Homework Answers
Ans) the correct option is a) decrease and the equilibrium quantity will decrease
When the price of a complement rises, the demand for the good decreases so price and quantity decrease.
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Suppose the price of a complement to LCD televisions rises. What effect will this have on...
In the market for televisions, the price of a television falls and nothing else changes. Price...
In the market for televisions, the price of a television falls and nothing else changes. Price (dollars per television) Show the effect of this change o os Choose between the following Use the single arrow tool to draw an arrow on the demand curve showing the direction of movement along the line OR Use the line tool to draw a new demand curve Only one of the effects is correct, and you must determine which is the appropriate one to...
Samsung Corporation determines that at current prices, the demand for its LCD televisions has a price...
Samsung Corporation determines that at current prices, the demand for its LCD televisions has a price elasticity of -1.5 in the short run, while its demand for galaxy phones is -0.5. If the company raises prices for both its products by 10%, how much would quantity change? What would happen to its sales revenue (assume an initial price of $500 for televisions, and $100 for phones, 100 units sold of TVs and 200 units of phones)?
suppose that after a change in determining factors, the market-clearing price falls as the equilibrium quantity...
suppose that after a change in determining factors, the market-clearing price falls as the equilibrium quantity rises. which of the following could have occurred? a)there was an increase in the price of a complement b)there was a reduction in the number of firms that produce the good c)there was an increase in the number of consumers d)there was a decrease in the input price of the good
43. If price rises, what happens to quantity supplied for a product? a. It increases. b....
43. If price rises, what happens to quantity supplied for a product? a. It increases. b. lit decreases. c. It does not change. d. Quantity supplied is constant, but supply increases 44. How will a decrease in price tend to affect supply? a. Supply will increase. 1. Supply will decrease. c. Supply will not change. d. Uncertain. 45. The amount of a good sold in a market at a particular price cannot exceed the quantity a. demanded at that price....
This Question: 5 pts 10 of 10 (8 complete) Suppose leather jackets is a complement in...
This Question: 5 pts 10 of 10 (8 complete) Suppose leather jackets is a complement in production of beef A decrease in the price of leather jackets will the equilibrium price of beef and the equilibrium quantity of beef O A. decrease; increase O B. increase; increase O c. decrease; decrease O D. increase; decrease
Consider the market for smartphones. Suppose the price of a smartphone rises. Explain the effect of...
Consider the market for smartphones. Suppose the price of a smartphone rises. Explain the effect of this event on the quantity of smartphones demanded and on the demand for smartphones. O A. The quantity of smartphones demanded increases and the demand for smartphones is unchanged. O B. The quantity of smartphones demanded increases and the demand for smartphones also increases. OC. The quantity of smartphones demanded decreases and the demand for smartphones is unchanged. O D. The quantity of smartphones...
37. If the demand for baseball cards rises and the supply curve does not shift, then...
37. If the demand for baseball cards rises and the supply curve does not shift, then the price a. will rise and quantity will fall b. and quantity will rise c. will fall and quantity will rise d. and quantity will fall e. will rise, but quantity may rise or fall If the supply of coffee falls due to bad weather conditions in coffee-exporting countries, then the a. 38. price and quantity will rise b. price and quantity will fall...
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...
Use the graphs provided to predict what will happen to the equilibrium price and quantity of...
Use the graphs provided to predict what will happen to the equilibrium price and quantity of oranges if the following events take place Instruction: Depict how this event will affect the market of oranges by dragging the appropriate curve in the graph a. A study finds that a daily glass of orange juice reduces the risk of heart disease. Market for oranges P* Q* Quantity (oranges/week) reset Equilibrium price will increase and equilibrium quantity will decrease. Equilibrium price will decrease...
Assume the following occurs in a market: consumers expect a lower price; there is an increase...
Assume the following occurs in a market: consumers expect a lower price; there is an increase in the price of a complement; there is an increase in the number of firms; and there is decrease in government regulation. Which of the following correctly summarizes the outcome? A. None of the choices shown is correct. B. No predictions can be made with the information. C. The equilibrium quantity will increase, but any change in the equilibrium price is uncertain. D. The...
In the market for televisions, the price of a television falls and nothing else changes. Price (dollars per television) Show the effect of this change o os Choose between the following Use the single arrow tool to draw an arrow on the demand curve showing the direction of movement along the line OR Use the line tool to draw a new demand curve Only one of the effects is correct, and you must determine which is the appropriate one to...
43. If price rises, what happens to quantity supplied for a product? a. It increases. b. lit decreases. c. It does not change. d. Quantity supplied is constant, but supply increases 44. How will a decrease in price tend to affect supply? a. Supply will increase. 1. Supply will decrease. c. Supply will not change. d. Uncertain. 45. The amount of a good sold in a market at a particular price cannot exceed the quantity a. demanded at that price....
This Question: 5 pts 10 of 10 (8 complete) Suppose leather jackets is a complement in production of beef A decrease in the price of leather jackets will the equilibrium price of beef and the equilibrium quantity of beef O A. decrease; increase O B. increase; increase O c. decrease; decrease O D. increase; decrease
Consider the market for smartphones. Suppose the price of a smartphone rises. Explain the effect of this event on the quantity of smartphones demanded and on the demand for smartphones. O A. The quantity of smartphones demanded increases and the demand for smartphones is unchanged. O B. The quantity of smartphones demanded increases and the demand for smartphones also increases. OC. The quantity of smartphones demanded decreases and the demand for smartphones is unchanged. O D. The quantity of smartphones...
37. If the demand for baseball cards rises and the supply curve does not shift, then the price a. will rise and quantity will fall b. and quantity will rise c. will fall and quantity will rise d. and quantity will fall e. will rise, but quantity may rise or fall If the supply of coffee falls due to bad weather conditions in coffee-exporting countries, then the a. 38. price and quantity will rise b. price and quantity will fall...
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...
Use the graphs provided to predict what will happen to the equilibrium price and quantity of oranges if the following events take place Instruction: Depict how this event will affect the market of oranges by dragging the appropriate curve in the graph a. A study finds that a daily glass of orange juice reduces the risk of heart disease. Market for oranges P* Q* Quantity (oranges/week) reset Equilibrium price will increase and equilibrium quantity will decrease. Equilibrium price will decrease...
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