ECO 561 Week 6 Individual Assignment - Final Exam - A+ Guide!

Feb 3rd, 2012
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) Suppose that in the clothing market, production costs have fallen, but the equilibrium priceand quantity purchased have both increased. Based on this information you can concludethat A. the supply of clothing has grown faster than the demand for clothing B. demand for clothing has grown faster than the supply of clothing C. the supply of and demand for clothing have grown by the same proportion D. there is no way to determine what has happened to supply and demand with thisinformation 2) Camille's Creations and Julia's Jewels both sell beads in a competitive market.If at the market price of $5, both are running out of beads to sell (they can'tkeep up with the quantity demanded at that price), then we would expect bothCamille's and Julia's to: A. raise their price and reduce their quantity supplied B. raise their price and increase their quantity supplied C. lower their price and reduce their quantity supplied D. lower their price and increase their quantity supplied MORE

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