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\"u" 1 The law of demand states that, other things remaining the same, Not yet answered Marked out of too Select one: C) a. as income increases, willingness to payr for the good increases. C} b. the higher the price eta good, the greater is the quantity demanded. O c the higher the price of a good, the smaller is the quantity demanded. O f" Flag quesu'orn d. as income decreases, willingness to pay for the good increases. mm" 2 Accepting to the law of demand, a decrease in the price of ground beef Not yet answered Marked out of mo SEiECt one: I? Flag question 0 a. wili shift the demand curve for ground beef to the left. O b. wilt cause an increase in quantity demanded. O I; will shift the demand curve for grormd beet to the right. (:1 d. wilt cause an increase in demand. Question 3 it potatoes are an interior good, then, oeterr's Ferrous, an increase in consumer income will Not yet answered Select one: Marked out of mo C) a. increase the quantity demanded for potatoes. f Flag question D b. increase the demand for potatoes. 0 11 decrease the demand for potatoes. (:1 d. decrease the quantity demanded for potatoes. Question 4 Suppose hamburgers and pizza are substitutes. lithe price of pizza increases, then Not yet answered Select one: Q a. the quantity demanded for pizza wiii increase. Marked out of 1.130 r Flag question D b. the demand for hamburgers wili increase. 0 c the demand for pizza will decrease. D d. the quantity demanded tor hamburgers will increase. Question 5 People buy more of good A when the price of good B falls. Good A and good B are Not yet answered Select one: Marked out of 1.00 O a. complements. Flag question O b. normal goods. O c. inferior goods. O d. substitutes. Question 6 In each of the following cases, draw a graph to show how demand or quantity demanded for the "underlined" Not yet answered product changes. If demand does change, then explain which factor (number of buyers, income, price of related products, preferences, and consumer expectation) caused the change. (For this homework, please write your Marked out of answer and draw your graphs on a paper and then upload the photo) 24.00 a) The price of domestic shoes drops due to cheap imports. Flag question b) Consumers react to an increase in the price of butter. c) More and more young female celebrities are seen wearing the new shoes by Nike d) The price of gasoline-powered cars drops. e) Reports come out pointing out the negative health issues with diet coke. f) Bread prices decrease which affects the market for jam. g) Recently people eating at Pizza House restaurant have been getting sick. h) An influx of immigrants in a city affects the housing market. i) Price for hamburgers goes up, affecting the market for hot dogs j) The price of laptop computers decreases which affects the desktop market. k) The government gives a tax refund to consumers, which influences sales of clothing. I) Current recession reduces workers' income and affects the used car market.Question 1 The law of supply tells us that other things remaining the same, as the Not yet answered Select one Marked out of 1.00 O a. supply of gasoline increases, the price of gasoline falls. P Flag question O b. price of gasoline rises, the quantity of gasoline supplied decreases. O c. price of gasoline falls, the quantity of gasoline supplied decreases. O d. price of gasoline falls, the supply of gasoline will increase Question 2 According to the law of supply, a fall in the price of a good results in Not yet answered Select one: Marked out of 1.00 O a. an increase in the supply of the good. P Flag question O b. a decrease in the supply of the good. O c, a decrease in the quantity supplied of the good. O d. an increase in the quantity supplied of the good. Question 3 If a producer can use its factors of production to produce either good A or good B, then a rise in the price of Not yet answered good A Marked out of 1.00 Select one: P Flag question O a. decreases the supply of A. O b. decreases the supply of B. O c. increases the supply of B. O d. increases the supply of A. Question 4 Which one of the following would cause an increase in supply? Not yet answered Marked out of 1.00 Select one: PFlag question O a. A decrease in the price of good A. O b. An improvement in technology used in the production of A O C. An increase in the price of the factors of production used in producing good A O d. An increase in the price of good A.Question 5 Which of the following shift the supply curve of popcorn to the left? Not yet answered Marked out of 1:00 Select one: P Flag question O a. A decrease in the number of popcorn producers O b. An increase in the price of popcorn O C. A decrease in the price of popcorn O d. A decrease in the demand for popcorn Question 6 In each of the following cases, draw a graph to show how supply or quantity supplied for the "underlined" product Not yet answered changes. If supply does change, then explain which factor (number of suppliers, technology, nature, price of Marked out of related products (in production), resource prices, and supplier expectation) caused the change. (For this 24.00 homework, please write your answer and draw your graphs on a paper and then upload the photo) Flag question a) The price of shoes increases. b) A few coffee makers go out of business in Hamilton. c) A shortage of semiconductor chips for cars affects the car industry. d) More buddle tea shops open up in Hamilton. e) With increased demand from developing countries, the price of metal has been increasing. This affects the market for refrigerators. f) A volcano erupts and covers many farm lands. This affect the agricultural products g) Farmers can grow both bananas and mangoes. If the price of mangoes increase, how does this affect the market for mangoes? h) A heavy rainfall affects the supply of hotdog sellers on the streets in Toronto. i) The major pharmaceutical companies increase the prices of pain medicines. j) Price for wood increases, affecting paper k) Many builders expect that the values of houses will increase at least 10% next month. I) TV manufacturers reduces their production costs by upgrading the machinery in its factories