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Material Type: Exam; Professor: Finck; Class: PRINCIPLES OF MICROECONOMICS; Subject: Economics; University: Auburn University - Main Campus; Term: Spring 2011;
Typology: Exams
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Name________________ ECON 2020 Exam # Directions: Read each question and EVERY possible answer VERY carefully. Select the best answer from the alternatives. Good luck!
Ice cream Slacks 40
complement for gas fireplaces. If the price of natural gas rises, how does that affect the market for wood-burning fireplaces? A. demand increases, causing the price to rise B. demand decreases, causing the price to fall C. supply increases, causing the price to fall D. supply decreases, causing the price to rise E. “I have many leather-bound books and my apartment smells of rich mahogany.”
A. demand decreases B. initially there is a surplus at the old price C. equilibrium price eventually rises D. equilibrium quantity eventually falls E. “LOUD NOISES!”