A student at new york university used to take the

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24) A student at New York University used to take the Redhound bus when she visited her grandmother in BostonAfter graduating, although the bus fare and the plane fare were the same as they were when she was a student,with a well paid job on Wall Street she now takes the plane to Boston to visit her grandmother. For this student,travel by Redhound bus isA) a normal good.B) a complement good.C) a substitute good.D) a good with negative preferences.E) an inferior good.
25) The law of supply states that, other things remaining the same,
26) Mulch is shredded wood and is a by-product in the production of lumber. Because these two goods areproduced together, they are
27) The United Auto Workers bargained for higher wages and more benefits for autoworkers. As a result of thehigher wages and increased benefits,i.the quantity of new automobiles supplied decreases.ii.the supply of new automobiles decreases.iii.the supply of new automobiles increases.
28) A decrease in the price of a complement in production leads toA) an increase in the supply of the good in question.B) a decrease in the supply of the good in question.C) no change in the supply of the good in question.D) a decrease in the quantity supplied of the good in question.E) an increase in the supply of the good in questionanda decrease in the quantity supplied of the good inquestion.
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Chapter 7 / Exercise 13
Exploring Macroeconomics
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29) The above figure shows the market for laptops. Which of the following shifts the supply curve fromS0toS2?
30) In the figure above, a price of $35 per dozen roses results in

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Exploring Macroeconomics
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Chapter 7 / Exercise 13
Exploring Macroeconomics
Sexton
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