QUESTION 9 Consider the market for Swatch watches, a normal good. If income rises, the equilibrium price will rise, and the equilibrium quantity will fall. O the equilibrium price and quantity will rise. the equilibrium price will fall, and the equilibrium quantity will rise. the equilibrium price and quantity will fall. QUESTION 10 Consider the market for milk. If the cost of feeding dairy cows falls, the supply curve will decrease; and the equilibrium price and quantity both fall. the supply curve will increase; and the equilibrium price and quantity both rise the supply curve will increase; and the equilibrium price falls while the equilibrium quantity increases. O The supply curve will decrease; and the equilibrium price rises while the equilibrium quantity falls.

QUESTION 9 Consider the market for Swatch watches, a normal good. If income rises, the equilibrium price will rise, and the equilibrium quantity will fall. O the equilibrium price and quantity will rise. the equilibrium price will fall, and the equilibrium quantity will rise. the equilibrium price and quantity will fall. QUESTION 10 Consider the market for milk. If the cost of feeding dairy cows falls, the supply curve will decrease; and the equilibrium price and quantity both fall. the supply curve will increase; and the equilibrium price and quantity both rise the supply curve will increase; and the equilibrium price falls while the equilibrium quantity increases. O The supply curve will decrease; and the equilibrium price rises while the equilibrium quantity falls.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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