30 Apr Question: Question 11 0.16 pts If the price and quantity for an inferior good, Good X, is $8 and 6 units at…
Question 11 0.16 pts If the price and quantity for an inferior good, Good X, is $8 and 6 units at the original equilibrium, what is one possibility for the new equilibrium of Good X if we see income increase and all other factors stay constant? O $6 and 8 units O $10 and 8 units $6 and 4 units O $10 and 2 units O $10 and 4 units Question 12 0.16 pts According to the law of demand, all other things being equal, 0 the demand falls when the price rises, and the demand rises when the price falls. O the demand falls when the price falls, and the demand rises when the price rises. O price and quantity are always positively correlated. the quantity demanded falls when the price rises, and the quantity demanded rises when the price falls. O the quantity demanded falls when the price falls, and the quantity demanded rises when the price rises. Question 13 0.16 pts Oil is a main component in the manufacture of plastic bags. If the price of oil were to increase, the price of plastics bags would would and the quantity increase; stay the same increase: increase O decrease; increase increase; decrease decrease: decrease
Question 14 0.16 pts A demand schedule O is a table representing the relationship between the price of a good or service and the quantity demanded. O can only be used to analyze the entire market’s demand for a good or service O is a curve representing the relationship between the price of a good or service and the quantity demanded. O is a list of goods and services demanded at different prices. O can only be used to analyze the individual’s demand for a good or service Question 15 0.16 pts Many consumer items eventually go out of style, and because fewer people want these items, demand for them drops. When this happens, we usually see production of these items stop. What happens to the equilibrium price and equilibrium quantity in a market like this? O The equilibrium price is indeterminate and equilibrium quantity goes up O The equilibrium price goes down and equilibrium quantity is indeterminate. O The equilibrium price is indeterminate and equilibrium quantity goes down O The equilibrium price goes up and equilibrium quantity is indeterminate O The equilibrium price goes up and equilibrium quantity goes up. Question 16 0.16 pts When supply shifts left and demand shifts right, O the equilibrium quantity always rises. the equilibrium price always falls. the equilibrium price always rises. the equilibrium price is indeterminate. O the equilibrium quantity always falls.
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