Questions 4-6

Question 4 (1 point) (lecture 4) Refer to the Figure 4-1. Which of the four graphs represents the market for school supplies in September? graph B graph D graph C graph A Question 5 (1 point) (lecture 4) Suppose that the number of buyers in a market increases and a technological advancement occurs. What would we expect to happen in the market? O Equilibrium quantity would increase, but the impact on equilibrium price would be ambiguous. O The equilibrium price would increase, but the impact on the amount sold in the market would be ambiguous. Equilibrium quantity would decrease, but the impact on equilibrium price would be ambiguous. OO The equilibrium price would decrease, but the impact on the amount sold in the market would be ambiguous. Question 6 (1 point) (Lecture 5) The price of gasoline increases from $18 per barrel to $30 per barrel and as a result, the demand per month for new cars changes from 450 to 350, The elasticity is_These two goods should be classified as_ elasticity is -3; these two goods are complements elasticity is -2; these two goods are complements elasticity is -0.5; these two goods are complements elasticity is -0.5; these two goods are substitutes