Question Description
QUESTION 1
When the demand curve for coffee shifts to the left, which of the following outcomes is NOT expected to occur?A.Equilibrium price declinesB.Equilibrium price increasesC.Quantity demanded declinesD.Quantity supplied declines
QUESTION 2
Suppose the population of Lexington, KY, increases. What happens to the retail market for food in Lexington?A.Supply curve shifts rightwardB.Supply curve shifts leftwardC.Demand curve shifts rightwardD.Demand curve shifts leftward
QUESTION 3
If the equilibrium price for milk in the retail grocery market increases, then we know that:A.the retail milk demand curve shifts rightwardB.we move downwards along the retail milk demand curveC.the retail milk demand curve shifts leftwardD.we move upwards along the retail milk demand curve
QUESTION 4
When the demand curve for coffee shifts to the right, which of the following outcomes is NOT expected to occur?A.Quantity supplied increasesB.Equilibrium price increasesC.Quantity demanded increasesD.Equilibrium price declines
QUESTION 5
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 chemicalsB.The prices of other bottled beverages declinesC.Income increases and bottled water is an inferior goodD.Income increases and bottled water is a normal good
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