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I have 8 questions out of 20 I am stuck on... I was hoping I could get some seco

ID: 1247678 • Letter: I

Question

I have 8 questions out of 20 I am stuck on... I was hoping I could get some second opinions, I will post the ones I got simple answers for, detail is also apparently important as each questions would be 6 marks on an test. Thanks!!

Explain why each of the following statements is True, False, or Uncertain according to economic principles. Use diagrams where appropriate. Unsupported answers will receive no marks. It is the explanation that is important.

8. . Since demand curves are downward sloping, we would never see an increase in price accompanied by an increase in the equilibrium quantity traded in a market.

Not sure what exactly sure with this one.. just lost...

Explanation / Answer

Drawing the supply and demand curve with Price on the y axis and Quantity on the X axis, we can see that an increase in Price (move left up the demand curve) causes the quantity demanded to drop due to the increase in price. therefore, this is TRUE, we would never see an increase in price accompanied by an increase in the quantity demanded