1. Refer to Figure 4.17. At a price of
a. $2, there is a shortage of 6 units
b. $5, there is a surplus of 25 units
c. $5, there is a shortage of $25
d. $7, there is a shortage of 4 unitsĀ Ā
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2.Ā Suppose buyers of computers and printers regard the two goods as complements. Then an increase in the price of computers will cause a(n)
a. decrease in the demand for printers and a decrease in the quantity supplied of printers
b. decrease in the supply of printers and a decrease in the quantity demanded of printers
c. decrease in the equilibrium price of printers and an increase in the equilibrium quantity of printers
d. increase in the equilibrium price of printers and a decrease in the equilibrium quantity of printers
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3.Ā Which of the following events would unambiguously cause a decrease in the equilibrium price of cotton shirts?
a. an increase in the price of wool shirts and a decrease in the price of raw cotton
b. a decrease in the price of wool shirts and a decrease in the price of raw cotton
c. an increase in the price of wool shirts and an increase in the price of raw cotton
d. a decrease in the price of wool shirts and an increase in the price of raw cotton
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