Define law of demand and supply

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Reference no: EM13172902

1. According to the law of demand, other things remaining the same, if the price of a good

a. rises, the quantity demand increases.

b. falls, suppliers will decrease their production in order to drive the price back up.

c. falls, the demand for the good increases.

d. falls, the quantity demand increases.

e. falls, suppliers will produce more to meet the increase in demand.

2. Suppose a medical study reveals new benefits to consuming beef, and at the same time a bumper corn crop reduces the cost of feeding cattle. The equilibrium quantity of beef will stay the same.

a. increase.

b. decrease.

c. perhaps increase, decrease, or stay the same, but more information is needed to determine which it does.

d. definitely either stay the same or decrease.

3. Which of the following pair of goods are substitute goods for consumers?

a. shoes and socks

b. Coke and Pepsi

c. mustard and bread

d. a horse and a horse shoe

e. tennis balls and tennis shoes

3. If the number of firms supplying a good increases, the supply ____ and the supply curve shifts ____.

a. decreases; leftward

b. increases; leftward

c. does not change; rightward

d. decreases; rightward

e. increases; rightward

Reference no: EM13172902

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