Answered: Q.1.6 When an individual’s income…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Q.1.6 When an individual’s income rises, ceteris paribus, his/her demand for a loaf of
bread, a normal good:
(a) Rises.
(b) Falls.
(c) Remains unchanged.
(d) Becomes more positive.
Q.1.7 If there is a strike in the milk production industry, then, ceteris paribus;
(a) the demand for milk will increase.
(b) the demand for milk will decrease.
(c) the supply of milk will decrease.
(d) the supply of milk will increase.
Q.1.8 An increase in demand:
(a) indicates that more is demanded at higher prices.
(b) indicates that more is demanded at lower prices.
(c) is illustrated by a rightward shift of the demand curve.
(d) is illustrated by a leftward shift of the demand curve.

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