St. Philips College

ECON 101

Chapter 3

1)Suppose there are buyers and sellers in a market but no exchange takes place. Assume there is no government intervention in this market. This implies that:

2. The goals of the consumer in a market economy is to buy:

3. A shift in demand is defined as a change in the:

4. A change in demand means there has been a shift in the demand curve, and a change in the quantity demanded:

5. A buyer is said to have a demand for a good only when:

6. An increase in the price of one good can cause a decrease in the demand for another good if the goods are:

7. The increase in the price of electricity in California can best be explained by:

8. Businesses participate in:

9. In a market economy, which of the following determines the answer to the WHAT to produce question?

10. The goals of market participants include the maximization of:

11. A market in which final goods and services are exchanged is a: