【題目】：Apples and oranges are substitute goods. A freeze in Florida destroyed a good portion of the orange crop. Ceteris paribus, the price of 【答案】：both apples and oranges will rise.
題目：Suppose the price elasticity of demand for oil is 0.1. price elasticity of supply for oil is 0. In order to lower the price of oil by 20 percent, the quantity of oil supplied must be increased by 答案：2 percent.
題目：Suppose there are only two firms supplying in the market and they produce a homogeneous good. Two firms produce the good with the same constant marginal cost. Firms compete by setting price simultaneously . The equilibrium price of both firms must 答案：equal to the marginal cost.
【題目】：「Last October, due to an early frost, the price for a pumpkin increased by 10 percent.As a result, the quantity demanded decreased from 2 million to 1.5 million.」 Based on this statement, the 【答案】：demand for pumpkins is elastic.
【題目】Good A and good B are substitutes in production. The demand for good A increases so that the price of good A rises. The increase in the price of good A shifts the 【答案】：supply curve of good B leftward.
【題目】：The figure shows the market for books before and after a sales tax is introduced. The tax on books is ____ a book, buyers pay ____ of tax per book, and the governments tax revenue is ____. 【答案】：$1.20; $0.80; $12
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