Question 29 (Multiple Choice Worth 2 points) Given a normal market demand curve for the price of watches Guess™ watches, if Guess™ decreases from $35 to $32.50, then there is a(n) increase in demand for watches. Guess™ increase in quantity demanded of watches. This is the answer Guess™ decrease in demand for watches. Guess™ decrease in quantity demanded of watches. Guess™ decrease in supply of watches. Guess™ Question 30 (Multiple Choice Worth 2 points) If wages and therefore consumer income increase, what happens to output and price level? Output / Price Level Increase / Increase This is the answer Increase / Indeterminate Indeterminate / Increase Decrease / Increase Decrease / Decrease Question 32 (Multiple Choice Worth 2 points) If the government institutes an effective price ceiling on potato chips, then there will be a
Question 29 (Multiple Choice Worth 2 points) Given a normal market demand curve for Guess™ watches, if the price of Guess™ watches decreases from $35 to $32.50, then there is a(n) increase in demand for Guess™ watches. increase in quantity demanded of Guess™ watches. This is the answer decrease in demand for Guess™ watches. decrease in quantity demanded of Guess™ watches. decrease in supply of Guess™ watches. Question 30 (Multiple Choice Worth 2 points) If wages and therefore consumer income increase, what happens to output and price level? Output / Price Level Increase / Increase This is the answer Increase / Indeterminate Indeterminate / Increase Decrease / Increase Decrease / Decrease Question 32 (Multiple Choice Worth 2 points) If the government institutes an effective price ceiling on potato chips, then there will be a