ECON 225 Test 18 habcate whether the statement is true or false. Each question is worth 2 points bicles and helmets are complements, then an increase in the price of bicycles increases the demand for 2. The recent geological find in Saudi Arabia increased the estimate of the world's oil supply by 10%. This had the of an increase in the world sal demand 3. When demand is inesti, a decrease in price decreases total revenue. of the principles of economics is opportunity cost-the cost of something is what you give up to get it. 5. Adances in production technology typically reduce firms' costs, which increases the quantity supplied at each pr 6. Refer to Figure 6-36. If the government places a $2 tax in the market, the buyer pays $4. F