Chapter 17: Problem 8
The retail market for gasoline is (LO1) a) local c) national b) regional d) international
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Key Concepts
These are the key concepts you need to understand to accurately answer the question.
Chapter 17: Problem 8
The retail market for gasoline is (LO1) a) local c) national b) regional d) international
These are the key concepts you need to understand to accurately answer the question.
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Get started for freeEach of the following may lead to a change in the demand for product A except (LO2) a) a change in the price of product \(\mathrm{A}\) b) a change in people's taste for product A c) a change in people's incomes d) a change in the price of product \(B\) (a substitute for product A)
Suppose the price of a service falls and people buy more of that service. What has happened? (LO 2) a) Quantity demanded changed. b) Demand increased. c) Demand decreased.
The market demand for a good will decrease (LO1,2) a) as income decreases if the good is an inferior good b) if the market price of a substitute good increases c) as income decreases if the good is a normal good d) if the market price of a complementary good decreases e) as the number of consumers in the market increases
Which statement is true? (LO1, 2, 4) a) A change in demand is the same thing as a change in the quantity demanded. b) The supply curve moves upward to the left. c) The law of demand is no longer valid. d) A rise in income will increase the demand for normal goods.
When market price is above equilibrium price, the market price will be driven (LO6) a) up by unhappy buyers b) up by unhappy sellers c) down by unhappy buyers d) down by unhappy sellers
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