Week_3_Lab_Sp11

Week_3_Lab_Sp11 - ECON 2030 Week 3 Suppose Federica, a...

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ECON 2030 Week 3
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Suppose Federica, a rational consumer, while strolling down the Via dei Condotti, saw a beautiful Gucci tote in white leather that was priced at €1250, and she purchased it. It can be concluded with certainty that her reservation price for buying the tote was 1 2 3 4 5 6 0% 0% 0% 0% 0% 0% 1. greater than €1250. 2. greater than or equal to €1250. 3. greater than or equal to €0. 4. less than €1250. 5. less than or equal to €0. 6. less than or equal to €1250. 90
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Suppose a new report indicates that yogurt is the new health food, both for the body and the mind. The increase in the market demand resulting from this report will cause a _____ of yogurt which will be eliminated as the price _____, everything else held constant. 1 2 3 4 0% 0% 0% 0% 1. shortage; increases 2. surplus; increases 3. shortage; decreases 4. surplus; decreases 60
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increases. Which side of the pear market is DIRECTLY affected by this increase?
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This note was uploaded on 05/12/2011 for the course ECON 2030 taught by Professor Bong during the Spring '07 term at LSU.

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Week_3_Lab_Sp11 - ECON 2030 Week 3 Suppose Federica, a...

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