Effects on Supply and Demand

Circle the right answer:

  • An increase in average income would ( increase     /      decrease     /      have no effect on    ) the demand for a normal good.

 

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  • An increase in the price of a substitute of product A would ( increase     /      decrease     /      have no effect on    ) the demand for product A.

 

  • A decrease in the price of an input that is used in producing product B would ( increase     /      decrease     /      have no effect on   )  the supply of product B.

 

Opportunity Cost

 

  • Define opportunity cost.

 

  • Suppose this weekend Mohammed can read 2 chapters from his Economics textbook, or watch 6 episodes of a new show on Netflix. What is Mohammed’s opportunity cost for watching one episode of the show?

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