If peas and beans are substitute goods, an increase in the cost of production of peas will most likely result in a. an increase in demand for beans and a decrease in supply of peas. b. an increase in demand for beans and a decrease in the quantity demanded of peas. c. an increase in the quantity supplied of beans, and a decrease in the supply of peas. d. all of the above. A decrease in the price of a good will cause a a. shift left of the demand curve for the good b. shift right of the demand curve for the good c. movement up the existing demand curve d. movement down the existing demand curve

When timber mills process logs, they produce both beams and sawdust. In the market for timber beams, which of the following events increases the supply of timber beams?   The supply of timber beams increases when ________.     A. the price of sawdust rises or the price of a timber beam is expected to rise next year   B. the price of sawdust rises or new technology lowers the cost of producing timber beams   C. a new law reduces the amount of forest that can be cut for timber   D. the price of a timber beam rises

Jonathan likes apple pie. He reads on the internet that 30 percent of the Alabama apple crop was destroyed by a hurricane. It is predicted that the price of apples will rise by 35 percent in three months. As a result, Jonathan's demand for apple pie will increase in three months. shifts left today. decreases as he looks for a substitute good. increases today. a. b. C. d. A a B b D с d

The law of supply says that  A. The quantity supplied of a product rises when the prices of the product rises  B. The quantity supplied of a product rises when prices of the product fall. C. The quantity demanded of a product rises when the prices of the product rise. D. The quantity demanded of a product falls when the prices of the product falls.

Explain how each of the following events changes the demand for or supply of jeans. A. People's incomes increase. B. A new technology becomes available that reduces the time it takes to manufacture a pair of jeans. C. The price of the cloth (denim) used to make jeans falls. D. Jeans come back into fashion. E. The price of a pair of jeans falls. F. The wage rate paid to garment workers rises. G. Many jeans producers go out of business. H. The price of a denim skirt halves. A. Event G decreases supply and event H increases demand. B. Event B decreases supply and event G increases demand. O C. Event C increases demand and event D increases supply. D. Event E increases demand and event F decreases supply. OE. Event A increases demand and event B increases supply.