In year 1 the average price of X is $10, and in year 2 the average price of X is $23. If consumers buy more units of X in year 2 than in year 1, it follows that a. the law of supply does not hold for good X. b. demand for good X could be lower in year 2 than in year 1. c. supply of good X could be less in year 2 than in year 1. d. good X buyers have received an increase in income between year 1 and year 2, and good X is a normal good.
In year 1 the average price of X is $10, and in year 2 the average price of X is $23. If consumers buy more units of X in year 2 than in year 1, it follows that a. the law of supply does not hold for good X. b. demand for good X could be lower in year 2 than in year 1. c. supply of good X could be less in year 2 than in year 1. d. good X buyers have received an increase in income between year 1 and year 2, and good X is a normal good.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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In year 1 the average price of X is $10, and in year 2 the average price of X is $23. If consumers buy more units of X in year 2 than in year 1, it follows that
a. the law of supply does not hold for good X.
b. demand for good X could be lower in year 2 than in year 1.
c. supply of good X could be less in year 2 than in year 1.
d. good X buyers have received an increase in income between year 1 and year 2, and good X is a normal good.
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