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  3. 1 refer to question 1 of the chapter 03 practice...

Question: 1 refer to question 1 of the chapter 03 practice...

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1. Refer to Question 1 of the Chapter 03 Practice Set where there is a supply schedmle for fast food in Kingabury County. If quantity supplied changed from 4,000 to 3,500, then the price of fast food A Fell by $1.00 B. Fell by $0.50 C. Rose by $1.50 D. Rose by $0.50 2. Refer to Question 2 of the Chapter 03 Practice Set where there is a demand schedule for fast food. When the price of fast food increased from $4.00 to $5.00, then quantity demanded: A. Decreased by 500 B. Increased by 1,500 C. Increased by 500 D. Decreased by 1,000 3. Refer to Question 3 of the Chapter 03 Practice Set where there is a demand and supply schedule for fast food. If there is a price of S4.50, then there is a(n): A. Shortage of 500 B. Surplus of 500 C. Surplus of 1,000 D. Shortage of $1,000 4. Refer to Question 4 of the Chapter 03 Practice Set where there is a demand and supply schedule for fast food. Assuming ceteris paribus, incomes for Kingabury residents fall and fast food is considered an inferior good. This will cause equilibrium price to and equilibrium quantity to . A. Rise; rise B. Rise: fall C. Fall; fall D. Fall; rise 5. Refer to Question 5 of the Chapter 03 Practice Set. Which of the following erents would be consistent with Figure 3.18 (a) Shift in Supply? A. People are moe likely to pay bills online B. There was a decline in technology C. Postal tworkers wages are falling D. People are more likely to communicate with family members using social media
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4. In Kingsbury County, there is a demand and supply schedule for fast food. Here is the table below Price Quantity Supplied Quantity Demanded 4.00 4.50 5.00 5.50 6.00 3,000 3,500 4,000 4,500 5,000 5,000 4,500 4,000 3,500 3,000
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