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Question 1 (1 point) Consider the demand for a good illustrated in the figure below. Suppose the price of a complement decreases. What effect would this have in the graph? p. Price po Do Qo Quantity This would result in a slide down the demand curve This would result in a slide up the demand curve. This would result the demand curve shifting to the left 4 5 6
Question 2 (1 point) Consider the demand for a good illustrated in the figure below. Suppose the price of a complement increases. What effect would this have in the graph? p. Price po Qu Quantity This would result in a slide down the demand cu This would result in a slide up the demand curve. This would result the demand curve shifting to the left rve. 4
Question 3 (1 point) Consider the demand for a good illustrated in the graph below. Suppose the market price increases to pi. What effect would this have in the graph? p. Price po De Qo Quantity This would result in a slide down the demand curve. This would result in a slide up the demand curve 4 5 6
Question 4 (1 point) Consider the demand for a good illustrated in the graph below. Suppose the market price decreases to p What effect would this have in the graph? p. Price po Do Qo Quantity This would result in a slide down the demand curve. This would result in a slide up the demand curve. 4 5
Question 5(1 point) Consider the demand for a good illustrated in the figure below. Suppose the population increases. What effect would this have in the graph? p. Price po Do Qo Quantity This would result in a slide down the demand This would result in a slide up the demand curve. This would result the demand curve shifting to the left.
Question 6 (1 point) Consider the demand for a good illustrated in the figure below. Suppose expected future prices fall. What effect would this have in the graph? p. Price po Do Q0 Quantity This would result in a slide down the demand curve. This would result in a slide up the demand curve. This would result the demand curve shifting to the left 4 6
Question /(1 point) Consider the demand for an inferior good illustrated in the graph below. Suppose income decreases. What effect would this have in the graph? p. Price po Do Quantity This would result in a slide down the demand curve This would result in a slide up the demand curve. 4 5 6 9 ㄚ
Question 8 (1 point) Consider the supply of a good illustrated in the graph below. Suppose new firms enter the industry. What effect would this have in the graph? p. Price So po Qo Quantity This would result in a slide down the supply curve. This would result in a slide up the supply curve.
Question 9 (1 point Consider the supply of a good illustrated in the graph below. Suppose the market price decreases to pi. effect would this have in the graph? What p. Price So po Quantity 5 6 9
Question 10 (1 point) Consider the supply of a good illustrated in the graph below. Suppose the price of oil decreases. What effecet would this have in the graph? p. Price So po Q0 Quantity This would result in a slide down the supply curve. This would result in a slide up the supply curve. 4 5 6
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Homework Answers

Answer #1

Question 1

If the price of a complement decreases, the demand for the good will increase. The demand curve shifts to the right.

Question 2

If the price of a complement increases, the demand for the good will decrease. The demand curve shifts to the left.

Question 3

Slide down the demand curve. When the price of a good increases, there is a movement along the demand curve. The equilibrium quantity decreases.

Question 4

Slide up the demand curve. When the price of a good decreases, there is a movement along the demand curve. The equilibrium quantity increases.

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