Chapter 1. Supply and Demand

1.1

Econ Tutorial
As you progress through the tutorial, the question sequences will become available. You must complete all the question sequences to receive credit for this tutorial.
Tutorial

Questions

4
19

Question

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
2
Great job! If the cost of productions rises, the supply curve will decrease (shift left) and increase the equilibrium price. Because there is nothing that will SHIFT the demand curve in this scenario, we can conclude that the new higher price forces people to buy less as they move upward and to the left along their demand curves.
Incorrect. If the cost of productions rises, the supply curve will decrease (shift left) and increase the equilibrium price. Because there is nothing that will SHIFT the demand curve in this scenario, we can conclude that the new higher price forces people to buy less as they move upward and to the left along their demand curves.

Questions

6
17

Question

j2SBUetFw4XVCYui/BrhU390XisYFj+AIETjiM96rW/c1CHYnl8kLKh39KUPWUDX2zlMTX7qMp+xI0Fx/53ZpPzjlGSc27RZrSktOEVrXIxlRJu/iTG7VwO2iFxG1m85WCgmGMM+vy0X/E632Zi3VWVPT6u8zfLJbTNNELXGiNYGoribvub7jf+0HaHF3f2j32Ifo1gJFk64FVdM23k9A9f1YhsYBNGRQEprSzzkXGP3kOdVliit9yPm/ovF6FeF8Vp6Aj8h1RG0T/w28Bd0QhNivB8NPcKYB02I95oJ2jFat8+AF8ywaMt+peY756/8lSLpa8NczO2lMnk0yGccBWzVQwulPK8Y8isdUXwiIupqjNeRHhCQhuHnzvWFsEl1fe+XxjK56NMi7TW8CDxJ+OWta7ebfLdzp4TgKHNHlD8fkbBHaIlsQbqTZ4k9/zsi
2
Great job! If the cost of productions rises, the supply curve will decrease (shift left).
Incorrect. If the cost of productions rises, the supply curve will decrease (shift left).

Questions

8
14

Question

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
2
Great job! If consumer preferences change (and tomatoes become less desirable), the demand curve will decrease (shift left). This causes equilibrium price and quantity both to fall.
Incorrect. If consumer preferences change (and tomatoes become less desirable), the demand curve will decrease (shift left). This causes equilibrium price and quantity both to fall.