Student Solution

-->

"Education is the most powerful weapon which you can use to change the world”
– Nelson Mandela

1 University

1 Course

1 Subject

Practice Questions 2

Practice Questions 2

Q 1.If the Apple iPad and the Samsung Galaxy Tab are considered substitutes, then, other things equal, an increase in the price of the iPad will 2.The law of demand implies, holding everything else constant, that 3.If an increase in income leads to in an increase in the demand for peanut butter, then peanut butter is 4. Suppose that when the price of raspberries increases, Lonnie increases his purchases of papayas. To Lonnie, 5. In October 2005, the U.S. Fish and Wildlife Service banned the importation of beluga caviar, the most prized of caviars, from the Caspian Sea. What happened in the market for caviar in the U.S.?

View Related Questions

Solution Preview

1.d. increase the demand for the Galaxy Tab. 2.d. as the price of bagels increases, the quantity of bagels demanded will decrease. 3.d. a normal good. 4.d. raspberries and papayas are substitutes.