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1. An increase in the price of a product will reduce the amount of it purchased because: u a. supply curves are upsloping. a; B. the higher price means that real incomes have risen. u c, consumers will substitute other products for the one whose price has risen. L; n. consumers substitute relatively high-priced for relatively low-priced products. 2. 1|a'lfhich of the following will not cause the demand for product K to change? L ) a, a change in the price ofclose-substitute product] a; a. an increase in consumer incomes u c, a change in the price of F. u D. a change in consumer tastes 3. Which of the following would not shift the demand curve for beef? L_;- A. a widely publicized study which indicates beef increases one's cholesterol L) 3, a reduction in the price of cattle feed I.) c, an effective advertising campaign by porlt producers L_.-' n. a change in the incomes of beef consumers a. If the price of K declines. the demand curve for the complementary product ] will: U a. shift to the left. U 3, decrease. L.) c. shin to the right. L_;- 13. remain unchanged. 5. A rm's supply curve is upsloping because: U a. the expansion of production necessitates the use of qualitatively inferior inputs. u 3, mass production economies are associated with larger levels of output. or c. consumers envision a positive relationship between price and quality. L) 1). beyond some point the production costs of additional units of output will rise. R-I FEEDS-3 Refer to the above diagram. The equilibrium price and quantity in this market will be: cm, 51m and 200. u a, 51.60 and 130. u c. 5.50 and 130. u 13. $1.50 and 23a. Refer to the above diagram A price of $20 in this market will result in: Lia. equilibrium. L.) 1; a shortage of 50 units. L; c_ a surplus of 50 units. U 1). a surplus of too units. L} E. a shortage of 100 units. much of the above diagrams illuatratelal the effect of a decrease in incomea upon the market for secondhand clothing? u a. A and c U n. A only U c. B only U D. C only Which of the above diagram illuetratelel the effect of a governmental subsidy on the market for MES research? U 3, it only U a, B only t) c, C only U I}. B only 1D. An effective ceiling price will: Us, induoe new rms to enter the industry. DB. result in a product surplus. LJ c, result in a product shortage. is 1}. clear the market