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.
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.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Q.1.7 If there is a strike in the milk production industry, then, ceteris paribus;
(a) the
(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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