ECON 545 Week 3 Imperfect Competition – Quiz

ECON 545 Week 3   Imperfect Competition – Quiz

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1. (TCO A) There is a decrease in the cost of labor for producing bicycles.
(4 pts.) What happens to bicycle supply?
(6 pts.) What happens to bicycle demand? (Points : 10) 

2. (TCO A)  Peanut butter and jelly are complements in consumption. The price of jelly falls.
(4 pts.) What happens to the demand for peanut butter?
(6 pts.) What happens to the demand for jelly? (Points : 10)