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econ 2

# econ 2 - 1 If demand of good A increases when price of good...

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1. If demand of good A increases when price of good B increase, what can we conclude about the relationship between good A and B? a. Complement b. Substitute c. Either of substitute or complement d. Neither of substitute nor complement 2. Students start to go the TAs’ review sessions after the first exam because they did not get the grades they wanted. What can you say about this event? a. The opportunity cost of going to the review increases b. The opportunity cost of not going to the review increases c. Students’ preferences have changed d. Both and c e. Both b and c 3. You are consuming two goods A and B. If the price of both goods increase then which one of the following is always true according to what you have learned? 4. You are consuming good A and B. Good A and good B is perfect substitute. Good A is on the vertical axis; good B is on the horizontal axis. As you consume more and more good B, what will happen?

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