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1、五InvestmentTools:Economics:MicroeconomicAnalysis1.A:PreliminaryReading:Supply,Demand,andtheMarketProcessQuestionID:12637Thelawofdemandstatesthat,givenadecreasein:A.price,demandwilldecreaseB.price,demandwillincrease.C.realoutput,demandwillincrease.D.realoutput,demandwi
2、lldecrease.BThelawofdemandstatesthat,givenanincreaseinprice,demandwilldecrease.Thisrelationshipexistsbecausehigherpricesinducesomeconsumerstopurchasesubstitutegoodsand/orsimplyforgotheuseoftheproduct.QuestionID:12638Thelawofsupplystatesthat,givenadecreasein:A.price,su
3、pplywillincrease.B.price,supplywilldecrease.C.realoutput,supplywillincrease.D.realoutput,supplywilldecrease.BThelawofsupplystatesthat,givenanincreaseinprice,supplywillincreaseandviceversa.Thisrelationshipexistsbecausehigherpricesinducecurrentproducerstoproducemoreunit
4、sandnewproducerstoenterthemarket.QuestionID:12672Givenashifttotherightinthedemandcurve,whichofthefollowingidentifiestheshort-runresponseandlong-runresponseofpricerelativetobeginningprice?A.Short-RunResponseofPriceLong-RunResponseofPriceDecreasesmodestlyDecreasessubsta
5、ntiallyB.Short-RunResponseofPriceLong-RunResponseofPriceIncreasessubstantiallyIncreasesmodestly148C.Short-RunResponseofPriceLong-RunResponseofPriceDecreasessubstantiallyDecreasesmodestlyD.Short-RunResponseofPriceLong-RunResponseofPriceIncreasesmodestlyIncreasessubstan
6、tiallyBGivenashifttotherightinthedemandcurve,thepricewillrisesubstantiallyintheshortrunbecausethereisalimittohowmuchproductioncanbeincreasedintheshortrun.However,aftermoreplantandequipmentareadded(inthelong-run),productioncanbeincreasedsignificantlywhichreducestheimba
7、lancebetweendemandandsupply.Theresultisadeclineinthepricefromtheinitialhighlevel.QuestionID:24810Giventhatthereisnoshiftinthesupplyordemandcurve,whatwillbringthemarketintoequilibriumifthesupplyforaproductexceedsdemand?Pricewill:A.increase,demandwillincrease,andsupplyw
8、illdecrease.B.decrease,demandwilldecrease,andsupplywilldecrease.C.decrease,demandwillincreaseandsupplywilldecrease.D.increas