EC 201 Quiz 2 - 1. In much of the country, homeowners...

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1. In much of the country, homeowners choose to heat their houses with either natural gas or home heating oil. Which of the following could cause the demand for natural gas to change? all of the above 2. Raclette is a popular wintertime dish in Switzerland. It is essentially melted Raclette cheese over boiled new potatoes. If the price of this cheese decreased we would expect: an increase in demand for new potatoes. 3. A newspaper story recently reported that the price of new cars has decreased, and the quantity of new cars sold has dropped. The price and quantity changes were probably caused by: a decrease in buyers' incomes. 4. Which of the following will NOT cause an increase in the supply of cornflakes? an increase in the price of cornflakes 5. The market for milk is initially in equilibrium. Milk producers now engage in a costly advertising program to encourage milk drinking. Assume that the advertising campaign succeeds in shifting consumer tastes toward drinking milk. Standard demand and supply analysis tells us:
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This note was uploaded on 08/14/2010 for the course ECONOMICS 201 taught by Professor Rcollier during the Spring '10 term at Portland CC.

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EC 201 Quiz 2 - 1. In much of the country, homeowners...

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