Suppose that in 2007 Ford sold 500,000 Mustangs at an average price of $18,800 per car; in 2008, 600,000 Mustangs

Suppose that in 2007 Ford sold 500,000 Mustangs at an average price of $18,800 per car; in 2008, 600,000 Mustangs were sold at an average price of $19,500 per car. These statements:

A. suggest that the demand for Mustangs increased between 2007 and 2008.

B. constitute an exception to the law of demand in that they suggest an upsloping demand curve.

C. suggest that the demand for Mustangs decreased between 2007 and 2008.

D. suggest that the supply of Mustangs must have increased between 2007 and 2008.

ECO 561 UOP Final Exam University of Phoenix

Eco561 Eco/561 Final Examination Exam multiple choice quiz


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