Question 8 25 out of 25 points if in the market for

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Question 8 2.5 out of 2.5 points If in the market for apples the supply has decreased then Selected Answer: Answers: there has been a movement upwards along the supply curve for apples. the supply curve for apples has shifted to the left. the supply curve for apples has shifted to the right. there has been a movement downwards along the supply curve for apples.
Question 9 2.5 out of 2.5 points The law of demand implies, holding everything else constant, that as the price of yogurt
Question 10 2.5 out of 2.5 points A demand curve shows the relationship between
the amount of a product sellers are willing to sell at a particular price and the amount consumers are willing to buy at that price. Question 11 2.5 out of 2.5 points Table 3-1 Kona Coffee Price per lb. (dollars) Luke's Quantity Demanded (lb.) $10 3 8 9 6 14 5 18 4 22 Refer to Table 3-1. The table above shows the demand schedules for Kona coffee of two individuals (Luke and Ravi) and the rest of the market. If the price of Kona coffee rises from $4 to $5, the market quantity
Answers: decrease by 115 lb. increase by 115 lb. increase by 35 lb. decrease by 35 lb. Question 12 2.5 out of 2.5 points Figure 3-7 Refer to Figure 3-7. Assume that the graphs in this figure represent the demand and supply curves for rice. What happens in this market if buyers expect the future price of rice to fall? Selected Answer: Panel (d) Answers: Panel
(a) Panel (b) Panel (c) Panel (d) Question 13 2.5 out of 2.5 points At a product's equilibrium price
product.

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