ECS1500 ASSIGNMENT 1 – 2023
Questions and answers – 100% first attempt
Guaranteed, Guaranteed and Guaranteed
1. The tastes and preferences of the consumer are factors that will determine the supply of a
product.
The correct answer is 'False'.
2. The supply of a good decreases when the price of a complement in production _____________ and
decreases when the price of a substitute in production _____________.
The correct answer is: falls; rises
Continues on the next pages
Questions and answers – 100% first attempt
Guaranteed, Guaranteed and Guaranteed
1. The tastes and preferences of the consumer are factors that will determine the supply of a
product.
The correct answer is 'False'.
2. The supply of a good decreases when the price of a complement in production _____________ and
decreases when the price of a substitute in production _____________.
The correct answer is: falls; rises
Continues on the next pages
