Assume that steak and pork chops are substitutes. When the price of steak goes u
ID: 2439364 • Letter: A
Question
Assume that steak and pork chops are substitutes. When the price of steak goes up, the demand curve for pork chops a. shifts to the left. b. shifts to the right . remains constant. Od. shifts to the right initially and then returns to its original position. QUESTION 2 Which of the following events will cause a rightward shift in the supply curve of gasoline? oa. An increase in the price of gasoline b. An increase in the wage rate of refinery workers C. Decrease in the price of crude oil d.An improvement in oil refining technology O Al of these QUESTION 3 When the current price is below the market-clearing level we would expect a, quantity demanded to exceed quantity supplied. b. lower production to occur during the next period quantity supplied to exceed quantity demanded. d a surplus Chick Save and Submit to save and submit.Ciek Save All Aaswers to save all answers.Explanation / Answer
a) "B"
The demand for the substitute will shift to the right with an increase in the price of other good.
b) "D"
An improvement in the refining technology will shift the supply curve to the right.
c) "A"
The quantity demanded will exceed the quantity supplied.