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Unformatted text preview: 4) When the price of a CD decreases: A) the demand for CDs will increase. B) the demand for CDs will decrease. C) the quantity demanded of CDs will increase. D) the quantity demanded of CDs will decrease. 5) If the price of gasoline doubles while your income is constant: A) consumers consumption of all goods will remain exactly the same. B) consumers will continue to buy exactly the same amount of gasoline. C) consumers substitute gasoline for other products you once consumed. D) consumer purchasing power has decreased and consumers buy less of everything. 6) If there is a surplus in a market, then the market is brought back into equilibrium by: A) quantity demanded rising. B) price falling. C) quantity supplied falling. D) all of the above....
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- Spring '08