ECON 260 40. Francis experiences an increase in his income, then we would expect
ID: 1119428 • Letter: E
Question
ECON 260 40. Francis experiences an increase in his income, then we would expect Francis's demand for a. luxury goods to decrease. c. each good he purchases to remain unchanged. d. normal goods to decrease. b. inferior goods to decrease. Figure#5 Price s Price Pe' Pe Qe' Quantity Qe e' Quantity s" Price Price OoQuantiaty OeQu Quantity to Figure 5. Which of the four graphs represents the market supply for corn as a result of a decrease in cropland price dm Refer to a high competitive use of land to grow other crops? b. B c. C d. D 42. Refer to Figure #5. Graph B shows which of the following? an increase in demand and quantity supplied increases. a decrease in demand and quantity supplied decreases. e quantity demanded increases and an increase in supply. an increase in supply and an increase in quantity demanded. 43. The difference between a supply schedule and a supply curve is that a supply schedule is a table and a supply curve is a graph tha aptures a relationship between price and quantity supplied. Which of the following events would NOT cause a right shift of the supply curve for potatoes? a There is an advance in technology that reduces the cost of producing potatoes. b. The price of fertilizer decreases, and fertilizer is an input in the production of potatoes The price of potatoes rises. d. The number of potato farmers increases.Explanation / Answer
40. (B) When income increases, a person would decrease the use of inferior goods and increase the use of luxury goods
41. (C) Because this the only figure that shows decrease in crop land price leads to increase in supply of corn.
42. (B) A decrease in demand and quantity supplied decreases.
43. (C) Rise in patato prices does not cause the right shift of supply curve
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