In the following question you are asked to determine, other things equal, the effects of a given change in a determinant of demand or supply for product X upon (1) the demand (D) for, or supply (S) of, X; (2) the equilibrium price (P) of X; and (3) the equilibrium quantity (Q) of X. A decrease in the price of a product that is a close substitute for X will Multiple Choice decrease D, decrease P, and decrease Q. decrease S, increase P, and increase Q. increase S, increase P, and increase Q. increase D, decrease P, and increase Q. Consumer expectations that the price of X will fall soon will decrease D, decrease P, and decrease Q. decrease D, increase P, and decrease Q. decrease D, decrease P, and increase Q. decrease S, decrease P, and increase Q. shift D right with no change in P and Q.
In the following question you are asked to determine, other things equal, the effects of a given change in a determinant of demand or supply for product X upon (1) the demand (D) for, or supply (S) of, X; (2) the equilibrium price (P) of X; and (3) the equilibrium quantity (Q) of X. A decrease in the price of a product that is a close substitute for X will Multiple Choice decrease D, decrease P, and decrease Q. decrease S, increase P, and increase Q. increase S, increase P, and increase Q. increase D, decrease P, and increase Q. Consumer expectations that the price of X will fall soon will decrease D, decrease P, and decrease Q. decrease D, increase P, and decrease Q. decrease D, decrease P, and increase Q. decrease S, decrease P, and increase Q. shift D right with no change in P and Q.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Transcribed Image Text:In the following question you are asked to
determine, other things equal, the effects of
a given change in a determinant of demand
or supply for product X upon (1) the
demand (D) for, or supply (S) of, X; (2) the
equilibrium price (P) of X; and (3) the
equilibrium quantity (Q) of X.
A decrease in the price of a product that is a
close substitute for X will
Multiple Choice
decrease D, decrease P, and decrease Q.
decrease S, increase P, and increase Q.
increase S, increase P, and increase Q.
increase D, decrease P, and increase Q.
Consumer expectations that the price of X
will fall soon will
decrease D, decrease P, and decrease Q.
decrease D, increase P, and decrease Q.
decrease D, decrease P, and increase Q.
decrease S, decrease P, and increase Q.
shift D right with no change in P and Q.
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