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ECS1501-25-Y

ECS1501-25-Y

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This question is based on the following diagram.

At a price of R15, there would be a

surplus of 400 units.

shortage of 600 units.

shortage of 400 units.

shortage of 200 units.

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When there is a surplus in a market,

price is below the equilibrium level.

producers sell more than the equilibrium quantity.

there is excess demand.

there is downward price pressure.

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A market can only be in equilibrium if the quantity demanded is equal to the quantity supplied.

True

False

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A supply curve slopes upward because

the quantity supplied of most goods and services increases over time.

❌

an increase in input prices increases supply.

❌

an increase in price gives producers an incentive to supply a larger quantity.

✅

as more is produced, total cost of production falls.

❌

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According to the law of supply,

when the price of a good falls, the supply of

the good decreases.

the quantity supplied of a good is negatively related to the price of the good.

when the price of a good falls, the quantity supplied of the good rises.

the supply curve for a good is upward-sloping.

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The market supply curve is the horizontal sum of all the individual supply curves.

True

False

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It is apparent from the figure that

the quantity demanded increases as income increase.

the demand for the good conforms to the law of demand.

the demand for the good decreases as income increases.

the good is inferior.

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Which of the following would cause the demand curve to shift from Demand B to Demand C in the market for bubble gum?

a decrease in the price of bubble gum

an increase in the number of people visiting South Africa

100%

a change in consumer preferences toward eating fruit rather than sweets

a decrease in the cost of dental procedures

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The movement from D to D1 is called

a decrease in demand.

an increase in demand.

100%

a decrease in quantity demanded.

an increase in quantity demanded.

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