* not completed

. If demand increases in a market then if supply is upward sloping this will lead to:

A higher equilibrium price and output correct incorrect

A lower equilibrium price and higher output correct incorrect

A lower equilibrium price and output correct incorrect

A higher equilibrium price and lower output correct incorrect

* not completed

. An increase in customers' incomes will:

Lead to a movement along the demand curve correct incorrect

Shift the supply curve correct incorrect

Shift the demand curve correct incorrect

Lead to an extension of demand correct incorrect

* not completed

. A reduction in the costs of production will:

Lead to a movement along the supply curve correct incorrect

Shift the demand curve correct incorrect

Shift the supply curve correct incorrect

Lead to an extension of supply correct incorrect

* not completed

. A shift in supply will have a bigger effect on price than output if demand is:

Income elastic correct incorrect

Income inelastic correct incorrect

Price elastic correct incorrect

Price inelastic correct incorrect

* not completed

. Assuming a downward sloping demand curve and upward sloping supply curve, a higher equilibrium price may be caused by:

A fall in demand correct incorrect

An increase in supply correct incorrect

Improvements in production technology correct incorrect

An increase in demand correct incorrect

* not completed

. The imposition of an indirect tax will lead to

A higher equilibrium price and higher output correct incorrect

A higher equilibrium price and lower output correct incorrect

A lower equilibrium price and lower output correct incorrect

A lower equilibrium price and higher output correct incorrect

* not completed

. A movement along the demand curve may be caused by:

A change in income correct incorrect

A change in the number of buyers correct incorrect

A change in advertising correct incorrect

A shift in supply correct incorrect

* not completed

. A subsidy paid to producers:

Shifts the supply curve correct incorrect

Shifts the demand curve correct incorrect

Leads to a contraction in supply correct incorrect

Leads to an extension of supply correct incorrect

* not completed

. A movement along the supply curve may be caused by:

A change in technology correct incorrect

A change in the number of producers correct incorrect

A shift in demand correct incorrect

A change in costs correct incorrect

* not completed

. A change in the price of a product cannot:

Act as a signal correct incorrect

Act as an incentive correct incorrect

Act as a rationing device correct incorrect

Shift its demand curve correct incorrect