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FALL 2016: 9/18 Flashcards | StudBud
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FALL 2016: 9/18
FALL 2016: 9/18
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1
If gas prices are to increase next week, demand will increase today.
FALSE
TRUE
2
Assume paper and binders are complements, what will happen if the price of paper increases?
demand for paper will decrease
has no effect on demand
demand for binders will decrease
supply of binders will decrease
3
According to the Law of Demand, as Price increases, Demand decreases.
FALSE
TRUE
4
Which equation below represents a market at equilibrium?
the market is always at equilibrium
Qd = S
Qd = Qs
D = S
5
Assume pencils are a normal good, what will happen if your income increased?
demand will decrease
demand will remain the same
supply will decrease
demand will increase
