Chapter4atestbank.docVIP

 PAGE 40 ? Chapter 4/The Market Forces of Supply and Demand Chapter 4/The Market Forces of Supply and Demand ?  PAGE 41 Copyright ? Harcourt, Inc. Copyright ? Harcourt, Inc. Copyright ? Harcourt, Inc.  PAGE 33 Chapter 4 The Market Forces of Supply and Demand Test A  ANSWER: d. group of demanders and suppliers of a particular good or service. TYPE: M KEY1: D SECTION: 1 OBJECTIVE: 1 RANDOM: Y . A market is a a. place where only buyers come together. b. place where only sellers meet. c. group of people with common desires. d. group of buyers and sellers of a particular good or service. ANSWER: d. group of buyers and sellers of a particular good or service.  ANSWER: a. with one seller. TYPE: M KEY1: D SECTION: 1 OBJECTIVE: 1 RANDOM: Y . A monopoly is a market a. with one seller. b. with few sellers. c. with one buyer. d. where the government sets the price. ANSWER: a. with one seller.  ANSWER: b. demand. TYPE: M KEY1: D SECTION: 2 OBJECTIVE: 2 RANDOM: Y . When we are studying the behavior of buyers, we are studying a. supply. b. demand. c. an entire market. d. government regulation. ANSWER: b. demand.  ANSWER: c. downward-sloping line relating the price of the good with the quantity demanded. TYPE: M KEY1: D SECTION: 2 OBJECTIVE: 2 RANDOM: Y . A demand curve is the a. curve that relates income with quantity demanded. b. upward-sloping line relating price with quantity supplied. c. downward-sloping line relating the price of the good with the quantity demanded. d. None of the above answers is correct. ANSWER: c. downward-sloping line relating the price of the good with the quantity demanded.  ANSWER: c. an increase in the demand for the good. TYPE: M KEY1: D SECTION: 2 OBJECTIVE: 2 RANDOM: Y . If a good is “normal,” then an increase in income will result in a. a lower market price. b. a decrease in the demand for the good. c. an increase in the demand for the good. d. no change in the demand for the good. ANSWER: c. an increase i