Question
1.True or false? As the price of oranges rises, the demand for oranges falls, ceteris paribus. Explain your answer. 2.The price of a bushel of
1.True or false? As the price of oranges rises, the demand for oranges falls, ceteris paribus.
Explain your answer.
2.The price of a bushel of wheat, which was $3.00 last month, is $3.70 today. The demand curve for wheat must have shifted leftward between last month and today. True or false? Explain your answer.
3.The price of T-shirts keeps rising and rising, and people keep buying more and more. T-shirts must have an upward-sloping demand curve. Do you agree? Explain your answer.
4.Mr. Karim's income increases from Tk 20,000 per month to Tk 25,000 per month. How will this affect his demand curve for margarine? Explain your answer.
5.The government increases the import duty on cars and the price of cars rises. How will this affect the demand curve for car tires? Explain.
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