ated govemment Reased consumer and subsequens spendine 28. Which of the followin
ID: 1128368 • Letter: A
Question
ated govemment Reased consumer and subsequens spendine 28. Which of the following factors could have caused the change in the figure below? D, L on increase in the price of a complement good on increase in production costs M. an increase in the price of a substitute good N an increase in income for an inferior good 26. Refer to the figures above. If these figures represent D. tand the market for yachts, which figure shows the effect of an economic recession? A. Figure A B. Figure B C. FgureC D. Figure D 29. Which of the following is true about demand curves? A. All of the answers are correct B. Demand curves are negatively sloped 27. In the figure below, the demand curve shifted from De to Di. To describe this movement, we would say that the C. Demand curves are plots of quantities demanded at various prices. D. Demand curves reflect the law of demand 30 Which of the following statements is (are) true about equilibrium in markets? Supply t Demand aways equals supply ot equilibrium Quontity demanded always equals quontity suppled of equilibrium. L On a groph of a market, demand ond supply cross each other at the equilibrium point 40 20- CLit, and D. Il and ill only 4 12 20 A quantity demanded increased, which caused an increase in quantity supplied 8. demand increased, which caused an increase in quantity supplied C. quantity demanded increased, which caused an increase in supply. D. demand increased, which caused an increase in supply 31. As the population of elderly people increases in the United States A the supply curve for labor will become vertical. B. None of the answers is correct c all supply and demand curves will both shift rightward D. the demand curve for certain products wil increase.Explanation / Answer
26. Option D
Because of recession the demand for goods decreases which shifts the demand curve to left.
27. Option B
Demand increase means shift in the demand curve, increase in quantity demand is movement along the demand curve.
Increase in supply means shift in the supply curve, increase in quantity supplied is movement along the supply curve.
28. Option B
Because with all other options the demand would decrease
29. Option A
30. Option C
31. Option D
As the elderly population would need certain goods at their old ages the demand would increase for certain products.
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