Question 11 If the good in the above figure is a normal good and income rises, then the new equilibrium quantity is __________________. Question 11 options: a) more than 300 units b) less than 300 units c) could be less than, equal to, or more than 300 units d) 300 units Question 12 The initial supply and demand curves for a good are illustrated in the graph above. If there are technological advances in producing the good, what is the new price for the good? Question 12 options: a) $6 b) More than $6 c) Could be less than, equal to, or more than $6 d) Less than $6 Question 13 The initial supply and demand curves for a good are illustrated in the graph above. If there is a rise in the price of the resources used to produce the good, what is the new price for the good? Question 13 options: a) Less than $6 b) More than $6 c) Could be less than, equal to, or more than $6 d) $6
Question 11
If the good in the above figure is a normal good and income rises, then the new
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Question 12
The initial
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Question 13
The initial supply and demand curves for a good are illustrated in the graph above. If there is a rise in the price of the resources used to produce the good, what is the new price for the good?
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