If the price of hot dogs were to decrease, which of the following changes would we expect to occur in the hot dog bun market?
a. The equilibrium price of hot dog buns would decrease and the quantity of hot dog buns sold would increase.
b. The equilibrium price of hot dog buns would increase and the quantity of hot dog buns sold would decrease.
c. The equilibrium price of hot dog buns would increase and the quantity of hot dog buns sold would increase.
d. The equilibrium price of hot dog buns would decrease and the quantity of hot dog buns sold would decrease.
e. The equilibrium price of hot dog buns would stay the same and the quantity of hot dog buns sold would increase.
c
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Which of the following would lead to an increase in the demand for fast food in Chicago?
a. An increase in Chicago's population b. A decrease in average consumer income in Chicago. c. A front page newspaper article in Chicago stating that fast food is very bad for your health. d. A decrease in the average price charged by sit-down restaurants.
Refer to the information provided in Figure 6.3 below to answer the question(s) that follow.
Figure 6.3Refer to Figure 6.3. Molly's budget constraint is AB. It would swivel to AD if the price of
A. CDs increased. B. DVDs decreased. C. CDs decreased. D. DVDs increased.