# ECON 201 – Which of the following could not explain the indicated increase

February 14, 2018

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1.
Which of the following could not
explain the indicated increase in equilibrium price from P1 to P2?
a.
an increase in consumer incomes
b.
an increase in production costs
c.
a decrease in the price of a
complementary product
d.
an increase in the price of a substitute
product

2.
Use the supply and demand
curves depicted in following graph for a competitive market to answer the
question below

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If the
government imposed a price ceiling of \$15, then buyers will be intending to buy
___, but they will be able to legally buy ____.
a.
30 units, 24 units
b.
36 units, 24 units
c.
36 units, 30 units
d.
24 units, more than 24 units

3.
Use the following graph for a
competitive market to answer the question below
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Assume the government imposes \$2.25 tax on
suppliers, which results in a shift of the supply curve from S1 to S2.
The price the consumer pays for the product after the tax is imposed on the
suppliers is
a.
\$1.25
b.
\$2,50
c.
\$3.50
d.
\$2.25

4.
Use the following graph for a
competitive market to answer the question below.

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Assume the government
imposes a \$3 tax on buyers, which results in a shift of the demand curve from D1
to D2. The price the seller receives for the product after the
tax is imposed on the buyer is
a.
\$8
b.
\$7
c.
\$5
d.
\$3

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5.
If a price floor in this market
is set at P1, then
a.
b.
c.
d.

6.

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In the graph above, what is the price
elasticity of supply (using the midpoint formula) between points A and B above?
a.
1
b.
3
c.
2
d.
1/3

7.

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For which graph is the
supply perfectly inelastic?
a.
Graph A
b.
Graph B
c.
Graph C
d.
Graph D

8.

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“The bigger the
volume, the lower the cost, and we pass these savings on to you” is a
familiar slogan. Its idea is illustrated in which of the above graphs?
a.
Graph A
b.
Graph B
c.
Graph C
d.
Graph D

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