Homework Answers
1) A rise in the prices will cause quantity demanded to fall.
This is because of the inverse relationship between price and quantity demanded.
2) A fall in prices will cause the quantity supplied to fall. This is because price and supply are positively related.
3) if a good is inferior then an increase in income will reduce its demand. It is because when people will have more income they will spend it on better quality goods
4) a decrease in the price of chicken will cause a decrease in the supply of chicken because of the positive relationship between price and supply.
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Questions 1-4
Question 3 (1 point) If a good is inferior, then there will be a...
16. Assume that pink salmon is a normal good and consumers' income increases. You accurately predict that in the ma...
16. Assume that pink salmon is a normal good and consumers' income increases. You accurately predict that in the market for pink salmon, there will be: a. an increase in the demand of pink salmon, an increase in the price and an increase in quantity supplied. b. an increase in the quantity supplied of pink salmon, a reduction in the price and an increase in the quantity demanded. c. an increase in the demand for pink salmon, a reduction in...
Question 1. All of the following factors will affect the supply of shoes except one. Which...
Question 1. All of the following factors will affect the supply of shoes except one. Which will not affect the supply of shoes? Select one: a. Higher prices for leather. b. An increase in consumer income c. Higher wages for shoe factory workers. d. A technological improvement that reduces waste of leather and other raw materials in shoe production. Question 2. An equilibrium price does all but which of the following? Select one: a. Equates quantity supplied with quantity demanded....
Assume that pink salmon is a normal good and consumers' income increases You accurately predict that in the mar...
Assume that pink salmon is a normal good and consumers' income increases You accurately predict that in the market for pink salmon, there will be a. an increase in the demand of pink salmon, an increase in the price and an increase in quantity supplied b. an increase in the quantity supplied of pink salmon, a reduction in the price and an increase in the quantity demanded a n increase in the demand for pink salmon, a reduction in the...
The difference between an “inferior” good and a “normal” good in Economics is: a. The demand...
The difference between an “inferior” good and a “normal” good in Economics is: a. The demand for a normal good decreases as the price increases, which is not the case for an inferior good b. The demand for a normal good increases as the price increases, which is not the case for an inferior good c. The demand for a normal good decreases as household income increases, which is not the case for an inferior good d. The demand for...
1. Suppose we found a movement on the demand curve to the left. This change may...
1. Suppose we found a movement on the demand curve to the left. This change may be caused by a ____? A. a lower cost of inputs. B. a decrease of supply. C. fall in the number of substitute goods. D. rise in income. 2. The price of beef, which is used in making beef jerky, increases. In the market for beef jerky you would expect that ____? A. the demand for beef jerky would increase and the price of...
A good is considered normal when its income elasticity of demand is ___ and inferior when the...
A good is considered normal when its income elasticity of demand is ___ and inferior when the its income elasticity of demand is ___. Greater than zero, less than zero. Less than zero, greater than zero. Greater than one, less than one. Less than one, greater than one. If an increase in prices decreases total revenue in the short run, what will it do to total revenue in the long run? It will decrease total revenue in the long run. It...
Question 40 An increase in the supply of gasoline, ceteris paribus, will cause equilibrium price: To...
Question 40 An increase in the supply of gasoline, ceteris paribus, will cause equilibrium price: To rise and quantity to fall. To fall and quantity to rise. And quantity to rise. And quantity to fall Question 41 Assume two goods are substitutes. Ceteris paribus, a decrease in the price of one good will cause the equilibrium price of the other good to: Increase and the equilibrium quantity of the other good to increase Increase and the equilibrium quantity of the...
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...
please answer all the multiple choices 16 through 20 d a decrease in the supply of...
please answer all the multiple choices 16 through 20
d a decrease in the supply of leftuce an increase in the price and a decrease in the quanitity demanded Assume that pink salmon is a normal good and consumers income increases You accurately predict that in the market for pink salmon, there will be a an increase in the demand of pink salmon, an increase in the price and an increase in quantity supplied b an increase in the quantity...
1. Best Bagels Company makes bagels. The law of demand implies, holding everything else constant, that...
1. Best Bagels Company makes bagels. The law of demand implies, holding everything else constant, that a. as the price of bagels increases, the quantity of bagels demanded will increase. b. as the price of bagels increases, the demand for bagels will increase. c. as the price of bagels increases, the quantity of bagels demanded will decrease. d. as the price of bagels increases, the demand for bagels will decrease! 2. When the price of a normal good falls, ceteris...
16. Assume that pink salmon is a normal good and consumers' income increases. You accurately predict that in the market for pink salmon, there will be: a. an increase in the demand of pink salmon, an increase in the price and an increase in quantity supplied. b. an increase in the quantity supplied of pink salmon, a reduction in the price and an increase in the quantity demanded. c. an increase in the demand for pink salmon, a reduction in...
Assume that pink salmon is a normal good and consumers' income increases You accurately predict that in the market for pink salmon, there will be a. an increase in the demand of pink salmon, an increase in the price and an increase in quantity supplied b. an increase in the quantity supplied of pink salmon, a reduction in the price and an increase in the quantity demanded a n increase in the demand for pink salmon, a reduction in the...
Question 40 An increase in the supply of gasoline, ceteris paribus, will cause equilibrium price: To rise and quantity to fall. To fall and quantity to rise. And quantity to rise. And quantity to fall Question 41 Assume two goods are substitutes. Ceteris paribus, a decrease in the price of one good will cause the equilibrium price of the other good to: Increase and the equilibrium quantity of the other good to increase Increase and the equilibrium quantity of the...
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...
please answer all the multiple choices 16 through 20
d a decrease in the supply of leftuce an increase in the price and a decrease in the quanitity demanded Assume that pink salmon is a normal good and consumers income increases You accurately predict that in the market for pink salmon, there will be a an increase in the demand of pink salmon, an increase in the price and an increase in quantity supplied b an increase in the quantity...
1. Best Bagels Company makes bagels. The law of demand implies, holding everything else constant, that a. as the price of bagels increases, the quantity of bagels demanded will increase. b. as the price of bagels increases, the demand for bagels will increase. c. as the price of bagels increases, the quantity of bagels demanded will decrease. d. as the price of bagels increases, the demand for bagels will decrease! 2. When the price of a normal good falls, ceteris...
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