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.

ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
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10. 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.

28
24
20
16
12
8
0
0
4
8
UIT
D
S1
12 16
D1
20
TI
S2
T
D2
24 Q
Transcribed Image Text:28 24 20 16 12 8 0 0 4 8 UIT D S1 12 16 D1 20 TI S2 T D2 24 Q
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