ECON 1B03 Study Guide - Quiz Guide: Racquetball, Opportunity Cost, Pencil

• School: McMaster University
• Department: Economics
• Course: ECON 1B03
• Professor: Hannah Holmes

Document Summary

Make sure you carefully fill in the bubbles. You must fill in your student number, and version number. On the scan sheet or your grade will not be recorded and you will. Hand in the scan sheet and this test copy. Identify the choice that best completes the statement or answers the question. Page 2 of 11 the price of related goods income tastes: expectations the prices of the inputs used to produce the good. The shift from d to d1 could be caused by: an increase in price, a decrease in the price of a complement, an increase in technology, a decrease in the price of a substitute. ___: lead is an important input in the production of crystal. If the price of lead decreases, all else equal, we would. Page 3 of 11 expect the supply of: crystal to be unaffected, crystal to decrease, crystal to increase. Figure 4-7 lead to increase: refer to figure 4-7.