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Micro- Quiz 2
Microeconomics Quiz 2- Chapter 3
| Question | Answer |
|---|---|
| If the price of a product decreases, we would expect: | Quantity supplied to decrease |
| If products C and D are close substitutes, an increase in the price of C will: | Shift the demand curve of D to the right |
| Which would have no effect on the demand for motorcycles? | A change in the cost of steel |
| What combination of changes would most likely increase the equilibrium price? | When supply decreases and demand increases |
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joebouhadana