True or False *if the answer is false, expalain it 1. In the market for gasoline, the reason that the equilibrium quantity increased was that the increase in demand was less than the decrease in supply.
True or False *if the answer is false, expalain it 1. In the market for gasoline, the reason that the equilibrium quantity increased was that the increase in demand was less than the decrease in supply.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
Related questions
Question
True or False
*if the answer is false, expalain it
1. In the market for gasoline, the reason that the equilibrium quantity
increased was that the increase in demand was less than the decrease
in supply.
2. A fall in the price of iPads would shift the demand curve for iPads to
the right.
3. Percentage an increase in the price of good Y is 40% causes a
decrease in the quantity demanded of the X by 20%, then good X
and good Y are complements.
4. Increasing in the apple price by 40% led to an decrease in the
quantity of apple demanded by 60%, then the elasticity of demand is
an inelastic type.
5. A price floor set by government will increase the equilibrium price
and quantity in a Market
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