1) How would an improvement in technology for making smartphones affect the market for smartphones?

a) Supply Increases

b) Supply Decreases

c) Demand Decreases.

2) If ramen noodles are an inferior good, which of the following would increase the demand for ramen noodles?

a) an increase in the price of ramen noodles

b) an Increase in incomes

c) a decrease in incomes

3) Which o the following would not typically cause buyers to be more price sensitive? (ex. have a higher price elasticity of demand)

a)There are many close substitutes for the product

b) The price is relatively large amount of the consumers income

c) The product is consider a necessity.

4) If the goverment imposed a price floor (such as the minimum wage) on the wages of certain workers, which of the following NOT expect to happen?

a) Some workers would see their paychecks go up

b) Bussiness that hire these workers would incur higher costs

c) None of the above