problem set 2 key

problem set 2 key - Econ 211 Prob Set 2 Multiple Choice -...

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
Econ 211 Name _________________________________ Prob Set 2 Multiple Choice - Answer each of the following. 1. An increase in the price of lumquats will cause a. a reduction in the demand for lumquats b. an increase in the supply of lumquats c. an increase in the demand for kumquats, if kumquats are a complement for lumquats d. all of the above e. none of the above 2. Suppose the supply of widgets increases. The result will be a. a rise in the equilibrium price of widgets and a decrease in their equilibrium quantity b. a rise in the equilibrium price and quantity of widgets c. a rise in the demand for widgets d. a decrease in the demand for widgets e. none of the above Questions 3 and 4 are based on the following information. (i) Apples and peanuts are complements and both are superior goods. (ii) The recent freezing weather kills much of this year’s crop of peanuts. 3. What impact will this freeze have on the equilibrium price and quantity of peanuts? a.
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 10/06/2008 for the course ECON 211 taught by Professor Johnson during the Fall '07 term at Clemson.

Page1 / 2

problem set 2 key - Econ 211 Prob Set 2 Multiple Choice -...

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online