Exam 1 - Question 1 3.3 out of 3.3 points There would...

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Question 1 3.3 out of 3.3 points There would necessarily be an increase in supply with all but which one of the following occurrences? Selected Answer: An increase in the price offered for the good. Correct Answer: An increase in the price offered for the good. Question 2 3.3 out of 3.3 points A change in quantity demanded is caused by a Selected Answer: change in the price of the good only. Correct Answer: change in the price of the good only. Question 3 3.3 out of 3.3 points The price of chicken has increased from $1.50 to $2.00 per pound because a poultry disease caused a decrease in the supply of chicken. What is likely to happen in the market for fish, ceteris paribus, assuming that fish is priced at $3.00 per pound? Selected Answer: The demand for fish will increase. Correct Answer: The demand for fish will increase. Question 4 3.3 out of 3.3 points The price of pocket calculators has fallen over the past twenty years. Which of the following answers best explains why? Selected Answer: Improved technology used in the production of the good. Correct Answer: Improved technology used in the production of the good. Question 5 0 out of 3.3 points If there is a need for a larger quantity of oil, the most effective way to get it quickly is to Selected Answer: improve technology. Correct Answer: increase the price of oil. Question 6 3.3 out of 3.3 points A leftward shift of the entire demand curve could be the result of Selected Answer: all of the above. Correct Answer: all of the above. Question 7 3.3 out of 3.3 points A market demand curve Selected Answer: is the sum of the demand curves of all the individuals in a particular market.
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This note was uploaded on 01/13/2012 for the course ECON 2306 taught by Professor Kamara during the Spring '11 term at University of Texas at Austin.

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Exam 1 - Question 1 3.3 out of 3.3 points There would...

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