Quiz_3 - EC201 Introduction to Microeconomics (G.Lepori)...

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EC201 Introduction to Microeconomics (G.Lepori) Spring 2007 1 Quiz 3 1) If tobacco and marijuana are complementary goods, then an increase in the price of cigarettes a. will decrease the demand for marijuana. b. will increase the demand for marijuana. c. may increase or decrease the demand of marijuana depending on whether marijuana is a normal or inferior good. d. will shift the supply curve of marijuana to the right. ANS: A 2) Other things equal, when the price of a good rises, the a. quantity demanded of the good increases. b. supply increases. c. quantity supplied of the good increases. d. demand curve shifts to the left. ANS: C 3) A movement along the supply curve might be caused by a change in a. technology. b. input prices. c. expectations about future prices. d. the price of the good or service that is being supplied. ANS: D 4) A supply curve slopes upward because a. as more is produced, total cost of production falls. b.
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Quiz_3 - EC201 Introduction to Microeconomics (G.Lepori)...

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