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19 Jan 2022, 18:37
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Question 1
D
Be sure to select an answer first to save it in the Error Log before revealing the correct answer (OA)!
Difficulty:
5%
(low)
Question Stats:
82% (01:40) correct
18%
(01:49) wrong
based on 463
sessions
History
Date
Time
Result
Not Attempted Yet
Question 2
C
Be sure to select an answer first to save it in the Error Log before revealing the correct answer (OA)!
Difficulty:
15%
(low)
Question Stats:
75% (00:47) correct 25%
(01:02) wrong
based on 422
sessions
History
Date
Time
Result
Not Attempted Yet
Question 3
C
Be sure to select an answer first to save it in the Error Log before revealing the correct answer (OA)!
Difficulty:
75%
(hard)
Question Stats:
22% (00:55) correct 78%
(01:03) wrong
based on 416
sessions
History
Date
Time
Result
Not Attempted Yet
Although it is an imperfect model for describing a complex market, the theory of supply and demand is a reasonably accurate method of explaining, describing, and predicting how the quantity and price of goods fluctuate within a market. Economists define supply as the amount of a particular good that producers are willing to sell at a certain price. For example, a manufacturer might be willing to sell 7,000 sprockets if each one sells for $0.45, but would be willing to sell substantially more sprockets, perhaps 12,000, for a higher price of $0.82. Conversely, demand represents the quantity of a given item that consumers will purchase at a set price; in the most efficient market, all buyers pay the lowest price available, and all sellers charge the highest price they are able. The intersection of these occurrences is graphically represented in supply and demand curves that show the prices at which a product becomes too expensive or too readily available.
Which one of the following best expresses the main idea of the passage?
A explaining why buyers in a given market tend to seek the lowest price on available goods
B offering a dissenting perspective on an obsolete economic model
C persuading readers that the model of supply and demand is the best method for understanding market forces
D providing an explanation of the two primary elements of an economic model and how they intersect
E analyzing the fluctuation of supply and demand within a market
A explaining why buyers in a given market tend to seek the lowest price on available goods
B offering a dissenting perspective on an obsolete economic model
C persuading readers that the model of supply and demand is the best method for understanding market forces
D providing an explanation of the two primary elements of an economic model and how they intersect
E analyzing the fluctuation of supply and demand within a market
If the producer of sprockets nearly doubles its prices as described in the passage, it follows that
I buyers in the market will be likely to purchase more of the sprockets being sold.
II the price of sprockets will continue to increase.
III buyers in the market will be likely to purchase fewer of the sprockets being sold.
A I only
B II only
C III only
D I and II only
E II and III only
Select the sentence in the passage that illustrates an abstract concept presented by the author.
A The first sentence
B The second sentence
C The third sentence
D The fourth sentence
E The fifth sentence
04 Mar 2022, 22:53
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total time taken 2 min:22 sec, 2 right and 1st wrong. Easy Passage!:)
21 Mar 2022, 07:52
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Can someone explain the solution to Q3? I didn't get it.
Thank you!
Thank you!
). The passages there always conform to the GMAT-styled passages -- LSAT passages are slightly harder, but that should be considered good practice -- in terms of the flavour, questions, and passage structuring.
