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6 Mar 2018
4. [3 Marks] You have noticed an increase in both the (equilibrium) price and quantity transacted of a good. Which of the following is a plausible explanation? A. Incomes have fallen and the good is an inferior good. B. A price of a close substitute has fallen. C. There has been an improvement in the technology used to produce this good. D. The price of a key input used in this good's production has increased. E. The price of a key input used in this good's production has decreased.
4. [3 Marks] You have noticed an increase in both the (equilibrium) price and quantity transacted of a good. Which of the following is a plausible explanation? A. Incomes have fallen and the good is an inferior good. B. A price of a close substitute has fallen. C. There has been an improvement in the technology used to produce this good. D. The price of a key input used in this good's production has increased. E. The price of a key input used in this good's production has decreased.
Elin HesselLv2
9 Mar 2018
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