Homework Answers
Ans) the correct option is b) equilibrium price would increase, but the impact on equilibrium quantity would be ambiguous
Price will increase but the change in quantity is uncertain depending upon the magnitude of change in demand and supply.
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Question 12 (1 point) Suppose that demand for a good increases and, at the same time,...
Suppose that demand decreases AND supply increases. What would you expect to occur in the market...
Suppose that demand decreases AND supply increases. What would you expect to occur in the market for the good? Equilibrium price would increase, but the impact on equilibrium quantity would be ambiguous. O Equilibrium quantity would increase, but the impact on equilibrium price would be ambiguous. Equilibrium quantity would decrease, but the impact on equilibrium price would be ambiguous. Equilibrium price would decrease, but the impact on equilibrium quantity would be ambiguous.
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)...
Question 4 (10 points) Which of the following events is expected to cause the equilibrium quantity...
Question 4 (10 points) Which of the following events is expected to cause the equilibrium quantity to rise? demand increases and supply decreases demand and supply both decrease demand decreases and supply increases demand and supply both increase Question 6 (10 points) Suppose that the demand decreased for 4K TVs and, at the same time, the supply of 4K TVs increased. What would happen in the market of 4K TVs? Equilibrium price would decrease, but the impact on the equilibrium...
19. Suppose that the incomes of buyers in a particular market for an inferior good decline....
19. Suppose that the incomes of buyers in a particular market for an inferior good decline. At the same time, there is an increase in input prices. What would we expect to occur in this market? A. Equilibrium price would decrease, but the impact on the amount sold in the market would be ambiguous. B. Equilibrium quantity would increase, but the impact on equilibrium price would be ambiguous. C. Equilibrium price would increase, but the impact on the amount sold...
uestion 5 (10 points) Knowing that coffee and tea are substitutes, suppose that the demand for...
uestion 5 (10 points) Knowing that coffee and tea are substitutes, suppose that the demand for coffee increases and, at the same time, the supply of the coffee decreases. What would surely happen in the tea market? Question 5 options: The Demand for tea will go up because the price of coffee went up. The price of tea will go down because the price of coffee went up. The supply of tea will go down because the price of coffee...
Question 24 1 pts Suppose that demand decreases AND supply decreases. What would you expect to...
Question 24 1 pts Suppose that demand decreases AND supply decreases. What would you expect to occur in the market for the good? O Both equilibrium price and equilibrium quantity would increase. Equilibrium price would increase, but the impact on equilibrium quantity would be ambiguous. Equilibrium price would decrease, but the impact on equilibrium quantity would be ambiguous. Equilibrium quantity would decrease, but the impact on equilibrium price would be ambiguous
3. Suppose that the demand for coffee increase and, at the same time, the supply of...
3. Suppose that the demand for coffee increase and, at the same time, the supply of coffee decreases. If other things remain unchanged. Knowing that tea is a substitutable product for coffee, what would happen in the tea market? a) Equilibrium price would decrease, but the impact on equilibrium quantity would be ambiguous. b) Equilibrium price would increase, but the impact on equilibrium quantity would be ambiguous. c) Equilibrium quantity would decrease, but the impact on equilibrium price would be...
Question 6 (10 points) Suppose that the demand decreased for 4K TVs and, at the same...
Question 6 (10 points) Suppose that the demand decreased for 4K TVs and, at the same time, the supply of 4K TVs increased. What would happen in the market of 4K TVs? Equilibrium price would decrease, but the impact on the equilibrium quantity would be ambiguous Equilibrium price would increase, but the impact on the equilibrium quantity would be ambiguous Equilibrium quantity would decrease, but the impact on equilibrium price would be ambiguous Equilibrium quantity would increase, but the impact...
Question 1 Other things remain unchanged, the market demand curve for a particular...
Question 1 Other things remain unchanged, the market demand curve for a particular expected to shift leftwards when the price of that product declines. . True False Question 2 Other things remain equal, which of the following factors causes the market supply curve of Blue-ray players to shift leftwards? The costs of producing a single Blue-ray player increases. The number of firms selling Blue-ray players increases. The sellers are expecting the price of Blue-ray players to decline in the soon future. Non of the above factors causes the...
Last Name, First Name Section (12:30 1, 2:002)1 ECON 202-Principles of Microeconomics Spring 2019 Assignment 2...
Last Name, First Name Section (12:30 1, 2:002)1 ECON 202-Principles of Microeconomics Spring 2019 Assignment 2 (20 points) total Due: Thursday January 31t (at the beginning of class) PART 1-Multiple Choice, 10 questions, 1 point each question. There is only one correct answer for each question. You do not need to show your work. 1. The difference between an "inferior" good and a "normal" good in Economics is: The demand for a normal good decreases as the price increases, which...
Suppose that demand decreases AND supply increases. What would you expect to occur in the market for the good? Equilibrium price would increase, but the impact on equilibrium quantity would be ambiguous. O Equilibrium quantity would increase, but the impact on equilibrium price would be ambiguous. Equilibrium quantity would decrease, but the impact on equilibrium price would be ambiguous. Equilibrium price would decrease, but the impact on equilibrium quantity would be ambiguous.
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)...
Question 4 (10 points) Which of the following events is expected to cause the equilibrium quantity to rise? demand increases and supply decreases demand and supply both decrease demand decreases and supply increases demand and supply both increase Question 6 (10 points) Suppose that the demand decreased for 4K TVs and, at the same time, the supply of 4K TVs increased. What would happen in the market of 4K TVs? Equilibrium price would decrease, but the impact on the equilibrium...
Question 24 1 pts Suppose that demand decreases AND supply decreases. What would you expect to occur in the market for the good? O Both equilibrium price and equilibrium quantity would increase. Equilibrium price would increase, but the impact on equilibrium quantity would be ambiguous. Equilibrium price would decrease, but the impact on equilibrium quantity would be ambiguous. Equilibrium quantity would decrease, but the impact on equilibrium price would be ambiguous
3. Suppose that the demand for coffee increase and, at the same time, the supply of coffee decreases. If other things remain unchanged. Knowing that tea is a substitutable product for coffee, what would happen in the tea market? a) Equilibrium price would decrease, but the impact on equilibrium quantity would be ambiguous. b) Equilibrium price would increase, but the impact on equilibrium quantity would be ambiguous. c) Equilibrium quantity would decrease, but the impact on equilibrium price would be...
Question 6 (10 points) Suppose that the demand decreased for 4K TVs and, at the same time, the supply of 4K TVs increased. What would happen in the market of 4K TVs? Equilibrium price would decrease, but the impact on the equilibrium quantity would be ambiguous Equilibrium price would increase, but the impact on the equilibrium quantity would be ambiguous Equilibrium quantity would decrease, but the impact on equilibrium price would be ambiguous Equilibrium quantity would increase, but the impact...
Last Name, First Name Section (12:30 1, 2:002)1 ECON 202-Principles of Microeconomics Spring 2019 Assignment 2 (20 points) total Due: Thursday January 31t (at the beginning of class) PART 1-Multiple Choice, 10 questions, 1 point each question. There is only one correct answer for each question. You do not need to show your work. 1. The difference between an "inferior" good and a "normal" good in Economics is: The demand for a normal good decreases as the price increases, which...
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