e law of demand.c.an outward shift in the demand curve for dinners.d.an elastic demand. Page 412.A frozen food manufacturer can produce either pizzas or pepperoni rolls. As a result of an increase in the price of pepperoni rolls, the firm produces more pepperoni rolls and fewer pizzas. An economist would explain this by sayinga.the supply of pepperoni rolls increased and the supply of pizzas decreased.b.there has been an increase in the quantity supplied of pepperoni rolls and a decrease in the quantity supplied of pizzas.c.there has been an increase in the quantity supplied of pepperoni rolls and a decrease in the supply of pizza.d.the supply of pepperoni rolls increased and the quantity supplied of pizza decreased.13.VCR's and videotapes are complements. An increase in the price of VCR's would cause which of the following in the market for videotapes?a.The equilibrium price and quantity of videotapes would increase.b.The equilibrium price and quantity of videotapes would decrease.c.The equilibrium price of videotapes would increase and the equilibrium quantity would decrease.d.The equilibrium price of videotapes would decrease and the equilibrium quantity would increase.14.Improvements in technology have reduced the cost of producing personal computers. You accurately predict that in the market for personal computers, there will bea.an increase in the quantity supplied of personal computers, a reduction in the price and an increase in the quantity demanded.b.an increase in the supply of personal computers, a decrease in the price and an increase in the quantity demanded.c.an increase in the supply of personal computers, a reduction in the price and increase in the demand.d.a decrease in the supply of personal computers, an increase in the price and a decrease in the demand.15.Which of the following will unambiguously occur when there is a simultaneous decrease in demand and a decrease in supply?a.an increase in equilibrium priceb...
