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- 1. Multiple Choice
Identify the cause of an increase in quantity supplied
An increase in the price of the product
A decrease in the price of the product
An increase in the costs of production
A decrease in the costs of production
- 2. Multiple Choice
Identify the impact an increase in the price would have on demand for cupcakes
An increase in demand for cupcakes
A decrease in demand for cupcakes
An increase in the quantity demanded of cupcakes
A decrease in the quantity demanded of cupcakes
- 3. Multiple Choice
Identify the graph that illustrates an increase in supply
- 4. Multiple Choice
Identify the graph that illustrates an increase in quantity demanded
- 5. Multiple Choice
Identify the graph that illustrates the impact of an increase in advertising
- 6. Multiple Choice
Identify the graph that illustrates the impact of a decrease in costs of production
- 7. Multiple Choice
Identify the graph that illustrates the impact of an increase in technology in production
- 8. Multiple Choice
Identify the cause of an increase in demand for pancakes
An increase in advertising for pancakes
An increase in the cost of producing pancakes
Incomes of consumers decrease
Pancakes become less desirable
- 9. Multiple Choice
Identify the impact on the demand for cupcakes if the price of pancakes increases.
Demand for cupcakes will decrease
Demand for cupcakes will increase
The quantity demanded for cupcakes will decrease
The quantity demanded for cupcakes will increase
- 10. Multiple Choice
From an economic perspective, cupcakes and pancakes could be considered to be...
Delicious
Complementary Goods
Substitute goods
Merit goods
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