QUESTION IMAGE
Question
question 10
the supply curve for watches
shows the relationship between the quantity of watches firms are willing and able to supply and the quantity of watches consumers are willing and able to purchase.
shows the supply of watches consumers are willing and able to buy at any given price.
is downward - sloping.
shows the relationship between the price of watches and the quantity of watches supplied.
question 11
suppose that when the price of hamburgers increases, the ruiz family increases their purchases of hot dogs. to the ruiz family
hamburgers and hot dogs are inferior goods.
hamburgers and hot dogs are normal goods.
hamburgers and hot dogs are complements.
hamburgers and hot dogs are substitutes.
For Question 10, the supply curve shows the relationship between the price of a good (watches here) and the quantity supplied. For Question 11, when an increase in the price of one good (hamburgers) leads to an increase in the purchase of another good (hot - dogs), they are substitutes.
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Question 10: shows the relationship between the price of watches and the quantity of watches supplied.
Question 11: hamburgers and hot dogs are substitutes.