A) Poor people will be able to find adequate housing.
B) Homeowners will reduce their own use of housing space, making more available to others.
C) Those whose needs for housing are most urgent will be able to obtain the space they want.
D) People moving into the community will have difficulty locating residential space to rent.
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A) the higher price will signal to consumers that the good is of low quality.
B) the higher price means that real incomes have risen.
C) consumers will substitute other products for the one whose price has risen.
D) consumers substitute relatively high-priced for relatively low-priced products.
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A) price is below the equilibrium level.
B) the supply curve is downward sloping and the demand curve is upward sloping.
C) the demand and supply curves fail to intersect.
D) consumers want to buy less than producers offer for sale.
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A) the law of demand.
B) the income effect.
C) why the supply curve is upsloping.
D) why the demand curve is downsloping.
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A) consumer incomes have fallen.
B) cattle production has declined.
C) the price of steak has risen.
D) the price of cattle feed has gone up.
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A) substitute goods.
B) complementary goods.
C) inferior goods.
D) independent goods.
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A) the expectation by consumers that gasoline prices will be higher in the future
B) the expectation by consumers that gasoline prices will be lower in the future
C) a widespread shift in car ownership from SUVs to hybrid sedans
D) a decrease in the price of public transportation
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A) increase equilibrium price and quantity.
B) decrease equilibrium price and quantity.
C) decrease equilibrium price and increase equilibrium quantity.
D) increase equilibrium price and decrease equilibrium quantity.
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A) force otherwise profitable farmers out of business.
B) result in a shortage of wheat.
C) result in a surplus of wheat.
D) clear the market for wheat.
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A) Graph A
B) Graph B
C) Graph C
D) Graph D
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A) the expansion of production necessitates the use of qualitatively inferior inputs.
B) mass production economies are associated with larger levels of output.
C) consumers envision a positive relationship between price and quality.
D) beyond some point, the production costs of additional units of output will rise.
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A) a decrease in the cost of producing coffee
B) a scientific report stating that coffee improves memory
C) a decrease in the prices of cream and sugar
D) a decrease in the price of tea
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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 this information.
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A) suggest that the demand for Mustangs decreased between 2007 and 2008.
B) suggest that the supply of Mustangs must have increased between 2007 and 2008.
C) suggest that the demand for Mustangs increased between 2007 and 2008.
D) constitute an exception to the law of demand in that they suggest an upsloping demand curve.
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A) An increase in the price of C will decrease the demand for complementary product D.
B) A decrease in income will decrease the demand for an inferior good.
C) An increase in income will reduce the demand for a normal good.
D) A decline in the price of X will increase the demand for substitute product Y.
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A) an increase in supply
B) an increase in demand
C) a decrease in supply
D) a decrease in demand
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A) there are many goods that are substitutes for bicycles.
B) there are many goods that are complementary to bicycles.
C) there are few goods that are substitutes for bicycles.
D) bicycles are normal goods.
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A) price.
B) expectations.
C) preferences.
D) incomes.
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