of oranges.b. a reduction in the prices of inputs used in orange production.c. an increased demand for oranges.d. a movement up and to the right along the supply curve for oranges.____ 15. When the price of a good is higher than the equilibrium price,a. a shortage will exist.b. buyers desire to purchase more than is produced.c. sellers desire to produce and sell more than buyers wish to purchase.d. quantity demanded exceeds quantity supplied.