Quiz_2 - EC201 Introduction to Microeconomics (G.Lepori)...

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EC201 Introduction to Microeconomics (G.Lepori) Spring 2007 1 Quiz 2 1) When the law of demand applies to a good, then a. the quantity demanded of the good is negatively related to the price of the good. b. the demand curve for the good slopes downward. c. when the price of the good falls, the quantity demanded of the good rises. d. All of the above are correct. 2) An increase in demand is represented by a. a movement downward and to the right along a demand curve. b. a movement upward and to the left along a demand curve. c. a rightward shift of a demand curve. d. a leftward shift of a demand curve. 3) Pizza is a normal good if a. the demand for pizza rises when income rises. b. the demand for pizza rises when the price of pizza falls. c. the demand curve for pizza slopes downward. d. the demand curve for pizza shifts to the right when the price of burritos falls, assuming pizza and burritos are substitutes. 4) Which of the following events could shift the demand curve for gasoline to the left?
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Quiz_2 - EC201 Introduction to Microeconomics (G.Lepori)...

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