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AP Micro Unit 2 Reading Quiz 5

AP Micro Unit 2 Reading Quiz 5

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Published by: Yang Zhang on Jun 25, 2013
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06/25/2013

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Unit 2 : Reading Quiz # 5
: 6 points
1.
 
With a down-sloping demand curve and an up-sloping supplycurve for a product, a decrease in resource prices will:A. increase equilibrium price and quantity.B. decrease equilibrium price and quantity.C. decrease equilibrium price and increase equilibrium quantity.D. increase equilibrium price and decrease equilibrium quantity.
2. 
Given a down-sloping demand curve and an up-sloping supplycurve for a product, an increase in the price of a substitute goodwill:A. increase equilibrium price and quantity.B. decrease equilibrium price and quantity.C. increase equilibrium price and decrease equilibrium quantity.D. decrease equilibrium price and increase equilibrium quantity.
 
3
.
Over time, the equilibrium price of a gigabyte of computer memory has fallenwhile the equilibrium quantity purchased has increased. Based on this we canconclude that:A. Decreases in the demand for computer memory have exceeded increases insupply.B. Decreases in the supply of computer memory have exceeded increases indemand.C. Increases in the demand for computer memory have exceeded increases insupply.D. Increases in the supply of computer memory have exceeded increases indemand.
4.
Suppose that in the clothing market, production costs have fallen, but
the equilibrium price and quantity purchased have both increased.Based on this information we can conclude that:A. The supply of clothing has grown faster than the demand for clothing.
B. Demand for clothing has grown faster than the supply of clothing.
C. The supply of and demand for clothing have grown by the sameproportion.D. There is no way to determine what has happened to supply and
demand with this information.

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