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Chapter 3 Review - MyWeb

Chapter 3 Review - MyWeb

Chapter 3 Review -

Chapter 3 Review 1. A shift to the left of a supply curve is caused by: A) an increase in the number of sellers. B) a technological improvement. C) an increase in the cost of an input. D) an increase in the number of buyers. 2. In the market for local Starbucks coffee, the price will ________ and the quantity will ________ if Déjà Vu Coffeehouse opens nearby and consumers' incomes decrease due to a recession. A) increase; be indeterminate B) decrease; be indeterminate C) be indeterminate; increase D) be indeterminate; decrease Use the following to answer question 3: Figure: Demand and Supply of Gasoline Page 1

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