9
answers
0
watching
48
views
20 Nov 2019
1. A recent study found that an increase in the federal tax on beer (and thus an increase in the price of beer would reduce the demand for marijuana. We can conclude that: A. beer and marijuana are substitute goods. B. beer and marijuana are complementary goods. C. beer is an inferior good. D. marijuana is an inferior good. 2. In the past few years, the demand for donuts has greatly increased. This increase in demand might best be explained by A. an increase in the cost of making donuts. B. an increase in the price of coffee. C. consumers expecting donut prices to fall. D. a change in buyer tastes. 3. Which of the following will not cause the demand for product K to change? A. A change in the price of close-substitute product J B. An increase in incomes of buyers of product K. C. A change in the price of product K. D. A change in consumer tastes for product K 4. Which of the following would not shift the demand curve for beef? A. A widely publicized study that indicates beef consumption increases one's cholesterol. B. A reduction in the price of cattle feed. C. An effective advertising campaign by pork producers. D. A change in the incomes of beef consumers 5. In 2007, the price of oil increased, which in turn caused the price of natural gas to rise. This can best be explained by saying that oil and natural gas are: A. complementary goods and the higher price for oil increased the demand for natural gas B. substitute goods and the higher price for oil increased the demand for natural C. complementary goods and the higher price for oil decreased the supply of natural gas D. substitute goods and the higher price for oil decreased the supply of natural gas gas.
1. A recent study found that an increase in the federal tax on beer (and thus an increase in the price of beer would reduce the demand for marijuana. We can conclude that: A. beer and marijuana are substitute goods. B. beer and marijuana are complementary goods. C. beer is an inferior good. D. marijuana is an inferior good. 2. In the past few years, the demand for donuts has greatly increased. This increase in demand might best be explained by A. an increase in the cost of making donuts. B. an increase in the price of coffee. C. consumers expecting donut prices to fall. D. a change in buyer tastes. 3. Which of the following will not cause the demand for product K to change? A. A change in the price of close-substitute product J B. An increase in incomes of buyers of product K. C. A change in the price of product K. D. A change in consumer tastes for product K 4. Which of the following would not shift the demand curve for beef? A. A widely publicized study that indicates beef consumption increases one's cholesterol. B. A reduction in the price of cattle feed. C. An effective advertising campaign by pork producers. D. A change in the incomes of beef consumers 5. In 2007, the price of oil increased, which in turn caused the price of natural gas to rise. This can best be explained by saying that oil and natural gas are: A. complementary goods and the higher price for oil increased the demand for natural gas B. substitute goods and the higher price for oil increased the demand for natural C. complementary goods and the higher price for oil decreased the supply of natural gas D. substitute goods and the higher price for oil decreased the supply of natural gas gas.
evereadyLv10
11 Jun 2023
Unlock all answers
Get 1 free homework help answer.
Already have an account? Log in
OC4218648Lv10
11 Jun 2023
Get unlimited access
Already have an account? Log in
OC4396189Lv10
19 Apr 2023
Get unlimited access
Already have an account? Log in
eyuLv10
26 Mar 2023
Get unlimited access
Already have an account? Log in
yournotesbuddyLv10
26 Mar 2023
Get unlimited access
Already have an account? Log in
mainLv10
18 Nov 2022
Get unlimited access
Already have an account? Log in
christopherc63Lv10
4 Nov 2022
Get unlimited access
Already have an account? Log in
coursetLv10
25 Sep 2022
Get unlimited access
Already have an account? Log in
Deanna HettingerLv2
12 Feb 2019
Get unlimited access
Already have an account? Log in