Q.1.7 If there is a strike in the milk production industry, then, ceteris paribus; (a) the demand for milk will increase. (b) the demand for milk will decrease. (c) the supply of milk will decrease. (d) the supply of milk will increase. Q.1.8 An increase in demand: (a) indicates that more is demanded at higher prices. (b) indicates that more is demanded at lower prices. (c) is illustrated by a rightward shift of the demand curve. (d) is illustrated by a leftward shift of the demand curve.
Q.1.7 If there is a strike in the milk production industry, then, ceteris paribus; (a) the demand for milk will increase. (b) the demand for milk will decrease. (c) the supply of milk will decrease. (d) the supply of milk will increase. Q.1.8 An increase in demand: (a) indicates that more is demanded at higher prices. (b) indicates that more is demanded at lower prices. (c) is illustrated by a rightward shift of the demand curve. (d) is illustrated by a leftward shift of the demand curve.
Microeconomics: Private and Public Choice (MindTap Course List)
16th Edition
ISBN:9781305506893
Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Chapter3: Demand, Supply, And The Market Process
Section: Chapter Questions
Problem 1CQ
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Q.1.7 If there is a strike in the milk production industry, then, ceteris paribus;
(a) the demand for milk will increase.
(b) the demand for milk will decrease.
(c) the supply of milk will decrease.
(d) the supply of milk will increase.
Q.1.8 An increase in demand:
(a) indicates that more is demanded at higher prices.
(b) indicates that more is demanded at lower prices.
(c) is illustrated by a rightward shift of the demand curve.
(d) is illustrated by a leftward shift of the demand curve.
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