You are the CEO of an appliance store. Which of the following will lead to a shift in the demand curve for fridges to the right?

a) An increase in the price for fridges

b) A decrease in the price for fridges

c) An increase in consumers' income

d) All of the above

2. Which of the following will lead to a shift in the demand curve for books to the left?

a) An increase in the price for books

b) A decrease in the price for e-books

c) An increase in consumers' income

d) All of the above

3. You are an owner of a coffee shop in midtown Manhattan. More people are returning to in-person work in their midtown offices. What do you expect to happen in response to this?

a) Change in supply of coffee

b) Change in the quantity of coffee supplied

c) Change in demand for coffee

d) Change in the quantity of coffee demanded

4. You are a business analyst for electric cars. The price of gas has just gone up and at the same time there have been major improvements in battery technology. What do you expect to happen to price and quantity of electric cars?

a) Q rises, but effect on P is ambiguous

b) Q falls, but effect on P is ambiguous

c) P rises, but effect on Q is ambiguous

d) P falls, but effect on Q is ambiguous

5. You are a running a dairy farm. The price of hay has just gone up and at the same time more people are buying milk alternatives. What do you expect to happen to price and quantity of milk?

a) Q rises, but effect on P is ambiguous

b) Q falls, but effect on P is ambiguous

c) P rises, but effect on Q is ambiguous

d) P falls, but effect on Q is ambiguous

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