For the following statements, please indicate whether each is true or false:A fall in the price of shoes would shift the demand curve for shoes to the right. As the price of a product falls, the quantity demanded of that product will increase, other things equal. According to the law of demand, there is a positive relation between price and the quantity demanded. If the demand for potatoes increases as income decreases, economists would consider potatoes as a normal good. If the demand for eggs decreases as the price of bacon increases, economists would consider eggs and bacon as complements. A supply curve shows the minimum price producers are willing to charge. The supply curve will shift upwards on a graph if the prices of inputs into production go up.

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Answered: For the following statements, please…

Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter5: Markets In Motion And Price Controls

Section: Chapter Questions

Problem 10P

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For the following statements, please indicate whether each is true or false:

A fall in the price of shoes would shift the demand curve for shoes to the right.
As the price of a product falls, the quantity demanded of that product will increase, other things equal.
According to the law of demand, there is a positive relation between price and the quantity demanded.
If the demand for potatoes increases as income decreases, economists would consider potatoes as a normal good.
If the demand for eggs decreases as the price of bacon increases, economists would consider eggs and bacon as complements.
A supply curve shows the minimum price producers are willing to charge.
The supply curve will shift upwards on a graph if the prices of inputs into production go up.

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