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7 Aug 2018
Use the following information to answer the next 3 questions. Widgets and Sprockets are substi- tutes. Suppose that Widgets have become more costly to produce. 8. What effect will the increase in the cost of producing Widgets have in the market for Widgets? (a) The equilibrium price and quantity of widgets rises. (b) The equilibrium price of widgets falls and the equilibrium quantity rises. (c) The equilibrium price and quantity of widgets falls. (d) The equilibrium price of widgets rises and the equilibrium quantity falls.
Use the following information to answer the next 3 questions. Widgets and Sprockets are substi- tutes. Suppose that Widgets have become more costly to produce. 8. What effect will the increase in the cost of producing Widgets have in the market for Widgets? (a) The equilibrium price and quantity of widgets rises. (b) The equilibrium price of widgets falls and the equilibrium quantity rises. (c) The equilibrium price and quantity of widgets falls. (d) The equilibrium price of widgets rises and the equilibrium quantity falls.
Reid WolffLv2
8 Aug 2018