Exam Questions On Economics Worksheet With Answer Key Page 8
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1019. Consider the market for corn. What happens if there is an increased demand for corn
tortillas and at the same time a new corn seed becomes available that dramatically
increases the per-acre yield?
A) Price and quantity decrease.
B) The change in price is indeterminate; quantity decreases.
C) The change in price is indeterminate; quantity increases.
D) Price increases; the change in quantity is indeterminate.
20. If the supply and demand curves intersect at a price of $47, then any price above that
would result in:
A) a shortage.
B) a surplus.
C) equilibrium.
D) an increase in demand.
Use the following to answer question 21:
Figure: Demand for DVDs
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