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SOPHIA ECON102 Unit 2 Challenge 1 Latest 2022/SOPHIA ECON102 Unit 2 Challenge 1 Latest 2022

SOPHIA ECON102 Unit 2 Challenge 1 Latest 2022/SOPHIA ECON102 Unit 2 Challenge 1 Latest 2022

Question 1
Using the above graph, which of the following statements is FALSE relating to the Law of Demand?
Question 2
During the 18th Century, as troubles with Britain escalated, American colonists stopped drinking British tea, and instead started drinking coffee.
This is an example of which factor of demand?
Question 3
Why does a supply curve slope upward?
Question 4
Which of the following causes a shift in supply to the left?
Question 5
Kate is willing to pay $12,000 a year in college tuition, but the market price for the courses she wants to take is only $8,000 a year.
Her consumer surplus will be _________ over the course of one year.

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