Homework for CHAPTER 4 - will decrease the demand for...

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1 Prepared by Moon Young BAEK Yonsei University, Economics Homework for Chapter 4 Question 1 (a through f)
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2 Prepared by Moon Young BAEK Yonsei University, Economics Question 2 (a through h)
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3 Prepared by Moon Young BAEK Yonsei University, Economics Question 3 (a through e): True or False; why or why not? 3.a The law of demand states that an increase in the price of a good decrease the demand for that good. 3.b If apples and oranges are substitutes, an increase in the price of apples
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Unformatted text preview: will decrease the demand for oranges. 3.c If consumers expect the price of shoes to rise, there will be an increase in the demand for shoes today. 3.d The law of supply states that an increase in the price of a good increase the quantity supplied of that good. 3.e An increase in the price of steel will shift the supply of automobile to the right....
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Homework for CHAPTER 4 - will decrease the demand for...

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