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quiz 2 sp 2011 - econ222 quiz 3 Multiple Choice Identify...

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econ222 quiz 3 Multiple Choice Identify the choice that best completes the statement or answers the question. ____ 1. Equilibrium Analysis: Assume that chicken is a normal good. The equilibrium market price and equilibrium quantity of chicken would increase today if: a. consumers expect the price of chicken to increase in the near future. b. the price of chicken feed (input cost) decreased. c. consumer income fell. d. many chickens were dying in farm from contracting a major illness called the chicken flu. Figure 4-8 S D 100 200 300 400 500 600 700 800 quantity 5 10 15 20 25 30 35 40 45 50 price ____ 2. Refer to Figure 4-8 . At a price of $35, ____ 3. Assume a closed economy. For an economy as a whole, income must equal expenditure because
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