Refer to the information provided in Figure 31 belowto answer the questiontsi that follomFigure 3.1Refer to Figure 3.1. Which of the following would bemost likely to cause the demand for Dr. Pepper to shiftfrom DO to D1?.a decrease in income, assuming that Dr. Pepper is anormal goodan increase in the price of 7-UP, assuming 7-UP is asubstitute for Dr. Peppera decrease in the price of Dr. Peppera reduction in the price of sugar used to make Dr.PepperRefer to Scenarie 3.I below to answer the questionts)that followSCENARIO 3.1-Streaming movies and movies shown in theaters aresubstitutes.-Streaming movies and OLED TVs are complements.OLED TVs and movies shown in theaters are normalgoods.-People watch streaming movies more often in thewinter than in the summer. 19. Refer to Scenario 3.1. Most OLED TVs sold in theUnited States are imported from Asia. If the UnitedStates government reduces the number of OLED TVsthat can be imported into the United States, ceterisparibus, what would happen?The price of OLED TVs and the price of streamingmovies would decreaseb. The price of OLED TVs would decrease, and the priceof streaming movies would increase.c. The price of OLED TVs would increase, and the priceof streaming movies would decrease.d. The price of OLED TVs and the price of streamingmovies would increase.20. Refer to Scenario 3.1. You observe that the price ofstreaming movies is higher in the winter than in thesummer. This would be explained by the fact thatdemand for streaming movies is higher in the winterthan in the summer.b. the quantity demanded of streaming movies is higher inthe winter than in the summer.there are more streaming movies released in the winterthan in the summerd. consumer income tends to fall in the winter andincrease in the summer.

Import restrictions: It refers to the restrictions applied to the goods that have to be imported…

Refer to Scenarie k.I helow to enswer the questionts nhat follow SCENARIO 3I -Streaming movies and movies shown in theaters are substitutes. -Streaming movies and OLED TVs are complements. OLED TVs and movies shown in theaters are noemal goods. -People watch streaming movies more ofhen in the winter than in the summer.

Refer to Scenarie k.I helow to enswer the questionts nhat follow SCENARIO 3I -Streaming movies and movies shown in theaters are substitutes. -Streaming movies and OLED TVs are complements. OLED TVs and movies shown in theaters are noemal goods. -People watch streaming movies more ofhen in the winter than in the summer.

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter6: Consumer Choices

Section: Chapter Questions

Problem 15CTQ: Income Effects depend on the income elasticity of demand for each good limit you buy. If one of the...

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Question

19. Refer to Scenario 3.1. Most OLED TVs sold in the
United States are imported from Asia. If the United
States government reduces the number of OLED TVs
that can be imported into the United States, ceteris
paribus, what would happen?
The price of OLED TVs and the price of streaming
movies would decrease
b. The price of OLED TVs would decrease, and the price
of streaming movies would increase.
c. The price of OLED TVs would increase, and the price
of streaming movies would decrease.
d. The price of OLED TVs and the price of streaming
movies would increase.
20. Refer to Scenario 3.1. You observe that the price of
streaming movies is higher in the winter than in the
summer. This would be explained by the fact that
demand for streaming movies is higher in the winter
than in the summer.
b. the quantity demanded of streaming movies is higher in
the winter than in the summer.
there are more streaming movies released in the winter
than in the summer
d. consumer income tends to fall in the winter and
increase in the summer.

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|Unit 3 Midterm Economics A docs.google.com/forms/d/e/1FAlpQLSfDzcagnpq9EUKBs3AWMb. a change in quantity demanded for one product or service causes a change in simple demand for a related product or service. * In 2. O Elasticity of Demand O Cross Elasticity of Demand O Diminishing Marginal Utility O Cost-Benefit Analysis O All of These O None of These The rules of the price system operate in all markets of a capitalist/market economy. The market where consumers earn income Market. by selling resources to business resources is called O Consumer