Homework Answers
A. Demand increases supply increases.
When demand increased and supply increased the equilibrium quantity rises.
B. Equilibrium price would increase by the impact on the equilibrium quantity would be ambiguous.
Because of reduction in demand the price would decrease.
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Question 4 (10 points) Which of the following events is expected to cause the equilibrium quantity...
uestion 5 (10 points) Knowing that coffee and tea are substitutes, suppose that the demand for...
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Other things remain unchanged, the market demand curve for a particular product is expected to shift leftwards when the price of that product declines.
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Question 12 (1 point) Suppose that demand for a good increases and, at the same time,...
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Question 24 1 pts Suppose that demand decreases AND supply decreases. What would you expect to...
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Which of the following would be expected to cause a decrease in the quantity supplied of a certain good? 6. a. b. c. d. A decrease in the cost of materials used in producing that good An increase in the cost of materials used in producing that good A decrease in the price of the good An increase in the price of the good Suppose that at a price of $70 the quantity supplied in a market is 10 units,...
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