Homework Answers
Answer 19: decreases and the equilibrium quantity increases.
When the supply shift rightward, the supply capacity increases, and when there is more supply, the price of the product decreases and as a result in the price decrease and quantity of supply will increase and the equilibrium quantity will increase.
Answer: demand for all the substitute products will increase
When the price of the product increases, the demand for the product will decrease due to the increased price level. So, the demand of the substitute products will increase because the consumer wants to consume the inferior goods instead at lower price.
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D Question 19 0.1 pts When supply shifts to the right and demand stays constant, the...
How will shift right in supply affect equilibrium price, assuming demand remains constant? a. increase b....
How will shift right in supply affect equilibrium price, assuming demand remains constant? a. increase b. decrease c.will not affect it d. cannot be determined According to the law of demand, if the price of a good decreases, its Qd? a. decreases b. increases c. goes to zero d. stays constant According to the income effect, price changes equal changes in? a. money income b.real income c.demand d. utility on the demand curve a chance in price leads a. no...
Question When we put supply and demand together, we have: equilibrium a market a surplus a...
Question When we put supply and demand together, we have: equilibrium a market a surplus a shortage Question Recall the video "Supply and Demand Shifts: Coffee Negative Supply Shock." The ice-storm causes the ______ curve to shift to the left. Price _______ and so manufacturers spend _______ trying to get everything out of their fields. demand; increases; more time and labor supply; increases; less time and labor supply; decreases; less time and labor supply; increases; more time and labor Question...
Question 2 (1 point) A decrease in supply shifts the supply curve to the left. True...
Question 2 (1 point) A decrease in supply shifts the supply curve to the left. True False Question 4 (1 point) The equilibrium price is the same as the market-clearing price. True False Question 5 (1 point) When the market price is above the equilibrium price, the quantity of the good demanded exceeds the quantity supplied. True False Question 6 (1 point) Which of the following events must cause equilibrium price to fall? a) demand increases and supply decreases b)...
Please help with these questions, Question 17 0.16 pts During the winter months, many elderly people...
Please help with these questions,
Question 17 0.16 pts During the winter months, many elderly people leave their homes in northern New York and travel south to Florida or Arizona. What would we expect to happen to the equilibrium price and quantity of items most used by the elderly in northern New York? One would increase and one would decrease, but we don't know which would do what O They would both increase. O The price would decrease and the...
Please help with these questions Question 36 0.4 pts When you change your quantity demanded of...
Please help with these questions
Question 36 0.4 pts When you change your quantity demanded of one good because of a change in price of another good, you are acting according to the principle of income elasticity of demand. O price elasticity of demand. O cross-price elasticity of demand O price elasticity of supply O income elasticity of supply Question 37 0.4 pts Assume that the market for baseballs is in equilibrium. There is a sudden decrease in income throughout...
please explain. A corporation will most likely increase the price of its output if the; supply...
please explain.
A corporation will most likely increase the price of its output if the; supply curve shifts to the right. quantity supplied of the good exceeds the quantity demanded. demand curve shifts to the left. quantity demanded of the good exceeds the quantity supplied. Suppose that you discover that, ceteris paribus, when the price of tomatoes increases, the demand for bleu cheese decreases. From this you conclude that: tomatoes are inferior goods and blue cheese is a normal good....
O an increase in the income of consumers of oranges D | Question 28 2 pts...
O an increase in the income of consumers of oranges D | Question 28 2 pts When the government places a tax on a good and all else is held constant, which of the following would most likely happen? O The government receives no tax revenue if the tax is more than 20 percent. O The overall consumption of the good decreases, assuming the good does not have a vertical demand curve. O The price and quantity adjust back to...
01 Test to 10 What is the effect on demand for bread when the price of...
01 Test to 10 What is the effect on demand for bread when the price of bagels, a substitute for bread, rises? The demand curve for bread shifts to the right. The demand curve for bread shifts to the left The quantity of bread demanded increases. The quantity of bread demanded decreases. Which of the following would cause the supply curve for bread to shift inward? An increase in the price of bread OAn increase in the price of bagels...
Demand is a schedule of how much of a good people will purchase at each income...
Demand is a schedule of how much of a good people will purchase at each income level. how much of a good a person wants. each possible price and the amount people will buy when their incomes change. O how much of a good people will purchase at each different possible price. Question 6 Which of the following best represents the law of demand? As the price of a good increases, the quantity demanded of that good decreases. As the...
4. Suppose that the demand curve shifts to the right and the supply curve shifts to...
4. Suppose that the demand curve shifts to the right and the supply curve shifts to the left simultaneously (i.e., both shift at the same time). For each part, draw a single demand and supply graph (i.e., one graph for part a, another graph for part b). (You can practice with the other possibilities on your own if you want more practice with simultaneous shifts.) a. If the demand curve shifts by a greater amount than the supply curve, how...
Question 2 (1 point) A decrease in supply shifts the supply curve to the left. True False Question 4 (1 point) The equilibrium price is the same as the market-clearing price. True False Question 5 (1 point) When the market price is above the equilibrium price, the quantity of the good demanded exceeds the quantity supplied. True False Question 6 (1 point) Which of the following events must cause equilibrium price to fall? a) demand increases and supply decreases b)...
Please help with these questions,
Question 17 0.16 pts During the winter months, many elderly people leave their homes in northern New York and travel south to Florida or Arizona. What would we expect to happen to the equilibrium price and quantity of items most used by the elderly in northern New York? One would increase and one would decrease, but we don't know which would do what O They would both increase. O The price would decrease and the...
Please help with these questions
Question 36 0.4 pts When you change your quantity demanded of one good because of a change in price of another good, you are acting according to the principle of income elasticity of demand. O price elasticity of demand. O cross-price elasticity of demand O price elasticity of supply O income elasticity of supply Question 37 0.4 pts Assume that the market for baseballs is in equilibrium. There is a sudden decrease in income throughout...
please explain.
A corporation will most likely increase the price of its output if the; supply curve shifts to the right. quantity supplied of the good exceeds the quantity demanded. demand curve shifts to the left. quantity demanded of the good exceeds the quantity supplied. Suppose that you discover that, ceteris paribus, when the price of tomatoes increases, the demand for bleu cheese decreases. From this you conclude that: tomatoes are inferior goods and blue cheese is a normal good....
O an increase in the income of consumers of oranges D | Question 28 2 pts When the government places a tax on a good and all else is held constant, which of the following would most likely happen? O The government receives no tax revenue if the tax is more than 20 percent. O The overall consumption of the good decreases, assuming the good does not have a vertical demand curve. O The price and quantity adjust back to...
01 Test to 10 What is the effect on demand for bread when the price of bagels, a substitute for bread, rises? The demand curve for bread shifts to the right. The demand curve for bread shifts to the left The quantity of bread demanded increases. The quantity of bread demanded decreases. Which of the following would cause the supply curve for bread to shift inward? An increase in the price of bread OAn increase in the price of bagels...
Demand is a schedule of how much of a good people will purchase at each income level. how much of a good a person wants. each possible price and the amount people will buy when their incomes change. O how much of a good people will purchase at each different possible price. Question 6 Which of the following best represents the law of demand? As the price of a good increases, the quantity demanded of that good decreases. As the...
4. Suppose that the demand curve shifts to the right and the supply curve shifts to the left simultaneously (i.e., both shift at the same time). For each part, draw a single demand and supply graph (i.e., one graph for part a, another graph for part b). (You can practice with the other possibilities on your own if you want more practice with simultaneous shifts.) a. If the demand curve shifts by a greater amount than the supply curve, how...
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