3 Choise please QUESTION 3An increase in the price of a good willa. decrease supply.b. decrease quantity supplied.c. increase quantity supplied.d. increase supply.QUESTION 4In a situation where an increase in the income decreases the demand of a product then we can say that the good isO a. a complementary good.b. a normal good.c. a substitute good.Od. an inferior good.QUESTION 5As per the law of demand if everything else is held constant, when the price of a gooda. falls, the quantity demanded of the good rises.b. rises, the quantity demanded of the good rises.O. falls, the demand for the good rises.d.rises, the demand for the good falls.

When price increases (decreases), as per law of supply, quantity supplied will increase (decrease),…

Answered: QUESTION 3 An increase in the price of…

QUESTION 3 An increase in the price of a good will O a. decrease supply. b. decrease quantity supplied. c. increase quantity supplied. d. increase supply.

ECON MACRO

5th Edition

ISBN:9781337000529

Author:William A. McEachern

Publisher:William A. McEachern

Chapter4: Demand, Supply, And Markets

Section: Chapter Questions

Problem 4.8P

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Question

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3 Choise please

QUESTION 3
An increase in the price of a good will
a. decrease supply.
b. decrease quantity supplied.
c. increase quantity supplied.
d. increase supply.
QUESTION 4
In a situation where an increase in the income decreases the demand of a product then we can say that the good is
O a. a complementary good.
b. a normal good.
c. a substitute good.
Od. an inferior good.
QUESTION 5
As per the law of demand if everything else is held constant, when the price of a good
a. falls, the quantity demanded of the good rises.
b. rises, the quantity demanded of the good rises.
O. falls, the demand for the good rises.
d.rises, the demand for the good falls.

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