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Practice Questions

Practice Questions. Demand, Supply, and Market Equilibrium. Assume Shiner Bock is a “normal good,” what will happen to demand for Shiner if your income decreases, ceteris paribus?. P. D. D’. Q.

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Practice Questions

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  1. Practice Questions Demand, Supply, and Market Equilibrium

  2. Assume Shiner Bock is a “normal good,” what will happen to demand for Shiner if your income decreases, ceteris paribus? P D D’ Q

  3. Assume taking public transportation is an inferior good,what will happen to demand for public transportation if your income decreases, C.P.? P D’ D Q

  4. Assume chicken and waffles are compliments, what will happen to demand for waffles if the price of chicken decreases, C.P.? P D’ D Q

  5. Assume driving your own car and public transportation are perfect substitutes, what will happen to demand for public transportation if gas prices fall, C.P.? P D D’ Q

  6. It’s been found that listening to Justin Bieber automatically makes you cooler and more likely to get a girlfriend, what will happen to demand for Bieber CDs, C.P.? P D’ D Q

  7. Gasoline is used both to make plastic bottles, and fuel the trucks that deliver Coca-Cola world wide. What will happen to the supply of coke if gas prices increase, C.P.? S’ P S Q

  8. You own an accounting firm that was just named the “best resume builder” for young professionals and a rush of interns have shown up at your door that are willing to work without pay. What will happen to the supply of accounting work, CP? S P S’ Q

  9. The interest rate has fallen and Dunder Mifflin, Staples, and Office Max have all taken a loan out to purchase new factory equipment. What will happen to the supply of paper? S P S’ Q

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