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1、Chapter 4 The Market Forces of Supply and DemandTRUE/FALSE1.Prices allocate a market economys scarce resources.ANS:TDIF:1REF:4-0NAT:AnalyticLOC:Markets, market failure, and externalitiesTOP:Market economiesMSC:Definitional2.In a market economy, supply and demand determine both the quantity of each g
2、ood produced and the price at which it is sold.ANS:TDIF:1REF:4-0NAT:AnalyticLOC:Markets, market failure, and externalitiesTOP:Market economiesMSC:Definitional3.A market is a group of buyers and sellers of a particular good or service.ANS:TDIF:1REF:4-1NAT:AnalyticLOC:Markets, market failure, and exte
3、rnalitiesTOP:MarketsMSC:Definitional4.Sellers as a group determine the demand for a product, and buyers as a group determine the supply of a product.ANS:FDIF:1REF:4-1NAT:AnalyticLOC:Supply and demandTOP:Demand | SupplyMSC:Definitional5.A yard sale is an example of a market.ANS:TDIF:2REF:4-1NAT:Analy
4、ticLOC:Markets, market failure, and externalitiesTOP:MarketsMSC:Applicative6.A newspapers classified ads are an example of a market.ANS:TDIF:2REF:4-1NAT:AnalyticLOC:Markets, market failure, and externalitiesTOP:MarketsMSC:Applicative7.Most markets in the economy are highly competitive.ANS:TDIF:1REF:
5、4-1NAT:AnalyticLOC:Markets, market failure, and externalitiesTOP:MarketsMSC:Definitional8.In a competitive market, the quantity of each good produced and the price at which it is sold are not determined by any single buyer or seller.ANS:TDIF:1REF:4-1NAT:AnalyticLOC:Markets, market failure, and exter
6、nalitiesTOP:Competitive marketsMSC:Definitional9.In a competitive market, there are so few buyers and so few sellers that each has a significant impact on the market price.ANS:FDIF:1REF:4-1NAT:AnalyticLOC:Markets, market failure, and externalitiesTOP:Competitive marketsMSC:Definitional10.In a perfec
7、tly competitive market, the goods offered for sale are all exactly the same.ANS:TDIF:1REF:4-1NAT:AnalyticLOC:Perfect competitionTOP:Perfect competitionMSC:Definitional11.In a perfectly competitive market, buyers and sellers are price setters.ANS:FDIF:1REF:4-1NAT:AnalyticLOC:Perfect competitionTOP:Pe
8、rfect competitionMSC:Definitional12.All goods and services are sold in perfectly competitive markets.ANS:FDIF:1REF:4-1NAT:AnalyticLOC:Perfect competitionTOP:Perfect competitionMSC:Definitional13.If a good or service has only one seller, then the seller is called a monopoly.ANS:TDIF:1REF:4-1NAT:Analy
9、ticLOC:MonopolyTOP:MonopolyMSC:Definitional14.Monopolists are price takers.ANS:FDIF:2REF:4-1NAT:AnalyticLOC:MonopolyTOP:MonopolyMSC:Interpretive15.Local cable TV companies frequently are monopolists.ANS:TDIF:1REF:4-1NAT:AnalyticLOC:MonopolyTOP:MonopolyMSC:Definitional16.The quantity demanded of a pr
10、oduct is the amount that buyers are willing and able to purchase at a particular price.ANS:TDIF:1REF:4-2NAT:AnalyticLOC:Supply and demandTOP:Quantity demandedMSC:Definitional17.The law of demand is true for most goods in the economy.ANS:TDIF:1REF:4-2NAT:AnalyticLOC:Supply and demandTOP:Law of demand
11、MSC:Definitional18.The law of demand states that, other things equal, when the price of a good rises, the quantity demanded of the good rises, and when the price falls, the quantity demanded falls.ANS:FDIF:1REF:4-2NAT:AnalyticLOC:Supply and demandTOP:Law of demandMSC:Definitional19.The demand curve
12、is the upward-sloping line relating price and quantity demanded.ANS:FDIF:1REF:4-2NAT:AnalyticLOC:Supply and demandTOP:Demand curveMSC:Definitional20.Individual demand curves are summed horizontally to obtain the market demand curve.ANS:TDIF:1REF:4-2NAT:AnalyticLOC:Supply and demandTOP:Market demand
13、curveMSC:Definitional21.The market demand curve shows how the total quantity demanded of a good varies as the income of buyers varies, while all the other factors that affect how much consumers want to buy are held constant.ANS:FDIF:1REF:4-2NAT:AnalyticLOC:Supply and demandTOP:Market demand curveMSC
14、:Definitional22.If something happens to alter the quantity demanded at any given price, then the demand curve shifts.ANS:TDIF:1REF:4-2NAT:AnalyticLOC:Supply and demandTOP:Demand curveMSC:Definitional23.A movement upward and to the left along a given demand curve is called a decrease in demand.ANS:FDIF:2REF:4-2NAT:AnalyticLOC:Supply and demandTOP:Demand curveMSC:Interpretive24.An increase in demand shifts the demand curve to the left.ANS:FDIF:1REF:4-2NAT:AnalyticLOC:Supply and demandTOP:Demand curveMSC:Definitional25.If the demand for a good falls when income falls, then the good is
