Homework Answers
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A increase in price of good X will make the equilibirum move along the demand curve. This will also affect the demand for substitute goods, as the price icrease of X will lead to many demanding good Y, this will shift the demand curve to the right
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a. An increase in the price of good x will be accompanied by: only a shift...
An increase in demand A.Results in a leftward shift of the demand curve. B.could be caused...
An increase in demand A.Results in a leftward shift of the demand curve. B.could be caused by an increase in the price of a substitute good C. could be caused by a decrease in the price of the good D. is shown as movement down along a demand curve.
24) An increase in the demand for bananas will NOT be caused by: A) a rise...
24) An increase in the demand for bananas will NOT be caused by: A) a rise in the price of apples. B) news that bananas help relieve stress in people buyers switching to a more healthy diet. D) a drop in the market price of bananas. 25) 26) If the demand for a good increases when there is high unemployment, we can conclude that the commodity is: 26) A) a good for which the law of demand does not apply...
18. Two goods, X & Y, all called complements if a) An increase in Px causes...
18. Two goods, X & Y, all called complements if a) An increase in Px causes more Y to be bought. b) An increase in Px causes less Y to be bought. c) An increase in Py causes less Y to be bought. d) An increase in income causes more of both X & Y to be bought. 19. If good X is a normal good and its price rises, then quantity demanded a) May or may not fall. b)...
How will shift right in supply affect equilibrium price, assuming demand remains constant? a. increase b....
How will shift right in supply affect equilibrium price, assuming demand remains constant? a. increase b. decrease c.will not affect it d. cannot be determined According to the law of demand, if the price of a good decreases, its Qd? a. decreases b. increases c. goes to zero d. stays constant According to the income effect, price changes equal changes in? a. money income b.real income c.demand d. utility on the demand curve a chance in price leads a. no...
41) Which of the following best explains the increase in the price of natural gas that...
41) Which of the following best explains the increase in the price of natural gas that accompanied the increase in the price of oil during the Persian Gulf War? Increased oil prices raised supply of natural gas, a substitute good. Increased oil prices raised demand for natural gas, a substitute good Increased oil prices reduced supply of natural gas, a substitute good Increased oil prices raised the quantity demanded of natural gas by movement along the natural gas demand curve.
15. A technological improvement in producing good A would cause 3. a movement upward and to...
15. A technological improvement in producing good A would cause 3. a movement upward and to the nght along the supply curve for A b. a shift to the right of the supply curve for A. c. a shift to the left of the supply curve for A. d. a movement downward and to the left along the supply curve for A 16.- Which of the following is true if the price of coffee increases? a. The demand for tea,...
Indicate which of the following will cause a movement along a demand curve. Which will shift...
Indicate which of the following will cause a movement along a demand curve. Which will shift the demand curve to the left? Which will shift the demand curve to the right? Will demand increase or decrease? DRAG AND DROP TO MATCH. MATCH LETTERS TO NUMBERS e.g. 1A, 2B, 3F, 4C, 5E 1. An increase in the price of the good 2. An increase in income for a normal good 3. A decrease in the price of a substitute good 4....
1. In a competitive market, the quantity of a product produced and the price of the...
1. In a competitive market, the quantity of a product produced and the price of the product are determined by a. buyers. b. sellers. c. both buyers and sellers. d. None of the above is correct. 2. Which of the following statements is correct? a. Buyers determine supply and sellers determine demand. b. Buyers determine demand and sellers determine supply. c. Buyers determine both demand and supply d. Sellers determine both demand and supply 3. The demand for a good...
19. An increase in the quantity demanded of a good is most often due to: a....
19. An increase in the quantity demanded of a good is most often due to: a. a decrease in the price of a substitute good. b. higher prices. c. an increase in wages paid to workers. d. lower prices. 20.- An increase in the supply of the product implies: a. producers will now charge a lower price for a given quantity of output. b. the price of this product has increased. c. the supply curve will shift to the left....
1. Which of the following represents the law of supply? An increase in the price of...
1. Which of the following represents the law of supply? An increase in the price of a good causes a rightward shift of the supply curve for that good. An increase in the price of a good causes an increase in the supply of that good. An increase in the price of a good causes an increase in the quantity supplied of that good. all of the above 2. The quantity supplied of a particular good is the amount of...
24) An increase in the demand for bananas will NOT be caused by: A) a rise in the price of apples. B) news that bananas help relieve stress in people buyers switching to a more healthy diet. D) a drop in the market price of bananas. 25) 26) If the demand for a good increases when there is high unemployment, we can conclude that the commodity is: 26) A) a good for which the law of demand does not apply...
18. Two goods, X & Y, all called complements if a) An increase in Px causes more Y to be bought. b) An increase in Px causes less Y to be bought. c) An increase in Py causes less Y to be bought. d) An increase in income causes more of both X & Y to be bought. 19. If good X is a normal good and its price rises, then quantity demanded a) May or may not fall. b)...
41) Which of the following best explains the increase in the price of natural gas that accompanied the increase in the price of oil during the Persian Gulf War? Increased oil prices raised supply of natural gas, a substitute good. Increased oil prices raised demand for natural gas, a substitute good Increased oil prices reduced supply of natural gas, a substitute good Increased oil prices raised the quantity demanded of natural gas by movement along the natural gas demand curve.
15. A technological improvement in producing good A would cause 3. a movement upward and to the nght along the supply curve for A b. a shift to the right of the supply curve for A. c. a shift to the left of the supply curve for A. d. a movement downward and to the left along the supply curve for A 16.- Which of the following is true if the price of coffee increases? a. The demand for tea,...
1. In a competitive market, the quantity of a product produced and the price of the product are determined by a. buyers. b. sellers. c. both buyers and sellers. d. None of the above is correct. 2. Which of the following statements is correct? a. Buyers determine supply and sellers determine demand. b. Buyers determine demand and sellers determine supply. c. Buyers determine both demand and supply d. Sellers determine both demand and supply 3. The demand for a good...
19. An increase in the quantity demanded of a good is most often due to: a. a decrease in the price of a substitute good. b. higher prices. c. an increase in wages paid to workers. d. lower prices. 20.- An increase in the supply of the product implies: a. producers will now charge a lower price for a given quantity of output. b. the price of this product has increased. c. the supply curve will shift to the left....
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