Type text) a. butter and margarine b. I lawnmowers and automobiles. c. chips and
ID: 2429059 • Letter: T
Question
Type text) a. butter and margarine b. I lawnmowers and automobiles. c. chips and salsa. d. cola and lemonade 11. Suppose John and Wayne are the only two demanders of cowboy movies. Each month. John buys six cowboy movies when the price is S10 each, and he buys four cowboy movies w when e is $15 each. Each month, Wayne buys four cowboy movies when the price is $10 each, and e buys two cowboy movies when the price is $15 each. Which of the following points is on the market demand curve a. quantity demanded 2: price $15 b. quantity demanded 4: price $25 c. quantity demanded 10; price S10 d. quantity demanded 16; price $25 12. A leftward shift of a demand curve is called a(n) a increase in demand. b. decrease in demand. c. decrease in quantity demanded. d. increase in quantity demanded. 13. The demand curve for coffee shifts a. only when income changes. b. when a determinant of the demand for coffee other than the price of coffee changes. c. when the price of coffee changes d. Both b and c are correct. 14. A decrease in the price of oranges would lead to a(n) a. increased supply of oranges. b. increase in the prices of inputs used in orange production. c. a movement down and to the left along the supply curve for oranges. d. a movement up and to the right along the supply curve for oranges. 15. The law of supply states that, other things equal, an increase in a. price causes quantity supplied to increase b. price causes quantity supplied to decrease. c. quantity supplied causes price to increase d. quantity supplied causes price to decreaseExplanation / Answer
11. Option c
Price
John
Wayne
Qd
10
6
4
10
15
4
2
6
12. Option b.
13. Option b. A demand curve shifts to left or right depending on income, preferences, substitutes price etc
14. Option c. Increases demand
15. Option a
Price
John
Wayne
Qd
10
6
4
10
15
4
2
6
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