ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN: 9780190931919
Author: NEWNAN
Publisher: Oxford University Press
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Question
What happens to the demand curve ( shift left , shift right , stay the same ) when
a. Gasoline prices increase by an extra 50¢ per gallon and the demand for Quarter Pounders with
Cheese decline.
B) McDonald’s lowers the price of a Big Mac by 50¢.
C) McDonald’s raises the price of fries and Coke by 25%.
D)
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- Don't use Ai True or False: The law of demand states that, all else being equal, as the price of a good or service increases, the quantity demanded for that good or service will decrease.arrow_forwardWhich of the following would cause a shift in the demand curve from point A to point B? OA. An increase in the price of a substitute good. B. A decrease in income (inferior good). C. An increase in income (normal good). D. All of the above.arrow_forwardsuppose pizzas and burgers are substitutes. what will definitely happen if there is an increase in the price of pizza? a. demand for burgers will increase. b. supply of burgers will decrease. c. demand for burgers will decrease. d. supply of burgers will increase.arrow_forward
- What would happen to the equilibrium price and quantity of macaroni and cheese if consumers' income fall and macaroni and cheese is an inferior good? a. both the equilibrium price and quantity would increase b. both the equilibrium price and quantity would decrease c. the equilibrium price would increase, and the equilibrium quantity would decrease. d. the equilibrium price would decrease, and the equilibrium quantity would increae.arrow_forwardWhich of the following might lead to an increase in the equilibrium price of jelly and adecrease in the equilibrium quantity of jelly sold?a. an increase in the price of peanut better , a complement to jellyb. an increase in the price of plum preserves a substitute for jellyc. an increase in the price of grapes, an input into jellyd . an increase in consumers’ incomes, as long as jelly is a normal goodarrow_forward
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