Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

answer the question, need answer only Time left 1' OWN 21 Suppose income increases. Choose the correct statement, Not yet answered k a The equilibrium

image text in transcribed

answer the question, need answer only

image text in transcribed
Time left 1' OWN\" 21 Suppose income increases. Choose the correct statement, Not yet answered k a The equilibrium price of turnips fails if a turnip is an inferior good. Mar ed out or 7 000 b The equilibrium price of turnips rises if a turnip is an inferior good. t' rm c. The equilibrium quantity of turnips decreases if a turnip is an inferior good, ~ R Gumbo\" d The supply of turnips decreases whether or not a turnip is an inferior good 9 Both A and C. \""*\" 22 If a shortage exists in a market, the natural tendency is for: Not yet answered . a. demand to increase. Marked out oi _ . 1000 b. price to Increase. ', Hag c. quantity supplied to decrease. {me-din" dc no change in the market. e. None of the above Ques'i'm 23 Which of the followung events leads to a rise in the price of oranges? Not yet answered , c . . V A a rise in the price of apples if apples and oranges are substitutes Ma'keo out of T 000 a scientific discovery that oranges cause hair loss a decrease in income if oranges are a normal good good growing weather in Florida a b c. d e a technological improvement in the production of oranges

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Statistical Techniques In Business And Economics

Authors: Douglas Lind, William Marchal, Samuel Wathen

14th Edition

0077309421, 978-0077309428

More Books

Students also viewed these Economics questions

Question

1. Decision areas in which management makes decisions

Answered: 1 week ago

Question

What do you think your problem does to you?

Answered: 1 week ago

Question

find all matrices A (a) A = 13 (b) A + A = 213

Answered: 1 week ago

Question

3. What is my goal?

Answered: 1 week ago

Question

2. I try to be as logical as possible

Answered: 1 week ago