Consider the market for streaming services (such as Netflix or Hulu). If people the price of internet service falls, then which of the following statements regarding the market for streaming services is correct? Supply will increase Supply will decrease Demand will increase Demand will decrease b) Consider the market for streaming services. If people the price of internet service falls, then the price of streaming services will increase decrease be indeterminate c) Consider the market for streaming services. If people the price of internet service falls, then the quantity of streaming services bought/sold will increase decrease be indeterminate d) Suppose that over the past year, the price of cereal has fallen and the quantity of cereal bought/sold has fallen. Which of the following must have occurred? The demand for cereal decreased The demand for cereal increased The supply of cereal decreased The supply of cereal increased
Consider the market for streaming services (such as Netflix or Hulu). If people the price of internet service falls, then which of the following statements regarding the market for streaming services is correct? Supply will increase Supply will decrease Demand will increase Demand will decrease b) Consider the market for streaming services. If people the price of internet service falls, then the price of streaming services will increase decrease be indeterminate c) Consider the market for streaming services. If people the price of internet service falls, then the quantity of streaming services bought/sold will increase decrease be indeterminate d) Suppose that over the past year, the price of cereal has fallen and the quantity of cereal bought/sold has fallen. Which of the following must have occurred? The demand for cereal decreased The demand for cereal increased The supply of cereal decreased The supply of cereal increased
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Please help with the following questions.

Transcribed Image Text:**Market Analysis Questions**
**a)**
*Consider the market for streaming services (such as Netflix or Hulu). If the price of internet service falls, then which of the following statements regarding the market for streaming services is correct?*
- Supply will increase (Selected)
- Supply will decrease
- Demand will increase
- Demand will decrease
**b)**
*Consider the market for streaming services. If the price of internet service falls, then the price of streaming services will ____.*
- increase
- decrease
- be indeterminate
**c)**
*Consider the market for streaming services. If the price of internet service falls, then the quantity of streaming services bought/sold will ____.*
- increase
- decrease
- be indeterminate
**d)**
*Suppose that over the past year, the price of cereal has fallen and the quantity of cereal bought/sold has fallen. Which of the following must have occurred?*
- The demand for cereal decreased
- The demand for cereal increased
- The supply of cereal decreased (Selected)
- The supply of cereal increased
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