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Questions
[ECON1010] Introductory Microeconomics (external). Summer Semester, 2025, External CML2 - Supply and Demand (1st attempt) [ECON1010] Introductory Microeconomics (external). Summer Semester, 2025, External CML2 - Supply and Demand (1st attempt)
Multiple choice
Due to the Covid-19 Pandemic, the demand for face masks and sanitizers have greatly increased which also increased the price for these products by 50%. Which of the following statements is true?
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Standard Answer
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Approach Analysis
To approach this question, we need to separate concepts of demand vs. supply and understand what a price change implies for quantity supplied.
Option 1: 'The supply of face masks and sanitizers will increase.' This would imply a rightward shift of the supply curve. A price increase caused by higher demand does not inherently shift supply; supply shifts occur......Login to view full explanationLog in for full answers
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