Quiz 03 - Quiz03 UnansweredQuestion1 0/1pts...

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Quiz 03   Unanswered Question 1 0 / 1 pts The price of a hamburger at a fast food restaurant increases from $2.30 to $3.50. The law of  demand predicts that Correct Answer    consumers will buy fewer hamburgers at the fast food restaurant.     consumers will purchase more French Fries at the fast food restaurant.      consumers will buy more hamburgers at the fast food restaurant.     consumers' purchases of hamburgers at the fast food restaurant will not change. The law of demand states that as the price of a product increases, consumers will purchase less of  the product, and vice versa.   Unanswered Question 2 0 / 1 pts Which of the following are the best examples of complements?    white bread and wheat bread   Correct Answer    peanut butter and jelly      mayonnaise and mustard  
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   roast turkey and smoked ham   Peanut butter and jelly are complements because they are typically consumed together. The others  are examples of substitutes because they are typically consumed in place of each other.   Unanswered Question 3 0 / 1 pts In the above figure, a decrease in the price of a complement for a product is represented by    the movement from P 0  to P 1  in Graph B. Correct Answer    the movement from D 0  to D 1  in Graph A.    the movement from P 1  to P 0  in Graph B.    the movement from D 1  to D 0  in Graph A. A decrease in the price of a complement causes an increase in demand. This is represented in  Graph A by a movement from D 0  to D 1 .   Unanswered Question 4 0 / 1 pts The law of supply states that
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  as price rises, quantity supplied will fall, and vice versa, ceteris paribus.      as price rises, quantity supplied will remain constant, ceteris paribus.      None of the above is correct.   Correct Answer   as price rises, quantity supplied will rise, and vice versa, ceteris paribus.
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