ECON 705 (ECON705)

ECON 705 Module 1 Exam prep 2023 With Revised Answered Answers. 1. The laws of demand implies that, other things remaining the same: a. As the price of cheeseburgers rises, the quantity demanded will decrease Price = demand 2. A substitute is a good: a. That can be used in place of another good. 3. The demand for a good increases when the price of a substitute _______ and also increases when the price of a compliment _______. a. Rises; falls Demand of a good when the price of a substit...

ECON 705 Module 1 Exam prep 2023 With Revised Answered Answers. 1. The laws of demand implies that, other things remaining the same: a. As the price of cheeseburgers rises, the quantity demanded will decrease Price = demand 2. A substitute is a good: a. That can be used in place of another good. 3. The demand for a good increases when the price of a substitute _______ and also increases when the price of a compliment _______. a. Rises; falls Demand of a good when the price of a substit...

ECON 705 Module 1 Exam prep 2023 With Revised Answered Answers. 1. The laws of demand implies that, other things remaining the same: a. As the price of cheeseburgers rises, the quantity demanded will decrease Price = demand 2. A substitute is a good: a. That can be used in place of another good. 3. The demand for a good increases when the price of a substitute _______ and also increases when the price of a compliment _______. a. Rises; falls Demand of a good when the price of a substit...

ECON 705 MODULE 7 QUIZ VIDEO 2. 18/18 100% VERIFIED Elaborations

If there is no change in supply, a decrease in demand will lead to Select one: a. falling prices and a lower quantity bought/sold. b. falling prices and a higher quantity bought/sold. c. rising pri ces and a lower quantity bought/sold. d. rising prices and a higher quantity bought/sold. The few days before a busy travel weekend (e.g., Fourth of July), gasoline prices are expected to Select one: a. decrease to encourage more consumption on the exact travel day. b. increase, and the quantity of ga...

ECON 705 PRACTICE QUIZIf the price of gasoline increased, what might you expect to happen? Select one: a. People would increase their use of public transportation. b. Demand for ethanol and alternative fuels would increase. c. People would reduce the amount of driving they did. d. All of these are likely to happen. A positive slope parameter for the price variable means that quantity demanded will always increase whenever price changes (increases or decreases). Select one: True Fals...