Economics Past Questions and Answers

Use the figure below to answer the question that follows

The curves D\(_{0}\)D\(_{0}\) and S\(_{0}\)S\(_{0}\) are the initial demand and supply curves respectively. What happens when government provides subsidies to producers?

In the figure above, YZ represents ____________

Goods are described as inferior if their demand ____________

A consumer is in equilibrium when ____________

Goods that are abundant in supply usually have low