Homework Answers
7) Movement along the supply curve causes change in quantity supplied, shift in the curve results in change in supply and since supply shifted leftwards, there is decrease in supply.
therefore (a) is the answer to this question.
8) market demand is nothing but sum of all the individual demand curves horizontal way so that total quantity demanded can be obtained.
therefore (b) is the answer to this question
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7.- A leftward shift of a supply curve is called a(n): a. decrease in supply. b....
QUESTION 4 To an economist, a decrease in supply means a: a. leftward shift of the...
QUESTION 4 To an economist, a decrease in supply means a: a. leftward shift of the supply curve. b. movement up along a supply curve. c movement down along the supply curve. d. rightward shift of the supply curve. QUESTION 5 Consumers will willingly make less-informed decisions: a. whenever acquiring more information requires sacrifice. b. if information costs are less than the perceived benefits of gathering information. c. if information costs are greater than the perceived benefits of gathering information....
Which of the following will shift the supply curve for good X leftward?
Which of the following will shift the supply curve for good X leftward? A situation in which quantity demanded exceeds quantity supplied. An increase in the cost of machinery used to produce X. A technological improvement in the production of X. A decrease in the wages of workers employed to produce X.
Which of the following will most likely cause a decrease in short-run aggregate supply (leftward shift) in the goods and services market?
35. Which of the following will most likely cause a decrease in short-run aggregate supply (leftward shift) in the goods and services market? a. An increase in the productivity of labor b. A reduction in the price of crude oil, a major imported commodity c. An increase in resource prices d. Favorable weather conditions in agricultural areas. 36. The vertical long-run aggregate supply curve reflects the fact that in the long run, an increase in the price level. a. Will not alter the economy's maximum...
what are the right answers Question 7 0/1 point A rightward shift in the supply curve...
what are the right answers
Question 7 0/1 point A rightward shift in the supply curve indicates a shift in the demand curve also (because demand must equal supply). that an increase in income results in an increase in the quantity demanded at each price. that more is demanded at each price. an increase in the quantity supplied at each price. a decrease in the quantity supplied at each price. Question 8 0/1 point Economists say there has been a...
5. Improvements in technology that reduce production costs cause the _____ curve to shift to the _____, indicating a(n)...
5. Improvements in technology that reduce production costs cause the _____ curve to shift to the _____, indicating a(n) _____ in the amount _____ at each price point.A.demand; right; increase; demandedB.supply; left; decrease; suppliedC.demand; left; decrease; demandedD.supply; right; increase; supplied6. Assume a farmer’s land is equally productive in growing corn or potatoes and is currently producing both. If the price of corn increases but the price of potatoes does not change, the farm’s supply curve for potatoes will:A.shift to the...
(leftward shift, no change, rightward shift) Effect on Demand Curve Scenario The incomes of consumers of...
(leftward shift, no change, rightward shift)
Effect on Demand Curve Scenario The incomes of consumers of inferior good Y decrease. What is the effect of the change in incomes on the market for good Y? Farmers are deciding what crop to plant and learn that the price of corn has fallen relative to the price of cotton. What is the effect of the changing prices of crops on the market for corn? Effect on Supply Curve
10. An increase in supply is the same as: A. a movement up along a supply...
10. An increase in supply is the same as: A. a movement up along a supply curve B. a change in the good's price C. a shift rightward in the supply curve. D. a shift leftward in the supply curve. E. Both A and D. 11. Which of the following statements is (are) correct? (x) The unique point at which the supply and demand curves intersect is called equilibrium and the equilibrium price is the only price where quantity supplied...
questions 20 18. A movement downward and to the right along a demand curv a. increase...
questions 20
18. A movement downward and to the right along a demand curv a. increase in demand. b. decrease in demand. c. decrease in quantity demand d increase in quantity demand. 19. The law of supply says that an increase in a price causes quantity supplied to increase. b. price causes quantity supplied to decrease. c. quantity supplied causes price to increase d. quantity supplied causes price to decrease 20. A downward-sloping demand curve shows a that demand decreases...
1. Which of the following represents the law of supply? An increase in the price of...
1. Which of the following represents the law of supply? An increase in the price of a good causes a rightward shift of the supply curve for that good. An increase in the price of a good causes an increase in the supply of that good. An increase in the price of a good causes an increase in the quantity supplied of that good. all of the above 2. The quantity supplied of a particular good is the amount of...
Complete the following questions by selecting a SINGLE letter for each: i) Which of the following...
Complete the following questions by selecting a SINGLE letter for each: i) Which of the following is most likely to not be an inferior good? a. concert tickets b. Ramen noodle dinners c. none of the above (all of the above are inferior goods) d. used music CD's e. trips to the laundromat ii) If the government imposes a ceiling price on apartment rents, we would expect to observe which of the following? a. an increase in the number of...
QUESTION 4 To an economist, a decrease in supply means a: a. leftward shift of the supply curve. b. movement up along a supply curve. c movement down along the supply curve. d. rightward shift of the supply curve. QUESTION 5 Consumers will willingly make less-informed decisions: a. whenever acquiring more information requires sacrifice. b. if information costs are less than the perceived benefits of gathering information. c. if information costs are greater than the perceived benefits of gathering information....
what are the right answers
Question 7 0/1 point A rightward shift in the supply curve indicates a shift in the demand curve also (because demand must equal supply). that an increase in income results in an increase in the quantity demanded at each price. that more is demanded at each price. an increase in the quantity supplied at each price. a decrease in the quantity supplied at each price. Question 8 0/1 point Economists say there has been a...
(leftward shift, no change, rightward shift)
Effect on Demand Curve Scenario The incomes of consumers of inferior good Y decrease. What is the effect of the change in incomes on the market for good Y? Farmers are deciding what crop to plant and learn that the price of corn has fallen relative to the price of cotton. What is the effect of the changing prices of crops on the market for corn? Effect on Supply Curve
questions 20
18. A movement downward and to the right along a demand curv a. increase in demand. b. decrease in demand. c. decrease in quantity demand d increase in quantity demand. 19. The law of supply says that an increase in a price causes quantity supplied to increase. b. price causes quantity supplied to decrease. c. quantity supplied causes price to increase d. quantity supplied causes price to decrease 20. A downward-sloping demand curve shows a that demand decreases...
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