Answer to Question #75806 in Economics of Enterprise for jean-luc

Question

In each of the following cases only one answer is correct
1.2 If we were to say that two variables are positively related, this means that: a) The relationship between the two would graph as a line sloping downward. b) The relationship between the two would graph as a horizontal line. c) The relationship between the two would graph as a line sloping upward. d) The relationship between the two cannot be depicted graphically in any simple way.
1.3 If there is an increase in the price of red meat, a substitute in production for milk, then: a) The supply of milk will increase. b) The demand for milk will decrease. c) The supply of milk will decrease. d) There will be a movement along the supply curve for milk.

Answer 1

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