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U UofL Question 16 Time left 1:46:50 If a factor of production can be used to produce either good A or good B , then A and B are Not yet answered a. substitutes in production. Marked out of 1.000 b. complements in production. PFlag O c. substitutes. question O d. complements. O e. normal goods. Question 17 If a turnip is an inferior good, then, ceteris paribus , an increase in the price of a turnip will Not yet answered a. decrease the demand for turnips. Marked out of 1.000 O b. increase the demand for turnips. P Flag c. decrease the supply of turnips. question O d. increase the supply of turnips. O e. none of the above. Question 18 Suppose that the incomes of buyers in a particular market for a normal good decrease and there is also a reduction in input Not yet prices. What would we expect to occur in this market? answered Marked out of a. The equilibrium price would increase, but the impact on the amount sold in the market would be ambiguous. 1.000 b. The equilibrium price would decrease, but the impact on the amount sold in the market would be ambiguous. P Flag question c. Equilibrium quantity would decrease, but the impact on equilibrium price would be ambiguous. O d. Equilibrium quantity would increase, but the impact on equilibrium price would be ambiguous. e. None of the above