Question

Scored out of st in Week 2 2 hours 50 questions 100 Points est # 1 : Time limit: Length: Exit this Test | Time Remaining 27 minutes Save Progress Last Saved: 4:47 PM D that has many complements If an increase in thé price of woozles causes the demand for widgets to decrease, what can you infer about the two gobds? (2pts 41) a They aré goth inferior goods. B Noné othe other answers is are both normal goods. They afe complements are substitutes. 42) In arfer to get a market supply curve for a good from the individual supply curves of the different (2pts) prod-cers, one should different possible price, add together the quantisy supplied by each individual produc atach the individual supply curves end-to end a superimpose the individual supply curves over one another, adjusting the vertical and horizontal axes accordingly D multiply the quantities and then divide by the number of producers. B for each different possible quantity, add together the price charged by each individual produces. An increase in the demand for widgets today could be caused by which of the 43) (2pts) following? a rumor that the use of widgets causes the onset of Altheimer's dibease an decrease in the number of consumers an expectation that the price of widgets will be lower next month All of the above 0 None of the above 44) The law of supply tells us what happens to the quantity supplied of a good when thers li achonrr n which of the fo

Answer 1

41) They are complements

When price of a good increase, demand for complement good goes down. On the other hand, when price of a good increase, demand for its substitute goes up.

42) For each different poasposs price, add together the quantity supplied by each individual producer

43) none of the above

Expectation of lower price next month will reduce current consumption. Similarly, rumour that something is bad for health will reduce demand for it.

44) The price of the good

Law of supply is relation between price and quantity keeping other things constant

45) a decrease in the wages paid to the workers