Question

15. Recent research has discovered that consumers are drinking less soda because of a decline in its popularity. Which determinant of demand does this represent? changes in income changes in buyers' expectations changes in the price of related goods d. changes in tastes and preferences Sod equilibrium price and a 16. If the supply curve shifts to the left, the result is a equilibrium quantity. lower; lower lower; higher higher; lower d. higher; higher soos will increase, and is unclear. 17. If both supply and demand increase, price; quantity supply; quantity quantity; price quantity; supply b. True/False: 18. Lower resource cost will cause price to decrease. 19. Turkey and chicken are substitutes. The price of turkey falls. As a result, we expect the price of chicken to increase. 20. Under conditions of excess supply, prices are below equilibrium price.

Answer 1

Qu5 - part is the correct answer. As they are drinking less soda because of a decline in its popularity, there may be a change in taste and preferences of consumess supply curve Shifts to the left 016 As Love, so price increase and quantity durady (c) Part is correct answer So kuantity will increase and frice is - -uncleak 0 Or (c) part is correct answer

air True, as lower the cost of the produd, loill be the fries. lower Og False, in case of substisnite goods, like turkey and chicken, if orice of turkey falls, people will buy more turkey and less chicken. So demand of chicken will full Falbe, exuss suffly condition occurs above the equilibriuse korice come Suffely exceeds the demand Shortage ouurs below the equilibrium frees.