Answered: 1. Ceteris paribus, if the wages of…

1. Ceteris paribus, if the wages of apple-orchard workers rise, the price of pears (a substitute good for apples) will a. fall b. rise c. be unaffected d. impossible to tell

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter4: Labor And Financial Markets

Section: Chapter Questions

Problem 31P: Table 4.6 shows the amount of savings and barrowing in a market for loans lo purchase homes,...

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Please answer correct explain please both are questions correct choice

Don't answer by pen paper plz.

1. Ceteris paribus, if the wages of apple-orchard workers rise, the price of pears (a substitute good for apples) will
a. fall
b. rise
c. be unaffected
d. impossible to tell
2. Ceteris paribus, if the wages of apple-orchard workers rise, the price of frozen pie crusts (a good that is complementary
to apples) will
a. fall
b. rise
c. be unaffected
d. impossible to tell
3. If the supply of oranges falls and there is in place government legislation prohibiting any change, up or down, in orange
prices, which of the following will be among the results (assuming that the price of oranges was at equilibrium before the
supply of oranges fell)?
neither a shortage nor a surplus of oranges
a surplus of oranges
a shortage of oranges
improved quality of oranges

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