If good A and good B are substitutes and the price of good A decreases, the demand for good B will:not change.decrease.increase.become nonexistent.If good J and good Z are complements and the price of good J increases, the demand curve for good Z will:shift to the left.become horizontal.not change.shift to the right.What happens to equilibrium price when simultaneously demand increases and supply decreases?Equilibrium price will increase.Equilibrium price will decrease.Equilibrium price will remain the same.Equilibrium price may increase, decrease, or remain the same depending on the magnitude of the shifts in demand andsupply.A rightward shift of the entire supply curve,is an increase in supply.might be due to a positive change in technology.might be due to a decrease in the cost of labor.all of the choices are correct.An increase in the price of ice cream is likely to:increase the demand for ice cream cones.decrease the demand for ice cream cones.increase the supply of ice cream cones.increase the price of ice cream cones.A normal good is defined as a good for which demand increasesas the income of consumers increases.as its own price decreases.as the price of close substitutes decreases.as the total number of consumers increases.An improvement in technology will cause:he supply to increase.the supply to decrease.the demand to increase.the demand to decrease.

“Since you have posted multiple questions, we will provide the solution only to the first question…

Answered: If good A and good B are substitutes…

If good A and good B are substitutes and the price of good A decreases, the demand for good B will: not change. decrease. increase. become nonexistent.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

If good A and good B are substitutes and the price of good A decreases, the demand for good B will:
not change.
decrease.
increase.
become nonexistent.
If good J and good Z are complements and the price of good J increases, the demand curve for good Z will:
shift to the left.
become horizontal.
not change.
shift to the right.
What happens to equilibrium price when simultaneously demand increases and supply decreases?
Equilibrium price will increase.
Equilibrium price will decrease.
Equilibrium price will remain the same.
Equilibrium price may increase, decrease, or remain the same depending on the magnitude of the shifts in demand and
supply.
A rightward shift of the entire supply curve,
is an increase in supply.
might be due to a positive change in technology.
might be due to a decrease in the cost of labor.
all of the choices are correct.
An increase in the price of ice cream is likely to:
increase the demand for ice cream cones.
decrease the demand for ice cream cones.
increase the supply of ice cream cones.
increase the price of ice cream cones.
A normal good is defined as a good for which demand increases
as the income of consumers increases.
as its own price decreases.
as the price of close substitutes decreases.
as the total number of consumers increases.
An improvement in technology will cause:
he supply to increase.
the supply to decrease.
the demand to increase.
the demand to decrease.

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