Question 1

Given the demand function $$P = 60 - 3Q$$, what is the price when the quantity demanded $$Q = 10$$?

Accepted Answer

Question 2

What is the $$Q-$$intercept of the demand function $$P = 60 - 3Q$$?

Accepted Answer

$$Q = 20$$

Question 3

What is the slope of the demand curve shown in the graph?

Accepted Answer

$$-3$$

Question 4

If the price increases from $$P = 30 to$$ $$P = 60$$, by how much does the quantity demanded change according to the demand function $$P = 60 - 3Q$$?

Accepted Answer

$$Q$$ decreases by $$10$$

Question 5

Which of the following best describes the relationship between $$P$$ and $$Q in $$the demand function $$P = 60 - 3Q$$?

Accepted Answer

As $$Q$$ increases, $$P$$ decreases.

Question 6

What is the $$P-$$intercept of the demand function $$P = 60 - 3Q$$?

Accepted Answer

$$P = 60$$

Question 7

If the demand function is $$P = 60 - 3Q$$, what is the equation for $$Q in $$terms of $$P$$?

Accepted Answer

$$Q = 20 - \frac{1}{3}P$$

Question 8

Suppose the market price is set at $$P = 0. $$What is the corresponding quantity demanded?

Accepted Answer

$$Q = 20$$

Question 9

If the demand curve shifts to $$P = 70 - 3Q$$, what happens to the $$P-$$intercept?

Accepted Answer

It increases to $$P = 70$$

Question 10

Which of the following statements is true about the elasticity of the demand curve $$P = 60 - 3Q as$$ $$Q$$ increases?

Accepted Answer

The demand becomes less elastic as $$Q$$ increases.

Microeconomics Diagnostic Quiz – Step-by-Step Guidance

Study Guide - Practice Questions