7. The price of a good increases and the equilibrium quantity increases. This ca

Question

7. The price of a good increases and the equilibrium quantity increases. This can only happen when the a. supply curve shifts to the right. b. demand curve shifts to the right. c. supply curve shifts to the left. d. demand curve shifts to the left.

8 The price of ice cream sodas decreases and you enjoy more ice cream sodas. This is an example of ___________. The price of ice cream sodas declines after many in the community become concerned about too many calories in ice cream sodas. This is an example of ________. a. law of supply – law of demand b. law of demand – also law of demand c. law of demand – leftward shift of the demand curve d. the law of demand – law of supply

9. If I pay you $20 each week when there is inflation, the nominal wage each week ______, and the real wage _______. a. is constant, is constant b. is constant, declines c. declines, declines d. declines, is constant

10. The closest approximation to perfect competition is a. a local Kroger. b. Microsoft, Google & Amazon. c. agriculture. d. any industry in which there is product differentiation.

Explanation / Answer

Ans

Demand curve shifts to right.

2 Law of demand which states inverse relationship between price and quantity demanded,, leftward supply of demand curve because now people demand less at each price due to health concerns

3 is constant as 20 remains 20,declines because it can fetch less now

4 agriculture where there are many suppliers and buyers, similar goods etc

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