1) The figure below shows Sue's and Carlos' curves of oil

demand curves for gasoline. Please first

find the equation of the demand curves to The following table shows the supply schedule of
answer the questions below. bread for three sellers in the economy. Assume that
these three sellers constitute the entire market.

Seller 1 Seller 2 Seller 3

Price Quantity Quantity Quantity
($ per Supplied Supplied Supplied
loaf) (loaves) (loaves) (loaves)
$4 15 40
$3 12 15
$2 6 9 24
$1 2 6 11

Q5) Refer to the table above. If the market supply of

bread at a price of $3 per loaf is 45 loaves, Seller 3's
supply is ________ loaves.
A) 15
i) Refer to the figure above. If the price of gasoline is B) 18
12.00 euros per liter, the total quantity of gasoline C) 24
demanded is ________ liters. D) 20
A) 0 Q6) Refer to the table above. If the market supply of
B) 400 bread at a price of $4 per loaf is 75 loaves, Seller 2's
C) 1,000 supply is ________ loaves.
D) 1,600 A) 20
ii) Refer to the figure above. If the price of gasoline B) 30
is 3.00 euros per liter, the total quantity of gasoline C) 35
demanded is ________ liters. D) 55
A) 1,600 Q7) Refer to the table above. Assuming that the
B) 2,400 market consists of only these three sellers, what is
C) 4,300 the market supply when the price is $2 per loaf?
D) 5,100 A) 39 loaves
2) Which of the following is the best example of the B) 41 loaves
Law of Supply? C) 52 loaves
A) When the cost of production of cotton fell, the D) 89 loaves
market price of cotton also fell. Q8) ) Refer to the table above. Assuming that the
B) When the market price of pens increased, sellers market consists of only these three sellers, what is
started supplying more pens. the market supply when the price is $1 per loaf?
C) When the market price of pens increased, sellers A) 2 loaves
started supplying fewer pens. B) 6 loaves
D) When the cost of production of cotton increased, C) 11 loaves
all suppliers' willingness to accept decreased. D) 19 loaves
Q3) A fall in the price of flour, used in making Q9 ) Assume that a worker in a technology firm can
cakes, is likely to ________ of cakes. produce 3 circuit boards in an hour. Due to
A) increase the supply subsequent innovation, she is now able to produce 6
B) decrease the supply circuit boards per hour. Other things remaining the
C) increase the quantity supplied same, the firm's supply curve is likely to ________.
D) decrease the quantity supplied A) shift to the left
B) shift to the right
Q4) An expected increase in the market price of oil C) become steeper
in the coming year is likely to ________ in the D) remain unchanged
current year. Q10) A surplus occurs in a market when ________.
A) shift the supply curve of oil to the left A) demand exceeds supply
B) shift the supply curve of oil to the right B) the price is lower than the equilibrium price
C) shift the demand curve for oil to the left C) the price is higher than the equilibrium price
D) cause no changes in the demand and supply D) the marginal cost of production is negligible
Q11) ) At a price of $1 per table, the quantity happens if the price of the bread is set at $10 per
supplied of tables is 100 units, whereas the quantity loaf? What happens if the market price is set at $2
demanded is 70 units. Given this information, per loaf?
which of the following statements is true? Q14) Other things remaining the same, a leftward
A) The equilibrium price is $1 per table. shift in the supply curve will lead to a(n) ________.
B) The market clearing price is $1 per table. A) decrease in the equilibrium price and the
C) At a price of $1 per table, there is a surplus in the equilibrium quantity
market. B) increase in the equilibrium price and the
D) At a price of $1 per table, there is a shortage in equilibrium quantity
the market. C) decrease in the equilibrium price and an increase
Q12) The following table shows the market demand in the equilibrium quantity
schedule and supply schedule for notebooks. D) increase in the equilibrium price and a decrease
in the equilibrium quantity
Price ($ Quantity Quantity
per Demanded Supplied Q15) ) Other things remaining same, a leftward shift
unit) (units) (units) in the demand curve will lead to a(n) ________.
1 20 4 A) increase in the equilibrium price and the
2 16 6 equilibrium quantity
3 14 10 B) decrease in the equilibrium price and the
4 12 12 equilibrium quantity
5 10 14 C) decrease in the equilibrium price and an increase
6 7 17 in the equilibrium quantity
D) increase in the equilibrium price and a decrease
7 4 20
in the equilibrium quantity
8 2 22
Q16) ) If the demand for gem-quality diamonds
9 1 25
decreases AND the supply of gem-quality
diamonds decreases, what can be said about
i- Refer to the table above. What is the
equilibrium price and quantity in this market?
equilibrium price of notebooks?
A) Equilibrium price and quantity will both fall.
A) $2
B) Equilibrium price and quantity will both rise.
B) $4
C) Equilibrium quantity will fall, but the change in
C) $6
equilibrium price is uncertain.
D) $7
D) Equilibrium quantity will rise, but the change in
ii- Refer to the table above. What is the
equilibrium price is uncertain.
equilibrium quantity of notebooks?
Q17) Suppose Z is a normal good. The equilibrium
A) 4 units
price and quantity of Z in the year 2013 was $25 and
B) 10 units
60 units, respectively. In 2017, the equilibrium price
C) 12 units
of Z had increased to $35 and the equilibrium
D) 20 units
quantity had increased to 70 units. Other things
iii- Refer to the table above. What is the
remaining the same, which of the following could
shortage in the market when the price
explain this change?
of a notebook is $1?
A) A leftward shift of the supply curve of Z
A) 0 units
B) A rightward shift of the supply curve of Z
B) 10 units
C) A leftward shift of the demand curve for Z
C) 14 units
D) A rightward shift of the demand curve for Z
D) 16 units
iv- Refer to the table above. What is the
Q18) If the demand and supply curves for a
surplus in the market when the price
commodity both shift to the left by the same
of a notebook is $9?
amount, then in comparison to the initial
A) 16 units
equilibrium, the new equilibrium will be
B) 20 units
characterized by ________.
C) 24 units
A) a higher price and quantity
D) 26 units
B) the same price and a higher quantity
Q13) Assume that the market for bread is perfectly
C) the same price and a lower quantity
competitive. The demand for bread is given by the
D) a lower price and a higher quantity
equation D = 120 − 10P, and the market supply for
bread is given by S = 60 + 5P. Determine the
equilibrium price and quantity of bread. What