Homework Answers
The correct answer is option D) because under the binding price floor the firms are bound not to sell at a price less than the certain price level.
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Question 6 (1 point) A law protecting farmers by requiring that milk be sold no lower...
Question 23 (1 point) Figure 4-18 20 price 1 2 3 4 5 6 7 8...
Question 23 (1 point) Figure 4-18 20 price 1 2 3 4 5 6 7 8 9 10 quantity Refer to Figure 4-18. What is the equilibrium quantity in this market? a) 7.5 units Ob) 5 units OC) 10 units O d) The equilibrium quantity cannot be determined from this graph. Question 24 (1 point) Figure 4-18 2 prace 1 2 3 4 5 6 7 8 9 10 quantity Refer to Figure 4-18. What is the equilibrium price in...
Question 58 (1 point) When one person uses a common resource, such as fish in the...
Question 58 (1 point) When one person uses a common resource, such as fish in the ocean, what would be the most likely outcome? Other people are not likely to be worse off Other people are likely to be compensated for their loss. He or she neglects to account for external effects. There will still be enough left since one person cannot make a major impact. Question 59 (1 point) A binding price ceiling is imposed on the market for...
Question 6. If the demand for milk is downward sloping, then what is the impact of...
Question 6. If the demand for milk is downward sloping, then what is the impact of an increase in the price of milk on demand or supply of milk? Select one: a. decrease in the quantity of milk demanded. b. decrease in the supply of milk. c. increase in the quantity of milk demanded. d. decrease in the demand for milk. e. increase in the demand for milk. Question 7. If the equilibrium price of wheat is $3 per bushel...
I need help with these Mcq's please. Thank you 22. In general, the price buyers pay...
I need help with these Mcq's please. Thank you
22. In general, the price buyers pay in a market will decrease if the government increases a binding price floor in that market. b. a. increases a binding price ceiling in that market. decreases a tax on the good sold in that market. d. C. More than one of the above is correct 23. Which of the following is the most likely explanation for the imposition of a price ceiling on...
Question 1 (1 point Questions 1-5 of If an increase in the demand for a product...
Question 1 (1 point Questions 1-5 of If an increase in the demand for a product is greater than the increase in the supply, a shortage will be the immediate result. True False Question 2 (1 point If the increase in the supply of a product is greater than the increase in the demand, a surplus will be the immediate result. True False Question 5 (1 point) What is a minimum wage an example of? ooo An illegal market A...
Answer to #26 Question 26 1 pts In the market for Greek yogurt, the market price...
Answer to #26
Question 26 1 pts In the market for Greek yogurt, the market price is $4. Assume the government decides that Greek yogurt cannot be sold for anything less than $6. What type of regulation is this? O Binding price floor. O Binding price ceiling. O Non-Binding price floor. O Non-Binding price ceiling.
Question 31 (1 point) How does Canadian contract law protect minors and mentally incapacitated individuals? by...
Question 31 (1 point) How does Canadian contract law protect minors and mentally incapacitated individuals? by ensuring that they cannot enter into legally binding contracts. by requiring the courts to approve their contracts. by providing that only certain types of contracts are enforceable against minors and those who lack mental capacity both ensuring both groups are represented by guardians when entering into contracts
please, choose the right options to these questions. Explanation is NOT NEEDED. If the income elasticity...
please, choose the right options to these questions. Explanation is NOT NEEDED. If the income elasticity of demand for a good is 0.59, then it is what type of good? Price elastic. Price inelastic. Income elastic. Income inelastic. If the equilibrium price of aspirins is $2.50 for 250 tablets and the government imposes a rise ceiling at 2.00$ for 250 tablets, the eventual result will be a (an) Surplus. Shortage. Accumulation of inventories of unsold aspirins. None of the above....
Question 6 (1 point) Consider a monopolist which sells output in two markets, the home market...
Question 6 (1 point) Consider a monopolist which sells output in two markets, the home market and the foreign market. The monopolist faces a linear demand curve of P1 - 20 - Q1 in the home market and P2 - 40-202 in the foreign market. The monopolists total cost is (Q=1500+q? What prices the monopolist charges in the home and the foreign market respectively? $11. $21. $12, S16 $6. $18 $18,528. none of the above Question 5 (1 point) A...
Be sure to always explain an answer and label graphs. 1) Consider the market for desktop...
Be sure to always explain an answer and label graphs. 1) Consider the market for desktop computers. Show graphically and explain using economie intuition under each of the following cases. (Do each case separately.) a) The American economy strengthens and incomes rise. b) New technology makes producing computers less costly, c) New technology makes producing tablets - a substitute for desktop computers - less costly d) Computer companies like Dell and HP move resources into producing other products rather than...
Question 23 (1 point) Figure 4-18 20 price 1 2 3 4 5 6 7 8 9 10 quantity Refer to Figure 4-18. What is the equilibrium quantity in this market? a) 7.5 units Ob) 5 units OC) 10 units O d) The equilibrium quantity cannot be determined from this graph. Question 24 (1 point) Figure 4-18 2 prace 1 2 3 4 5 6 7 8 9 10 quantity Refer to Figure 4-18. What is the equilibrium price in...
Question 58 (1 point) When one person uses a common resource, such as fish in the ocean, what would be the most likely outcome? Other people are not likely to be worse off Other people are likely to be compensated for their loss. He or she neglects to account for external effects. There will still be enough left since one person cannot make a major impact. Question 59 (1 point) A binding price ceiling is imposed on the market for...
I need help with these Mcq's please. Thank you
22. In general, the price buyers pay in a market will decrease if the government increases a binding price floor in that market. b. a. increases a binding price ceiling in that market. decreases a tax on the good sold in that market. d. C. More than one of the above is correct 23. Which of the following is the most likely explanation for the imposition of a price ceiling on...
Question 1 (1 point Questions 1-5 of If an increase in the demand for a product is greater than the increase in the supply, a shortage will be the immediate result. True False Question 2 (1 point If the increase in the supply of a product is greater than the increase in the demand, a surplus will be the immediate result. True False Question 5 (1 point) What is a minimum wage an example of? ooo An illegal market A...
Answer to #26
Question 26 1 pts In the market for Greek yogurt, the market price is $4. Assume the government decides that Greek yogurt cannot be sold for anything less than $6. What type of regulation is this? O Binding price floor. O Binding price ceiling. O Non-Binding price floor. O Non-Binding price ceiling.
Question 31 (1 point) How does Canadian contract law protect minors and mentally incapacitated individuals? by ensuring that they cannot enter into legally binding contracts. by requiring the courts to approve their contracts. by providing that only certain types of contracts are enforceable against minors and those who lack mental capacity both ensuring both groups are represented by guardians when entering into contracts
Question 6 (1 point) Consider a monopolist which sells output in two markets, the home market and the foreign market. The monopolist faces a linear demand curve of P1 - 20 - Q1 in the home market and P2 - 40-202 in the foreign market. The monopolists total cost is (Q=1500+q? What prices the monopolist charges in the home and the foreign market respectively? $11. $21. $12, S16 $6. $18 $18,528. none of the above Question 5 (1 point) A...
Be sure to always explain an answer and label graphs. 1) Consider the market for desktop computers. Show graphically and explain using economie intuition under each of the following cases. (Do each case separately.) a) The American economy strengthens and incomes rise. b) New technology makes producing computers less costly, c) New technology makes producing tablets - a substitute for desktop computers - less costly d) Computer companies like Dell and HP move resources into producing other products rather than...
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