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27.The construction of demand and supply curves assumes that

Customer Question

27.The construction of demand and supply curves assumes that the primary variable influencing decisions to produce and purchase goods is:
Answer

price.

expectations.

preferences.

incomes.


28.If the supply of a product decreases and the demand for that product simultaneously increases, then equilibrium:
Answer

price must rise, but equilibrium quantity may either rise, fall, or remain unchanged.

price must rise and equilibrium quantity must fall.

price and equilibrium quantity must both increase.

price and equilibrium quantity must both decline.

29.An increase in quantity supplied might be caused by an increase in production costs.
Answer True
False

30.An increase in quantity supplied might be caused by an increase in production costs.
Answer True
False
Submitted: 6 years ago.
Category: Homework
Expert:  Neo replied 6 years ago.
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