QUESTION 12Assume that the price of cheese has decreased and the price of garlic bread (a substitute good) has decreased at the same time. How this will affect the market for pizzas?O a. Quantity of pizza would fall, and the effect on price would be ambiguous.O b. Price of pizza would rise, and the effect on quantity would be ambiguous.O. Quantity of pizza would rise, and the effect on price would be ambiguous.O d. Price of pizza would fall, and the effect on quantity would be ambiguous.QUESTION 13Samuel owns a laundromat business in Queens, New York. He recently purchased 2 new washing machines and 2 new dryers. This will causeO a. the demand for laundromat services to increase.O b. the supply of laundromat services to decrease.O c. the demand for laundromat services to decrease.O d. the supply of laundromat services to increase.QUESTION 16A likely example of complementary goods for most people would beO a. golf club and baseball bat.O b. tea and coffee.O c. CPA services and Turbo Tax software.O d. cartridge and printer.QUESTION 17Among the following, which situation would cause a downward movement (and to the left) along a fixed supply curve for avocados?O a. The price of avocados falls.O b. Theproducing avocados incrcostO. The number of sellers of avocados decreases.O d. The price of water has increased which is needed to water the avocados plants.

If a consumer can use a good in place of other good, then both the goods are called substitutes for…

QUESTION 12 Assume that the price of cheese has decreased and the price of garlic bread (a substitute good) has decreased at the same time. How this will affect the market for pizzas? O a. Quantity of pizza would fall, and the effect on price would be ambiguous. O b. Price of pizza would rise, and the effect on quantity would be ambiguous. O. Quantity of pizza would rise, and the effect on price would be ambiguous. O d. Price of pizza would fall, and the effect on quantity would be ambiguous.

QUESTION 12 Assume that the price of cheese has decreased and the price of garlic bread (a substitute good) has decreased at the same time. How this will affect the market for pizzas? O a. Quantity of pizza would fall, and the effect on price would be ambiguous. O b. Price of pizza would rise, and the effect on quantity would be ambiguous. O. Quantity of pizza would rise, and the effect on price would be ambiguous. O d. Price of pizza would fall, and the effect on quantity would be ambiguous.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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