12. An increase in the demand for steak could be caused quickly by a(n) (LO 17-2) 20 a) fall in the price of steak b) increase in the supply of steak ) expectation of a future cutback in the supply of steak d) a decline in the price of chicken 12 13. The demand for an inferior good is (LO 17-1, 17-2) 8 HOME a) positively related to its own price b) negatively related to income 4 c) unaffected by consumer tastes and preferences d) insensitive to changes in prices of its complements 0 2 4 6 8 10 12 14 16 18 20 14. A decrease in supply can be brought about Quantity by -. (LO 17-5) FIGURE 1 a) a price increase b) a price decrease c) a random event like a hurricane or an earthquake 18. Equilibrium quantity is (LO 17-8) d) a change in consumers' tastes or preferences a) below 13 c) between 13 and 15 15. Which statement is true? (LO17-1, 17-2, 17-4) b) 13 ton binow ani d) above 15 a) A change in demand is the same thing as a change in the quantity demanded. b) The supply curve moves upward to the left. c) The law of demand is no longer valid. d) A rise in income will increase the demand for normal goods. al basmall ( K 6. When market price is above equilibrium price, the Price ($) market price will be driven (LO 17-6) L a) up by unhappy buyers elidomojus yd prom Joy b) up by unhappy sellers basmob ard oaksnoob (s c) down by unhappy buyers nomovom s salad (d bio to asise goth of boblags d) down by unhappy sellers D1 D2 r questions 17 and 18, use the information in Figure 1. Quantity bossTon Equilibrium price is (LO 17-8) asem to boring sils (o FIGURE 2 a) below $8 c) between $8 and $10 e as bos aseh roubong a lo song sdill .2 b) $8 d) above $10 nobouboin Herli eateroni aseesmaud Hueon For questions 19-22, use the information in Figure 2 and use choices a, b, and c. (LO 17-2) a) an increase in demand broni and vlogue (n aismelgmos sis a bris A esgives (d b) a decrease in demand seasToob aal viaquand elitemsig mop c) a change in quantity demanded ga pingup (b beasmoni svad boilqqua lunaup bas vlaque rod (sQUESTION 2. Z A. Is the demand curve positively or negatively sloped? Define the law of demand. 2 B. is the supply curve positively or negatively s|0ped? Define the law of supply. 2 C. Explain whether the following statement is true or false. (Stonebraker, Robert J. \"The Joy of Economics: Making Sense out of Life.\" Winthrop University.) 'An increase in the price of apples will shift the demand curve for apples to the left. Use Figure 2 on page 486, Chapter 17/Textbook to answer the following questions. (if you have an e bOOk, the pages may be numbered differentlylook in the section with practice questions, look for Figure 2.) 2D. A movement from D2 to D1 shows a: A. Increase in Demand B. Decrease in Demand C. Increase in Quantity Demanded D. Decrease in Quantity Demanded 2 E. A movement 'om Point L to Point K shows a(n): A. Increase in Demand 8. Decrease in Demand C. increase in Quantity Demanded D. Decrease in Quantity Demanded