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- What does a downward-sloping demand curve mean about how buyers in a market will react to a higher price?If a 10 decrease in the price of one product that you buy causes an 8 increase in quantity demanded of that product, will another 10 decrease in the price cause another 3 increase (no more and no less) in quantity demanded?Explain all the reasons why a decrease in a products price would lead to an increase in purchases.
- The law of demand states that if other factorsremain constant there isSelect one:a. An exponential relationship between priceof a good and the quantity demanded.O b. A negative relationship between the priceof a good and the quantity demanded.oc. A linear relationship between price of agood and the quantity demanded.O d. A positive relationshipbetween the price ofa good and the quantity demanded.Suppose X is an inferior good and the price of X rises Select one: O a The IE will be larger than the SE. O b. The SE will be a decrease in X. O c. You will buy more X as its price rises. O d The IE wilI be a decrease in X.Question 3 According to the law of demand, what is the relationship between price and quantity demanded? O no relationship O inverse O direct Question 10 Refer to the following graph. The demand curve slopes downward because Meredih Demand Care fr San Price iper pend sa ae Incress Price 3.00 S7.50 $5.00 ... Qey nds Dere Salmen Boraphy Cick to view larger image. O prices and quantity demanded remain unchanged. O prices and quantity demanded move in the same direction O prices and quantity demanded have no relationship. O prices and quantity demanded move in opposite directions 1 pts Question 11 because it is driven by the law of supply. Refer to the following graph. The supply curve is he s7 0.00 SA00 Click to view.larger imare. O perfectly vertical O perfectly horizontal O downward sloping O upward sloping Question 12 Refer to the following image. When a market is in equilibrium, which of the following is true? Phice Click to view larger image O Quantity supplied exceeds quantity…
- Suppose cauliflower and broccoli are substitutes in consumption. Suppose further that the price of cauliflower is increasing. Everything else held constant, consumer surplus in the broccoli market will and economic surplus in the broccoli market will, Select one: O A. increase; increase O B. increase; decrease Oc. decrease; decrease O D. be ambiguous; increase OE. decrease; increase OF. increase; be ambiguous O G. be ambiguous; decrease O H. be ambiguous; be ambiguous OL. decrease; be ambiguousIf goods A and B are substitutes, an increase in the price of A will result in Select one: a. no difference in the quantity sold of either good O b. None of the answers are correct O c. increases the demand for O d. reduces the demand for BQuestion 22 If the demand of good A increases when the price of B decreases, then A and B must be: O d.Complements O c.Substitutes a.Normal goods O b.lnferior goods A Moving to another question will save this response. Question 3 From the article: The US and Europe together are responsible for how much of the global greenhouse gases? O 70 percent. 30 percent. 48 percent. O 90 percent.
- The quantity supplied of a good or service is the amount that sellers are willing and able to purchse at certain price and at a certain time. Select one: O a. False O b. TrueAn increase in the price of Wood will shift thesupply of furniture to the left or inwards.Select one:Oa. FalseO b. TrueIf the price of coffee increases, then: Select one: O A. Demand for coffee substitutes will increase. B. Demand for coffee substitutes will decrease OC. Demand for coffee will decrease. O D. Quantity demanded coffee will increase.