In the following question(s) you are asked to determine, other things equal, the effects of a given change in a determinant of demand or supply for product X upon (1) the demand (D) for, or supply (S) of, X, (2) the equilibrium price (P) of X and (3) the equilibrium quantity (Q) of X.
Refer to the above. An increase in the price of a product which is a complment to X will:
a. decrease S, decrease P, decrease Q
b. increase D, increase P, increase Q
c. decrease D, decrease P decrease Q
d. increase D, increase P, decrease Q
Refer to the above. Consumer expectations that the price of X will rise sharply in th future will:
a. increase S, increase P, increase Q
b. Increase D, increase P, Increase Q
c.decrease S, increase P, increase Q
d. increase D, decrease P, increase Q
Refer to the above. A decrease in the number of consumers of product X wil:
a. decrease S, increase P, decrease Q
b.increase D, increase P, increase Q
c. decrease D, decrease P, decrease Q
d. decrease D, decrease P, increase Q
Refer to above. An increase in income, if X is a normal good will:
a. increase D, increase P, increase Q
b. increase D, incease P, decrease Q
c. increase S, increase P, increase Q
d. decrease D, increase P, increase Q
Refer to the above. An increase in the price of a product which is a complment to X will:
a. decrease S, decrease P, decrease Q
b. increase D, increase P, increase Q
c. decrease D, decrease P decrease Q
d. increase D, increase P, decrease Q
Refer to the above. Consumer expectations that the price of X will rise sharply in th future will:
a. increase S, increase P, increase Q
b. Increase D, increase P, Increase Q
c.decrease S, increase P, increase Q
d. increase D, decrease P, increase Q
Refer to the above. A decrease in the number of consumers of product X wil:
a. decrease S, increase P, decrease Q
b.increase D, increase P, increase Q
c. decrease D, decrease P, decrease Q
d. decrease D, decrease P, increase Q
Refer to above. An increase in income, if X is a normal good will:
a. increase D, increase P, increase Q
b. increase D, incease P, decrease Q
c. increase S, increase P, increase Q
d. decrease D, increase P, increase Q