0. If supply changes from S2 to S1 and demand changes from D1 to D2 (a) equilibrium price falls to $ 14. (b) equilibrium quantity increases to 16. (c) equilibrium price increases to $19. (d) supply has increased. 11. if demand changed from D1 to D2 as a result of an increase in buyers' income this product is (a) a normal good. (b) a free good. (c) an inferior good. (d) a complementary good. 12. If demand for this product changed from D2 to D1 as a result of a increase in price of a related product, then these two products are (a) complements. (b) inferior goods. (c) economic goods. (d) substitutes. (e) public goods.
0. If supply changes from S2 to S1 and demand changes from D1 to D2 (a) equilibrium price falls to $ 14. (b) equilibrium quantity increases to 16. (c) equilibrium price increases to $19. (d) supply has increased. 11. if demand changed from D1 to D2 as a result of an increase in buyers' income this product is (a) a normal good. (b) a free good. (c) an inferior good. (d) a complementary good. 12. If demand for this product changed from D2 to D1 as a result of a increase in price of a related product, then these two products are (a) complements. (b) inferior goods. (c) economic goods. (d) substitutes. (e) public goods.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
Related questions
Question
10. If supply changes from S2 to S1 and
(a) |
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(b) |
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(c) equilibrium price increases to $19. |
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(d) supply has increased. |
11. if demand changed from D1 to D2 as a result of an increase in buyers' income this product is
(a) a normal good. |
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(b) a free good. |
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(c) an inferior good. |
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(d) a complementary good. |
12. If demand for this product changed from D2 to D1 as a result of a increase in price of a related product, then these two products are
(a) complements. |
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(b) inferior goods. |
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(c) economic goods. |
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(d) substitutes. |
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(e) public goods. |
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