67) Jane has noticed that she used topay $2.75 for a hamburger and now she pays $3.0. Which of the following statements is TRUE? A) Jane will stop consuming hamburgers. B) The law of supply explains why the price of hamburgers has increased. C) The money price of hamburgers has increased. D) The relative price of hamburgers has increased compared to hotdogs.
67) Jane has noticed that she used topay $2.75 for a hamburger and now she pays $3.0. Which of the following statements is TRUE?
A) Jane will stop consuming hamburgers.
B) The law of supply explains why the
C) The money price of hamburgers has increased.
D) The relative price of hamburgers has increased compared to hotdogs.
86) Market supply is obtained by
A) summing the amount demanded by individual consumers at various prices. B) the law of supply.
C) observing how the supply curve shifts. D) summing the amount supplied by individual producers at various prices.
65) An increase in supply will occur when
A) the demand curve shifts upward to the right.
B) the supply curve shifts downward to the right.
C) the demand curve shifts downward to the left.
D) the supply curve shifts upward to the left.
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