Homework Answers
1) Solution: To fall and equilibrium quantity to rise
Explanation: The increase in supply will cause a fall in
equilibrium price and a rise in equilibrium quantity
2) Solution: Decrease and the equilibrium quantity of the other
good to decrease.
Explanation: Assuming the goods to be substitutes, all other things
remaining constant, a fall in the good results to a decrease in the
equilibrium price of other good
3) Solution: Means that price has changed and there is a
movement along the demand curve
Explanation: A change in quantity demanded causes a movement along
the demand curve due to the change in price
4) Solution: A decrease in the demand for airline tickets
Explanation: When in current situation there is a fall in demand
for airline tickets the buyer may expect that price of the tickets
to fall in the future
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