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6)In a market, at equilibrium price:7)Price steadily increases and quantity bought steadily increases. SUV prices rose and each year, more were purchased. This fact suggests that:8)Fall in price of Cola, a substitute for coffee, will:9)Price of energy rose in 2011, so there was _____ in the supply of Big Macs which resulted in a _____ in price of Big Macs.10)Technological change lowers cost of production of coffee. At the same time, prices of Pepsi and Coke rise. Equilibrium quantity of coffee will:a.Increaseb.Decreasec.Remain the samed.Increase or decrease depending on whether the price of coffee rises or fallse.Increase or decrease depending on relative shifts of the demand and supply curves11)Goods X & Y are complements for consumers. If price of a resource used to produce X falls, the price of:
12)Price elasticity of demand equals magnitude of the ___ in the ___, divided by the ___ in the ___.13)Rent ceiling law is introduced and maximum rent permitted is lower than market equilibrium rent. Quantity of housing is equal to: