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Chapter 02

Supply and Demand

Multiple Choice Questions

1. The relationship that shows how much buyers of a product want to buy at each possible

price, holding fixed all other factors is called:

A. a demand curve.

B. elasticity of demand.

C. demand function.

D. an indifference curve.

2. Two products are substitutes if:

A. an increase in the price of one causes buyers to demand less of the other.

B. an increase in the price of one causes buyers to demand more of the other.

C. a decrease in the price of one causes buyers to demand more of the other.

D. individuals consume the goods together.

3. Two products are complements if:

A. a decrease in the price of one causes buyers to demand less of the other.

B. an increase in the price of one causes buyers to demand more of the other.

C. a decrease in the price of one causes buyers to demand more of the other.

D. individuals consume the goods together.

2-1
Copyright © 2014 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of
McGraw-Hill Education.
4. If an increase in the price of one good causes buyers to demand less of another good, then the
two goods are:

A. normal goods.

B. inferior goods.

C. substitutes.

D. complements.

5. If an increase in the price of one good causes buyers to demand more of another good, then

the two goods are:

A. normal goods.

B. inferior goods.

C. substitutes.

D. complements.
 2-2
Copyright © 2014 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of
McGraw-Hill Education.
6. Refer to Figure 2.1. A movement from point a to point b is most likely caused by:

A. a decrease in the price of the good.

B. an increase in consumers' incomes, assuming the good is normal.

C. an increase in the price of a complementary good.

D. a decrease in consumers' incomes, assuming the good is normal.

2-3
Copyright © 2014 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of
McGraw-Hill Education.
7. Refer to Figure 2.1. A movement from point a to point c is most likely caused by:

A. a decrease in the price of the good.

B. an increase in consumers' incomes, assuming the good is normal.

C. a decrease in the price of a complementary good.

D. an increase in the price of the good.

8. An increase in the price of a good is shown by a:

A. rightward shift of the demand curve.

B. leftward shift of the demand curve.

C. movement up and to the left along the demand curve.

D. movement down and to the right along the demand curve.

2-4
Copyright © 2014 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of
McGraw-Hill Education.
9. A change in demand of a good is shown by a:

A. movement along a demand curve.

B. shift of a demand curve.

C. movement along the demand function.

D. shift of the demand function.

10. A product's describes the amount of the product that is demanded for each

possible combination of its price and other factors.

A. demand curve

B. price-consumption curve

C. utility function

D. demand function

11. The effect of an increase in the price of gasoline on the demand for sport utility vehicles would

be shown by a:

A. rightward shift of the demand curve for sport utility vehicles.

B. leftward shift of the demand curve for sport utility vehicles.

C. movement up and to the left along the demand curve for sport utility vehicles.

D. movement down and to the right along the demand curve for sport utility vehicles.
 2-5
Copyright © 2014 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of
McGraw-Hill Education.
12. Suppose the demand function for cable TV service is given by QCTV = 15 - 0.25 × PCTV + 0.0005 × M +

0.3 × PSTV, where QCTV is the quantity of cable TV demanded (thousands of households), P CTV is

the price of cable TV, M is income and P STV is the price of satellite TV service. If consumers'

income is $50,000 and the price of satellite TV service is $90, then which of the following gives the

demand curve for cable TV?

A. QCTV = 17 - 0.25 × PCTV

B. QCTV = 67 - 0.25 × PCTV

C. QCTV = 15 - 0.25 × PCTV + 0.0005 × M + 0.3 × PSTV

D. QCTV = 13 - 0.25 × PCTV

13. Suppose the demand function for cable TV service is given by QCTV = 15 - 0.25 × PCTV + 0.0005 × M +

0.3 × PSTV, where QCTV is the quantity of cable TV demanded (thousands of households), P CTV is the

price of cable TV, M is income and PSTV is the price of satellite TV service. We can see that:

A. cable TV service is an inferior good.

B. cable TV service is a normal good.

C. cable TV service and satellite TV service are complements.

D. cable TV service and satellite TV service are unrelated to one another.

14. Suppose the demand function for cable TV service is given by Q CTV = 15 - 0.25 × PCTV + 0.0005 ×

M + 0.3 × PSTV, QCTV is the quantity of cable TV demanded (thousands of households), P CTV is the

price of cable TV, M is income and PSTV is the price of satellite TV service. Suppose consumers'

income is $50,000 and the price of satellite TV service is $90. At what price would the demand for
cable TV services be equal to 55,000 households?

A. $67

B. $48

C. $12

D. There is not enough information to answer the question.

 2-6
Copyright © 2014 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of
McGraw-Hill Education.
15. Suppose the demand function for cable TV service is given by QCTV = 15 - 0.25 × PCTV + 0.0005 × M +

0.3 × PSTV, where QCTV is the quantity of cable TV demanded (thousands of households), P CTV is

the price of cable TV, M is income and P STV is the price of satellite TV service. We can see that:

A. cable TV and satellite TV are substitutes.

B. cable TV and satellite TV are complements.

C. satellite TV is a normal good.

D. satellite TV is an inferior good.

16. Suppose the demand function for cable TV service is given by QCTV = 15 - 0.25 × PCTV + 0.0005 × M +

0.3 × PSTV, QCTV is the quantity of cable TV demanded (thousands of households), P CTV is the price

of cable TV, M is income and PSTV is the price of satellite TV service. All else equal, a $10 increase

in the price of satellite TV will cause the quantity of cable TV demanded to:

A. decrease by 3,000 households.

B. increase by 3,000 households.

C. decrease by 5,000 households.

D. increase by 5,000 households.

17. Suppose the demand function for cable TV service is given by QCTV = 15 - 0.25 × PCTV + 0.0005 × M +

0.3 × PSTV, QCTV is the quantity of cable TV demanded (thousands of households), P CTV is the price

of cable TV, M is income and P STV is the price of satellite TV service. Suppose consumers' income

is $50,000 and the price of satellite TV service is $90. How many households would demand cable

TV if it were free?

A. No households

B. 15,000 households

C. 67,000 households

D. Every household would demand cable TV if it were free.

 2-7
Copyright © 2014 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of
McGraw-Hill Education.
18. A product's shows how much sellers of a product want to sell at each possible
price, holding all other factors fixed.

A. supply function

B. supply curve

C. production function

D. total product curve

19. An increase in the price of a good is shown by a:

A. movement up and to the left along the supply curve.

B. movement down and to the right along the supply curve.

C. movement up and to the right along the supply curve.

D. movement down and to the left along the supply curve.

20. An increase in the price of milk would be shown by a:

A. rightward shift of the supply curve for milk.

B. movement up and to the right along the supply curve for milk.

C. leftward shift of the supply curve for milk.

D. movement down and to the left along the supply curve for milk.

21. Oil is an input used to produce gasoline. An increase in the price of oil would be represented by:

A. a leftward shift of the supply curve for gasoline.

B. a rightward shift of the supply curve for gasoline.

C. a movement up and to the right along the supply curve for gasoline.

D. a movement down and to the left along the supply curve for gasoline.
 2-8
Copyright © 2014 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of
McGraw-Hill Education.
22. An improvement in the technology used to produce cell phones would be shown by a:

A. rightward shift of the supply curve for cell phones.

B. leftward shift of the supply curve for cell phones.

C. rightward shift of the demand curve for cell phones.

D. leftward shift of the demand curve for cell phones.

23. A change in the quantity supplied of a good is represented as a:

A. movement along a supply curve.

B. shift of a supply curve.

C. movement along the supply function.

D. shift of the supply function.

24. Which of the following is a factor that affects both the supply of and demand for a good?

A. Technology

B. Price of inputs

C. Consumers' income

D. Government regulations

25. A product's describes the amount of the product that is supplied for each

possible combination of its price and other factors.

A. production function

B. supply curve

C. supply function

D. production possibilities curve

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