If an increase in the price of good X causes the demand curv

Custom Essays Economics If an increase in the price of good X causes the demand curv

Economics

If an increase in the price of good X causes the demand curv

If an increase in the price of good X causes the demand curve for product Y to shift to the right,… Show more If an increase in the price of good X causes the demand curve for product Y to shift to the right, then X and Y are most likely to be which of the following? A)Shoes and laces B)Tennis balls and tennis rackets C)Turkey and chicken D)Knives and forks E)DVD players and DVDs Other things remaining the same, when a fall in the price of one good is followed by an increase in the demand for another good, both goods are said to be: A)inferior goods. B)substitute goods. C)Giffen goods. D)public goods. E)complementary goods. Every Friday night Elizabeth either goes bowling or goes to the movies. Because the price of bowling went up, Elizabeth now sees more movies. Elizabeth’s behavior would be best described as a change in which determinant of demand? A)Price of complementary goods B)Expectations C)Income D)Price of substitute goods E)Number of buyers If the price of hot dogs were to decrease, which of the following changes would we expect to occur in the hot dog bun market? The equilibrium price of hot dog buns would. . . A)increase and the quantity of hot dog buns sold would increase. B)decrease and the quantity of hot dog buns sold would increase. C)increase and the quantity of hot dog buns sold would decrease. D)decrease and the quantity of hot dog buns sold would decrease. E)stay the same and the quantity of hot dog buns sold would increase. Last year a firm made 1,000 units of its product available at a price of $5 per unit. This year the firm will still make 1,000 units available, but only if the price is $7 per unit. What is most likely to have happened? A)Supply has increased B)Supply has decreased C)Demand has decreased D)Demand has increased E)Quantity supplied has increased Which of the following is true of the law of supply? The law of supply. . . A)states that as the price of a good rises, the quantity supplied rises. B)is the sole determinant of market prices. C)holds good only in the long-run. D)is valid only in a market system of allocation. E)asserts that as the cost of producing a good rises, the quantity supplied rises. Other things remaining unchanged, which of the following is a determinant of the quantity supplied of a good? A)The cost of inputs used in production B)The preferences of consumers C)The income levels of consumers D)The price expectations of producers E)The price of the product The relationship between prices and the corresponding quantities supplied is shown in a: A)supply schedule. B)demand schedule. C)price-earnings ratio. D)demand curve. E)production schedule. A rightward shift of a market supply curve might be caused by: A)a decrease in the income of consumers. B)an increase in the wages of labor employed in the industry. C)an increase in the price of the final product. D)the entry of new firms in the industry. E)an increase in the price of a substitute good. Assume that Ford Motor Company engineers achieve a revolutionary technological breakthrough in the production process of automobiles. Which of the following is expected to take place? A)The supply of Ford automobiles will remain unchanged B)An inward shift of the supply curve for Ford automobiles C)A movement up the existing supply curve for Ford automobiles D)An outward shift of the supply curve for Ford automobiles E)A movement down along an existing supply curve for Ford automobiles PLEASE SHOW ME YOUR WORK FOR THE ANSWERS THAT YOU SELECTED AND I WILL RATE YOU. SHOW ME THAT YOU’RE CONFIDENT OF YOUR ANSWERS AND I WILL RATE YOU. I APPRECIATE ALL OF YOUR EXPERT ADVICE. • Show less

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