Answer the 3 questions correctly. Answers filled in are what I think are right.

Question

Answer the 3 questions correctly.

Answers filled in are what I think are right.

Prices above equilibrium lead to ____ while prices below equilibrium lead to ___ Market surpluses and decreases in price; market shortages and increase in price. Market shortages and increase in price; market surplus and decrease in price. Market surpluses and increases in price; market shortages and decreases in price. Market shortages and decreases in price; market surpluses and increase in price. Which of the following would best explain an increase in the demand for jeans? A decrease in income, assuming jeans are normal goods O A decrease in the popularity of jeans An increase in the number of schools that allow students to wear jeans A decrease in the price of jeans An increase in the supply of cell phones is most likely to occur as a result of: A decrease in the price of a cell phone An increase in the price of cell phone service An improvement in the technology used to produce a cell phone An increase in the cost of manufacturing a cell phone

Explanation / Answer

1. A (Correct!)

2. C (increase in number of schools ...)

3. C (improvement in the technology)

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