Quiz 1 - 1. The law of demand states that: a. the lower the...

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1. The law of demand states that: a. the lower the price, the higher the quantity demanded; b. the higher the price, the higher the quantity demanded; c. the demand curve is upward sloping; d. an increase in income increases the quantity demanded e. an increase in price shifts the demand curve to the right 2. Which of the following does not shift the demand curve? a. Changes in the price of the product itself. b. Changes in income. c. Changes in tastes and preferences. d. Change in the prices of complementary goods. e. Change in the prices of substitute goods
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This note was uploaded on 07/01/2011 for the course ECO 304K taught by Professor Hickenbottom during the Fall '10 term at University of Texas.

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