CAS EC 101 Chapter Notes - Chapter 3.1: Inferior Good, Normal Good, Ceteris Paribus
73 views6 pages
14 Oct 2017
School
Department
Course
Professor
Get access
Grade+
$40 USD/m
Billed monthly
Homework Help
Study Guides
Textbook Solutions
Class Notes
Textbook Notes
Booster Class
10 Verified Answers
Class+
$30 USD/m
Billed monthly
Homework Help
Study Guides
Textbook Solutions
Class Notes
Textbook Notes
Booster Class
7 Verified Answers
Related Documents
Related Questions
1. Assume the equilibrium price of product Z is $10. A decrease in the current price from $14 to $12 will cause an increase in the quantity:
A. Supplied, a decrease in the quantity demanded, and a decrease in the market surplus.
B. Supplied, a decrease in the quantity demanded, and a decrease in the market shortage.
C. Demanded, a decrease in the quantity supplied, and a decrease in the market surplus.
D. Demanded, a decrease in the quantity supplied, and the market shortage is eliminated.
E. Demanded, a decrease in the quantity supplied, and a decrease in the market shortage.
2. The Wall Street Journal (newspaper) of August 24, 2016, reported that the Chinese government recently increased the demand for wheat. When an economist says the demand for wheat has increased, she means that: | |||||||||||||||||
|