If the price of a good rises, what are people likely to do? a Substitute a less

Question

If the price of a good rises, what are people likely to do? a Substitute a less expensive good b Buy more of the good c Buy more of all goods because of added buying power d All of the above Other things being equal, a decrease in the cost of producing a good will cause which of the following? a An increase in the opportunity tangency of producing the good b A rightward shift in the supply curv c A decrease in the quantity supplied d An increase in the price of the good Which of the following is an unintended consequence of rent controls? a lower rents for tenants b a short of rent-controlled apartments c a surplus of rent-controlled apartments d All of the above

Explanation / Answer

1 - a Substitute a less expensive good
2 - b A rightward shift in the supply curv
3 - b a short of rent-controlled apartments

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