Question

1. what will happen to the market for fried chicken when there is an increase in...

1. what will happen to the market for fried chicken when there is an increase in minimum pay for fried chicken workers?

A. QD increase

B. decrease QS

C. increase demand

D. decrease supply

2. predicted Silver prices will decrease in the future which of the following will happen?

A. Qe increase, Pe not know

B. P increase, Qe not known

C. supply will increase now and demand will decrease

D. demand will increase and supply will increase, Q goes up

3. if the demand for burgers increase as income increases what type of good"

a. normal

b. gross

c. inferior

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Homework Answers

Answer #1

1. Option D

Explanation: The increase in wage would result in an increase in the production cost of fried chicken. As a result, the supply curve would shift towards the left and there would be a fall in supply.

2. Option C

Explanation: Suppliers would like to sell as much as possible at present and buyers would like to postpone purchase at present to buy at a lower price in the future.

3. Option A

Explanation: In the case of a norm good, the quantity demanded increases with an increase in the income.

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