Suppose that the price of compact disks (CDs) increases, other things equal. Which of the following in the most likely effect in the market for DVDs?
a. a decrease in demand for DVDs
b. an increase in demand for DVDs
c. an increase in quantity demanded of DVDs
d. a decrease in quantity demanded of DVDs
e. a decrease in the quantity supplied of DVDs
Question 2
An increase in demand for chocolate chips would usually result in a(n)
a. higher equilibrium price and a lower equilibrium quantity
b. lower equilibrium price and a lower equilibrium quantity
c. lower equilibrium price and a higher equilibrium quantity
d. higher equilibrium price and a higher equilibrium quantity
e. increase in the supply of chocolate chips
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Cost = $99.49; Rate of markup based on cost = 32%. Find the markup and selling price.