An increase in the demand for tattoos will lead to a:
a. higher price and a larger quantity sold. b. lower price and a larger quantity sold.
c. higher price and a smaller quantity sold. d. lower price and a smaller quantity sold
QUESTION 2After a hurricane in Florida knocked out the regional water supply for several days, the demand for bottled water increased sharply. In a market economy, how will this increase in demand affect the equilibrium price and quantity of bottled water?
a. Price will increase, and quantity will decrease.
b. Price will decrease, and quantity will decrease.
c. Price will decrease, and quantity will increase.
d. Price will increase, and quantity will increase.
QUESTION 3Each year around Valentine's Day, we would expect:
a. the demand for roses to increase. b. the price of roses to increase.
c. the quantity of roses sold to increase. d. all of these.
QUESTION 4Which of the following is the most likely effect of lower apple juice prices on the price and quantity purchased of orange juice, a substitute product?
a. The price of orange juice will increase, and the quantity purchased will fall.
b. The price of orange juice will fall, and the quantity purchased will increase.
c. The price of orange juice will increase, and the quantity purchased will increase.
d. The price of orange juice will fall, and the quantity purchased will fall.
QUESTION 5If there is a decrease in demand for lettuce, we would expect:
a. both the price and quantity sold to increase.
b. both the price and quantity sold to decrease.
c. the price to decrease and the quantity sold to increase.
d. the price to increase and the quantity sold to decrease.
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