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Econ Lowdown Post Test Questions | 100% Correct Answers
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A decrease in the price of a good would be illustrated on a supply graph as a: - ANS - Movement along the supply curve downward If the price of one of the resources used to produce a good decreases: - ANS - The supply curve for that good would shift right An improvement in technology used by producers of a certain good will result in: - ANS - An increase in the supply of the good According to the law of supply, if the price of a good or service increases: - ANS - Quantity supplied will increase If a good is considered "normal" by economists, an increase in consumers' incomes will result in a decrease in the demand for the good. True or false? - ANS - False
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