A shift in the demand curve for sailboats resulting from an increase in incomes will lead to
a.higher prices of sailboats.
b.lower prices of sailboats.
c.a corresponding shift in the supply curve for sailboats.
d.lower output of sailboats.
e.no change in the price of sailboats.
133. If the price of oil, a close substitute for coal, increases then the
a.supply curve for coal will shift to the right.
b.demand curve for coal will shift to the right.
c.equilibrium price and quantity of coal will not change.
d.demand curve for coal will shift to the left.
e.supply curve of coal will shift to the left.
134. We observed that the price of a good rises and the quantity purchased also rises. Everything else being equal, it is consistent that
a.the price of a substitute good fell.
b.the price of a complement rose.
d.costs of inputs increased.
135. An increase in the price of gasoline shifts the demand for tires to the
a.left, because gasoline and tires are substitutes.
b.left, because gasoline and tires are normally used together.
c.right, because gasoline and tires are substitutes.
d.right, because gasoline and tires are normally used together.
136. If orange juice prices double next year, there will be a
a.rightward shift in the demand for grapefruit juice.
b.rightward shift in the supply of grapefruit juice.
c.leftward shift in the supply of grapefruit juice.
d.leftward shift in the demand for grapefruit juice.
137. We observe that the price of food rises and the quantity purchased also rises. This means the
a.supply curve shifted to the left.
b.demand curve shifted to the right.
c.demand curve shifted to the left.
d.supply curve shifted to the right.
138. The price of coal fell and the quantity sold also fell. Everything else being equal, it is consistent that
a.the price of oil fell.
b.coal miners received large wage increases.
c.more efficient mining equipment was installed.
d.consumer incomes rose.
e.the supply of coal fell.
139. If the demand for steak shifts to the right, the most likely explanation is that
a.the price of cattle feed has fallen.
b.consumer income has risen.
c.the price of steak has fallen.
d.cattle production has fallen.
140. If oranges and grapefruit are close substitutes, an increase in the price of oranges will shift the demand curve of
a.both products to the right.
b.both products to the left.
c.grapefruit to the right.
d.oranges to the left.
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