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Author Question: Suppose that the price of compact disks (CDs) increases, other things equal. Which of the following ... (Read 56 times)

NguyenJ

  • Hero Member
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  • Posts: 516
on: Jul 1, 2018
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


carlsona147

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Reply #1 on: Jul 1, 2018
Answer to Question 1

B

Answer to Question 2

D


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