In Figure 42 which of the panels depicts a market in which there is an excess

# In figure 42 which of the panels depicts a market in

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53) In Figure 4.2, which of the panels depicts a market in which there is an excess supply of a product? A) Panel AB) Panel BC) Panel CD) None of the panels depicts a market in which there is an excess supply of a product. 54) Figure 4.2 depicts three market situations. Which of the panels depicts a market in which the price is likely to rise? 55) Figure 4.2 depicts three market situations. Which of the panels depicts a market in which the price is likely to fall? 56) Judy demands more peanuts as her income increases. From this, we can conclude that, for Judy: 58) When Mary's income increases, she purchases fewer hamburgers. We can conclude that for Mary, hamburger is a(n) ________ good. A) normalB) inferior C) substitute D) complementary 9
59) When Tom's income decreases, he purchases more hamburgers. We can conclude that for Tom, hamburger is a(n) ________ good. 60) Becky demands more raisins as her income increases. From this, we can conclude that, for Becky: 61) A normal good is defined as a good for which demand decreases when: 62) Two goods are substitutes if: A) the supply of one good decreases when the price of the other increases.B) the supply of one good decreases when the price of the other decreases.C) the demand for one good decreases when the price of the other increases.D) the demand for one good decreases when the price of the other decreases. 63) The effect of income on the demand for normal goods is such that 64) If an increase in income results in a decrease in the demand for Honda Civics, then Honda Civics are considered:

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