7 If the price of Chinese food decreases, there will be an (increase/decrease) in the (demand/quantity demand) for Lu's Lucky Chinese Food. 8 If the price of waffles increases, there will be an (increase/decrease) in the (demand/quantity demand) for waffles.
7 If the price of Chinese food decreases, there will be an (increase/decrease) in the (demand/quantity demand) for Lu's Lucky Chinese Food. 8 If the price of waffles increases, there will be an (increase/decrease) in the (demand/quantity demand) for waffles.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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I need help with 7 and 8
Transcribed Image Text:Directions: For each scenario, detemine if there will be an increase or decrease in either the demand
or quantity demanded Delete the incorrect option, so that the remaining answer makes the sentence
correct.
1. If there is a population boom in California the demand for surfboards will increase.
2 If market experts announce that price of gold is expected to rise 25% m May, the demand for gold will
increase in April.
3. If Kroger amounces a price decrease on hot dogs, the demand for hamburgers will decrease.
4. Ifa drought destroys tea crops causing an nerease in the price of tea, the demand for sugar will
decrease
5. If a new study shows that eating dark chocolate promotes a healthier lifestyle, the demand for
Ghirardelli 92% Intense Dark bars at Chocoly Candy Shop will increase.
6. If the Federal Reserve announces that the economy is booming and unemployment is at an all time low,
the demand for cars will increase.
7 If the price of Chinese food decreases, there will be an (increase/decrease) in the (demand/quantity
demand) for Lu's Lucky Chinese Food.
8. If the price of waffles increases, there will be an (increase/decrease) in the (demand/quantity
demand) for wvaffles.
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