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    MCQ: surplus, utility, derived demand, demand curve

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    Question 11: Surplus is a condition of:

    1.excess supply

    2.a deficiency in supply

    3.market equilibrium

    4.excess demand

    Question 12 : The effect on sales of an increase in price is a decrease in:

    1.the quantity demanded



    4.the quantity supplied

    Question 13: The quantity of product X supplied can be expected to rise with a fall in:

    1.Prices of competing products

    2.price of X

    3.energy savings technical charge

    4.input prices

    Question 14: Derived demand is directly determined by


    2.the profitability of using inputs to produce output

    3.the ability to satisfy consumer desires

    4.personal consumption

    Question 15: A demand curve expresses the relation between the quantity demanded and




    4.all of the above

    Question 16: Change in the quantity supplied reflects a :

    1.change the price

    2.switch from one supply curve to another

    3.change in one or more non-price variables

    4.shift in supply

    Question 17: Utility is measured by:



    3.value or worth


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    Solution Preview

    Question 11 : Surplus is a condition of:

    1. excess supply
    2. a deficiency in supply
    3. market equilibrium
    4. excess demand

    Answer: 1. excess supply

    Surplus is excess supply. Shortage is excess demand

    Question 12: The effect on sales of an increase in price is a decrease in:

    1. the quantity demanded
    2. demand
    3. supply
    4. the quantity supplied

    Answer: 1. the quantity demanded

    Question 13 ...

    Solution Summary

    Multiple Choice Questions on surplus, utility, derived demand, demand curve etc have been answered and explained.