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1. If the price of tacos increase from $2 to $3 then a. demand will increase b. demand will decrease C. quantity demanded will increase d. quantity demanded will decrease 2. Consumer income increases (assume tacos are a normal good) a. demand will increase b. demand will decrease C. quantity demanded will increase d. quantity demanded will decrease 3.. The price of burritos which is a substitute for tacos decreases, then the tacos' a. demand will increase b. demand will decrease c. quantity demanded will increase quantity demanded will decrease

1. If the price of tacos increase from $2 to $3 then a. demand will increase b. demand will decrease C. quantity demanded will increase d. quantity demanded will decrease 2. Consumer income increases (assume tacos are a normal good) a. demand will increase b. demand will decrease C. quantity demanded will increase d. quantity demanded will decrease 3.. The price of burritos which is a substitute for tacos decreases, then the tacos' a. demand will increase b. demand will decrease c. quantity demanded will increase quantity demanded will decrease

Essentials of Economics (MindTap Course List)
Essentials of Economics (MindTap Course List)
8th Edition
ISBN:9781337091992
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter5: Elastic And Its Application
Section: Chapter Questions
Problem 5PA
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1. If the price of tacos increase from $2 to $3 then a. demand will increase b. demand will decrease c. quantity demanded will increase d. quantity demanded will decrease 2. Consumer income increases (assume tacos are a normal good) a. demand will increase b. demand will decrease C. quantity demanded will increase d. quantity demanded will decrease 3.. The price of burritos which is a substitute for tacos decreases, then the tacos' a. demand will increase b. demand will decrease C. quantity demanded will increase quantity demanded will decrease 4. If the price of tacos increase from $2 to $3 then a. supply will increase b. supply will decrease c. quantity supplied will increase quantity supplied will decrease 5. The cost of the beef used to make the tacos increases a. supply will increase b. supply will decrease c. quantity supplied increase d. quantity supplied decrease
Transcribed Image Text:1. If the price of tacos increase from $2 to $3 then a. demand will increase b. demand will decrease c. quantity demanded will increase d. quantity demanded will decrease 2. Consumer income increases (assume tacos are a normal good) a. demand will increase b. demand will decrease C. quantity demanded will increase d. quantity demanded will decrease 3.. The price of burritos which is a substitute for tacos decreases, then the tacos' a. demand will increase b. demand will decrease C. quantity demanded will increase quantity demanded will decrease 4. If the price of tacos increase from $2 to $3 then a. supply will increase b. supply will decrease c. quantity supplied will increase quantity supplied will decrease 5. The cost of the beef used to make the tacos increases a. supply will increase b. supply will decrease c. quantity supplied increase d. quantity supplied decrease
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