Which one of the following statements is false? OA. A house and furniture are complements. O B. Butter and margarine are substitutes. O C. Credit cards and cash are substitutes. D. Honey and jam are complements.
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- An increase in the price of Wood will shift thesupply of furniture to the left or inwards.Select one:Oa. FalseO b. True5. The quantity of a commodity demanded by a consumer is influenced by the number of consumers in the market. a. True O b. FalseSuppose that an increase in the price of X goods, leads to a decrease in the demand of good Y This would mean that X and Y are: Select one: O a. substitute goods O b. complementary goods O c. None of the answers are correct O d. normal goods.
- It shows the different combinations that the consumers can purchase from good [X] and [Y), given the income and the prices of the two goods. O a. Demand Curve O b. Budget line O c. Indifference curve O d. Supply Curve e. No correct answerMutton and chicken are substitute. If the priceof mutton increase the demand of chickenwillSelect one:Oa. IncreaseO b. No changeOc. DecreaseO d. Shift inwardIf a 10 decrease in the price of one product that you buy causes an 8 increase in quantity demanded of that product, will another 10 decrease in the price cause another 3 increase (no more and no less) in quantity demanded?
- QUESTION 7 A consumer only cares for the total number of books she reads. Books can be bought either online or in the bookstore. Online prices and bookstore prices are not the same: books bought online cost 10£, books bought in the bookstore cost 12É O a. If the price of books bought online increases to 11E, the consumer will buy less books online and more books In the bookstore O b.if the price of books bought online increases to 11£, the consumer will buy less books online and the s ame number of books in the bookstore as before Ocif the price of books bought online increases to 11£, the consumer will not change her consumption plan Od.if the price of books bought online increases to 11£, the consumer will buy less books of both types O e. None of the proposed answers is correctQUESTION 11 Jennifer, an accountant, is promoted at the company she works for. Therefore, her salary increases. We would expect Jennifer's demand for a. all the goods she purchases to remain unchanged. b. normal goods to decrease. C. inferior goods to decrease. d. substitute goods to increase. O a d. QUESTION 12 If Andrea's boss informs her that she will get a salary increase next month. Then a. her demand for all goods will increase next months b. her demand for normal goods will increase next months C. her demand for normal goods increases now d. her demand for all goods increases now O a O d a all gnswers. ООООWhich of the following will decrease the supply of goods? O a. New technology used in producing goods O b. Rise in the price of the good O c. Increase in the price of factors O d. None of these
- Please do not give solution in image format thanku Which of the following would be considered a dependent demand item? a. Shoes b. Microchips used in automobiles c. Microwave Oven d. PaintQUESTION 8 The demand for bicycles decreases by 10 as a result of an increase in the price of bicycles. The substitution effect alone would predict a decrease of 12 units. We can conclude that O a. Bicycles are a Giffen good O b. Bicycles are inferior goods OG Bicycles have a positive elasticity of demand with respect to income O d. Substitution and income effects have the same magnitude O e. None of the proposed answers is correct3) For Nour doughnuts and muffins are perfect substitutes. Doughnuts are £4 a box and muffins are £3 a box. The boxes hold equal numbers. Nour has budgeted £48 a month to spend on these sweets. Which of the following is correct? (a) Nour will buy 12 boxes of doughnuts and no muffins per month. (b) Nour will buy 6 boxes of doughnuts and 8 boxes of muffins per month. (c) Nour will buy no doughnuts and 16 boxes of muffins per month . (d) From this information it cannot be determined how many muffins or doughnuts Nour will buy because the marginal utilities for muffins and doughnuts are not given. 4) The supply of sugar is given by Q, = -50 + 1/2 P. Determine the arc price elasticity of supply between Q = 40 and Q = 100. (a) 7/12. (b) 2. (c) 12/7 . (d) 3/28. (e) None of the above.