MODIFIED TRUE or FALSE. Write "T" if the given statement is TRUE, correct and valid. Write "F", if otherwise. If your answer is either "T" or "F" explain, why is it true or false. Cite a theory, use a formula or graph to support your answers. 1. In a perfectly competitive market, there are many buyers and sellers and no can influence the market price or quantity. 2. Economic model is an abstract representation of the "unreal world" phenomena that one wishes to examine. 3. Economic model can be expressed to an equation holding other variables to be constant. 4. Independent variable or the explanatory variable (in an economic model) is the variable that provides the explanation for any change(s) in the response variable. 5. Points below the Production Possibility Frontier or PPF are the choices of the society that are infeasible due to its limited resources. 6. Law of demand asserts that quantity demanded and its own price is directly related. 7. Law of supply states that quantity supply and its own price is indirectly related. 8. For the demand curve to shift either to the left or to the right, the slope of the line is should change. 9. Change in quantity demanded or change in quantity supplied is a result of the changes in its own determinants (demand or supply) specifically the own price of the product. 10. Technology is one of the determinants of demand that shift the demand curve either to the left or to the right

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

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MODIFIED TRUE or FALSE. Write "T" if the given statement is TRUE, correct and valid. Write "F", if otherwise. If your answer is either "T" or "F" explain, why is it true or false. Cite a theory, use a formula or graph to support your answers. 1. In a perfectly competitive market, there are many buyers and sellers and no can influence the market price or quantity. 2. Economic model is an abstract representation of the "unreal world" phenomena that one wishes to examine. 3. Economic model can be expressed to an equation holding other variables to be constant. 4. Independent variable or the explanatory variable (in an economic model) is the variable that provides the explanation for any change(s) in the response variable. 5. Points below the Production Possibility Frontier or PPF are the choices of the society that are infeasible due to its limited resources. 6. Law of demand asserts that quantity demanded and its own price is directly related. 7. Law of supply states that quantity supply and its own price is indirectly related. 8. For the demand curve to shift either to the left or to the right, the slope of the line is should change. 9. Change in quantity demanded or change in quantity supplied is a result of the changes in its own determinants (demand or supply) specifically the own price of the product. 10. Technology is one of the determinants of demand that shift the demand curve either to the left or to the right.

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