Quiz 1 Spring 2008

Quiz 1 Spring 2008 - Quiz 1 Spring 2008 Name_ Section_ 1....

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Quiz 1 Spring 2008 Name____________________ Section___________________ 1. People become more conscious about the fat content in fast-food burgers at the same time as the price of ground beef decreases. In the market for fast-food burgers, (a) there is a decrease in equilibrium price and an increase in equilibrium quantity. (b) there is an increase in equilibrium price and a decrease in equilibrium quantity (c) the equilibrium quantity will rise but we don’t have enough information to determine the change in equilibrium price. (d) the equilibrium price will fall but we don’t have enough information to determine the change in equilibrium quantity. 2. If in the market for oranges the equilibrium quantity has risen but equilibrium price has stayed the same, then (a) the demand and supply of oranges must have fallen. (b) the demand for oranges must have risen but the supply must have fallen. (c) the demand and supply for oranges must have risen.
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This note was uploaded on 02/28/2008 for the course ECON 2020 taught by Professor Kaplan,jul during the Spring '08 term at Colorado.

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Quiz 1 Spring 2008 - Quiz 1 Spring 2008 Name_ Section_ 1....

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