ECON 102 Quiz 3 Answers (Penn State University)

ECON 102 Quiz 3 Answers (Penn State University) Question 1 The price of a hamburger at a fast food restaurant increases from $2.30 to $3.50. The law of demand predicts that Question 2 Which of the following are the best examples of complements? Question 3 In the above figure, a decrease in the price of a complement for a product is represented by Question 4 The law of supply states that Question 5 Each of the following would cause a decrease in the supply of corn EXCEPT Question 6 In the above figure, a decrease in the price of the product is represented by Question 7 A shortage occurs in a market when Question 8 When consumers' income increases, what happens to equilibrium price and quantity for a normal good? Question 9 Which of the figures above would be an appropriate representation of the effects of an increase in the price of gasoline on the trucking industry. Question 10 In the above figure, if the government sets the minimum legal price of the product at $1.50, then the $1.50 acts as a(n) Quiz 03 Question 1 The law of demand is a statement that relates which two variables? Question 2 Which of the following are the best examples of complements? Question 3 An increase in demand for flip flops could be caused by Question 4 A graphical representation of a supply schedule is a Question 5 Which of the following will cause a shift of the entire supply curve? Question 6 In the above figure, a decrease in the price of an input for a product is represented by Question 7 A shortage occurs in a market when Question 8 When consumers' income increases, what happens to equilibrium price and quantity for a normal good? Question 9 In the above figure, if the supply curve moves from S0 to S1 and the demand curve remains at D0. which of the following statements is TRUE? Question 10 In the above figure, if the government sets the maximum legal price of the product at $0.75, then the $0.75 acts as a(n)