Answered step by step
Verified Expert Solution
Link Copied!

Question

...
1 Approved Answer

Kindly give brief explanation per answer in the ff. numbers 6. A If a price of a good increases, ceteris paribus, we can A. move

Kindly give brief explanation per answer in the ff. numbers

image text in transcribed
6. A If a price of a good increases, ceteris paribus, we can A. move up along the curve expect to of the supply curve. B. move down along the curve C. shift to the right D. shift to the left 7. Due to closures of traditional transport options during the A. move up along the curve pandemic, the use of bicycles became a more attractive B. move down along the curve option. All other factors held constant, this will lead to a C. shift to the right of the demand curve for bicycles. D. shift to the left 8. The price of fuel sharply increased due to political A. move up along the curve conflicts between oil-exporting countries. This will likely B. move down along the curve lead to a in the demand curve for C. shift to the right fuel-powered cars, ceteris paribus. D. shift to the left 9. If the price is set above the equilibrium point, this A. is greater than indicates that quantity demanded B. is less than quantity supplied. C. is equal to D. is not related to 10. , an economist, said that consumption A. David Ricardo is the "sole end and purpose of all production". B. Adam Smith C. Alfred Marshall D. John Maynard Keynes

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

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

Step: 2

blur-text-image

Step: 3

blur-text-image

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

Financial Accounting A Critical Approach

Authors: John Friedlan

4th edition

978-1259066528

Students also viewed these Economics questions