A change in the price of a product will cause: Select one: a. a shift in the supply curve b. a change in quantity supplied c. a change in demand for a product d. a change in consumer preferences   Which of the following products is most likely to have an elastic demand? Select one: a. cigarettes b. toothpicks c. automobiles d. insulin   Refer to the below information. Equilibrium price will be Select one: a. $2 b. $1 c. $4

ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
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A change in the price of a product will cause:
Select one:
a. a shift in the supply curve
b. a change in quantity supplied
c. a change in demand for a product
d. a change in consumer preferences
 
Which of the following products is most likely to have an elastic demand?
Select one:
a. cigarettes
b. toothpicks
c. automobiles
d. insulin
 
Refer to the below information. Equilibrium price will be
Select one:
a. $2
b. $1
c. $4
d. $3
45 50 56 61 67
Units Demanded per month
Price per unit
$5
$4 $3 $2 $1
Units supplied per month
77
73 68 61 57
Transcribed Image Text:45 50 56 61 67 Units Demanded per month Price per unit $5 $4 $3 $2 $1 Units supplied per month 77 73 68 61 57
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