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Economics
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18 Mar 2018

1. If both demand decreases and supply increases then for sure

a. Prices will increase

b. Prices will decrease

c. Quantities will increase

d. Quantities will decrease

2. Which of the following will decrease the demand for chicken?

a. An increase in the price of red meats

b. A decrease in the price of red meats

c. An increase in the price of chicken

d. A decrease in the price of chicken

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18 Mar 2018
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Principles of Economics
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Related questions

"An increase in supply decreases the equilibrium price. The decrease in price increases demand". The statement is:

A. false: increases in the supply decrease price.

B. false: increases in supply increase price. Decreases in price increase demand.

C. true: increases in the supply decrease price. Decreases in price increase demand.

D. false: decreases in price affect the quantity demanded, not demand.

If aggregate demand increases and aggregate supply decreases, the price level

a) and real output will both increase.

b) and real output will both decrease.

c) will decrease, but the real output may increase, decrease, or remain unchanged.

d)  will increase, but the real output may increase, decrease, or remain unchanged 

 

pounds of chicken 20111 104 12.5 25 pounds of burger 15) 15) Max has allocated $100 toward meats for his barbecue. His budget line and an indifference map are shown in the above figure. What is the price of chicken? A) $1.25/1b B) $5/16 C) $0.80/1b D) $4/16

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