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Module 1- Assignment-Fall 2020 Protected View - Saved to this PC Search References Mailings Review View Help -ntain viruses

Economics

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Module 1- Assignment-Fall 2020 Protected View - Saved to this PC Search References Mailings Review View Help -ntain viruses. Unless you need to edit, it's safer to stay in Protected View. Enable Editing 1. Which of the following statements are correct? a) There is a negative relationship between the price of a good and its demand, ceteris paribus. b) There is a positive relationship between the price of a good and its quantity demanded, ceteris paribus. c) There is a positive relationship between the price of a good and its supply, everything else constant d) None. e) Both c and a. 2. Which of the following is more likely to happen if both demand and supply shift to the left? a) A decrease in price b) An increase in price. c) An increase in the quantity traded. d) A decrease in the quantity traded. 3. Both price and quantity traded of Ramen noodles (an inferior good) will decrease if a) Its cost of production decreases. b) Consumer income increases. c) Canned soup (a substitute) becomes cheaper. d) None of the above e) band c. 4. The market price of coconut water will likely decrease if a) Its cost of production decreases. b) Kombucha (a potential substitute) becomes more expensive. c) Research finds overwhelming evidence that coconut water causes irritable bowl syndrome. d) band e. e) a and c.