ECON 201 Lecture 9: NoteOct9-Ch9Trade

14. Which of the following will cause a leftward shift in the supply curve for product z? a. a decrease in incomes. b. an increase in the price of product z. c. a decrease in the price of product z. d. a decrease in the opportunity cost of producing product z. e, a decrease in the number of sellers of product z.

30. (Table: Competitive Market for Good Z) Look at the table Competitive Market for Good Z. If the demand curve for good Z is linear, it can be expressed as: A) = 3P. B) 2. = 50 – 2P. 2= D Da = 100 – 2P.

Suppose an excise tax is imposed on product X. We expect this tax to:

a. increase the demand for complementary good Y and decrease the demand for substitute product Z.

b. decrease the demand for complementary good Y and increase the demand for substitute product Z.

c. increase the demands for both complementary good Y and substitute product Z.

d. decrease the demands for both complementary good Y and substitute product Z.