chap 3 - 1.

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1.   Camille's Creations and Julia's Jewels both sell beads in a competitive market. If at the market price of $5, both  are running out of beads to sell (they can't keep up with the quantity demanded at that price), then we would  expect both Camille's and Julia's to:    Student Response Value Correct Answer Feedback A. raise their price and  reduce their quantity  supplied.      B. raise their price and  increase their  quantity supplied. 100%       C.  lower their price and  reduce their quantity  supplied.      D.  lower their price and  increase their  quantity supplied.      Score: 1/1    2.   Graphically, the market demand curve is:    Score: 1/1    3.
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  A normal good is one:    Score: 1/1    4.   Answer the next question(s) on the basis of the given supply and demand data for wheat:       Refer to the above data. If price was initially $4 and free to fluctuate, we would expect:    Score: 0/1   
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5.  
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chap 3 - 1.

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