Question 3According to the law of demand, what is the relationship between price and quantity demanded?O no relationshipO inverseO directQuestion 10Refer to the following graph. The demand curve slopes downward becauseMeredih Demand Care fr SanPrice iper pendsa aeIncressPrice3.00S7.50$5.00...Qey ndsDereSalmen BoraphyCick to view larger image.O prices and quantity demanded remain unchanged.O prices and quantity demanded move in the same directionO prices and quantity demanded have no relationship.O prices and quantity demanded move in opposite directions1 ptsQuestion 11because it is driven by the law of supply.Refer to the following graph. The supply curve ishe s70.00SA00Click to view.larger imare.O perfectly verticalO perfectly horizontalO downward slopingO upward slopingQuestion 12Refer to the following image. When a market is in equilibrium, which of the following is true?PhiceClick to view larger imageO Quantity supplied exceeds quantity demandedO Quantity supplied is less than quantity demandedO There is no relationship between quantity supplied and quantity demanded.O Quantity supplied is equal to quantity demanded.

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According to the law of demand, what is the relationship between price and quantity demanded? O no relationship inverse O direct

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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am. 03.
Suppose an economic boom causes incomes to increase and, at the same time, drives up wages for the sales representatives who work for cell phone companies. Assume that smartphones are a normal good. This will cause the: O price of cell phones and the equilibrium quantity to rise. O price of cell phones to rise, but the change in the equilibrium quantity is unclear and depends on whether the shift in demand is larger or smaller than the shift in supply. O price of cell phones and the equilibrium quantity to fall. O quantity of cell phones to rise, but the change in the equilibrium price is unclear and depends on whether the shift in demand is larger or smaller than the shift in supply.
Which of the following does NOT cause the entire demand curve to shift? O a change in income O a change in consumer expectations O a change in price O a change in the size of the population
Note :Please Solve d,and e .
QUESTION 13 New cars are normal goods. What will happen to the equilibrium price of new cars if public transportation becomes more expensive and less comfortable and auto-workers receive higher wages? O Quantity will rise, and the effect on price is ambiguous. O Price will rise, and the effect on quantity is ambiguous. O Quantity will fall, and the effect on price is ambiguous. O Price will fall, and the effect on quantity is ambiguous.
A change in "demand" of a good is caused by demanded" of a good is caused by a change in "quantity O a change in the price of the good; a change in the price of a complement. O a price ceiling; a change in the price of the good. O a change in the price of a substitute; a change in the price of the good. O a change in the price of a complement; a change in the price of a substitute.
N7 Which of the following statements best illustrates the concept of derived demand? A. When the price the of gasoline goes up, the demand for motor oil will decline? B. As income goes up, the demand for farm products will increase by a smaller relative amount. C. An increase in the demand for cashmere sweaters and scarfs will cause an increase in the demand for cashmere to increase. D. A decline in the price of margarine will reduce the demand for butter
Other things remaining the same, the law of demand implies that: Select one: O a. as the price of a product increases, the quantity demanded of the same product decreases O b. as the price of a product increases, the quantity demanded of a substitute product decreases c. as the price of a product increases, the demand of the same product decreases demanded of a complementary product decreases O d. as the price of a product increases, the quantity demanded of a complementary product decreases By definition: a substitute is a good that: Select one: O a. has same likeness as another good O b. O c. of lower quality than another good O d. of higher quality than another good that is not used in place of another good