Question

please answer only the odd numbers

2) A factor market is A) where goods are exchanged B) where resources are exchanged. C) where goods are made. D) organized by government 3) In an output market, A) consumers purchase products B) firms purchase resources C) households earn income. D) Land, labor, and capital may be exchanged. 3.3 Demand in Product/Output Markets 1) Which of the following is held constant along A) price of the good B) quantity C) income D) both A and B the demand curve? 2) Which of the following will cause a shift in the demand curve for hoverboards A) a change in income B) a change in wealth C) a change in taste or preference D) all of the above 3) The "law of demand" implies that A) as prices fall, demand increases. B) as prices rise, demand increases. C) as prices fall, quantity demanded increases. D) as prices rise, quantity demanded increases. 4) According to the law of demand, as prices rise, ceteris paribus A) demand increases. B) demand decreases C) quantity demanded decreases. D) quantity demanded increases. 5) According to the law of demand there isrelationship between price and quantity demanded. A) a positive B) a negative C) either a positive or negative D) a constantly changing

Answer 1

3) The market in which goods and services are exchanged is called output market.

In this market the consumers purchase goods and services. All other options are not related to output market.

So option A) consumers purchase products is the answer

Demand in product /output market

1) Demand curve shows the output or quantity at different levels of prices keeping everything else constant. So the income is assumed to be constant.

Option C) income is the answer

3) The law of demand states the relationship between price and quantity demanded as the price falls , quantity demanded increases. At lower prices , more would be demanded.

So optionC) price falls , quantity demanded increases is the answer

5) According to the law of demand there is negative relationship between price and quantity demanded. As the price increases the quantity demaned by the consumer reduces. The quantity would change due to factors other than price . So answer is option B) negative

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