chapter 3 quiz

chapter 3 quiz - 1. Refer to the above table. In relation...

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Refer to the above table. In relation to column (3), a change from column (5) to column (4) would indicate a(n): A) increase in demand. B) decrease in demand. C) increase in supply. D) decrease in supply. 2. (Consider This) Ticket scalping refers to: A) the surplus of tickets that occurs when price is set below equilibrium. B) the shortage of tickets that occurs when price is set above equilibrium. C) pricing tickets so high that an athletic or artistic event will not be sold out. D) reselling a ticket at a price above its original purchase price. 3. When the price of a product rises, consumers shift their purchases to other products whose prices are now relatively lower. This statement describes: A) an inferior good. B) the rationing function of prices. C) the substitution effect. D) the income effect. 4. (Advanced analysis) Answer the next question(s) on the basis of the following information. The demand for commodity X is represented by the equation
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This note was uploaded on 02/10/2010 for the course ECON 201 taught by Professor Smith during the Spring '10 term at Bowling Green.

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chapter 3 quiz - 1. Refer to the above table. In relation...

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