Homework Answers
C. It would decrease because of a demand shift.
Reason-
Since wine and cheese are Complementary goods. When price of wine increases, consumers demand less wine and because they are consumed together the demand of cheese also reduces.
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D Question 32 2 pts Wine and cheese are complement goods because they are consumed together....
D Question 33 2 pts The market for footballs is perfectly competitive. If all else is...
D Question 33 2 pts The market for footballs is perfectly competitive. If all else is held constant and the price of leather decreases, we would expect that the equilibrium quantity of footballs would and the equilibrium price would e rise rise O fall fall O fall: rise 2 pts D Question 34
Please help with these questions, Question 17 0.16 pts During the winter months, many elderly people...
Please help with these questions,
Question 17 0.16 pts During the winter months, many elderly people leave their homes in northern New York and travel south to Florida or Arizona. What would we expect to happen to the equilibrium price and quantity of items most used by the elderly in northern New York? One would increase and one would decrease, but we don't know which would do what O They would both increase. O The price would decrease and the...
O an increase in the income of consumers of oranges D | Question 28 2 pts...
O an increase in the income of consumers of oranges D | Question 28 2 pts When the government places a tax on a good and all else is held constant, which of the following would most likely happen? O The government receives no tax revenue if the tax is more than 20 percent. O The overall consumption of the good decreases, assuming the good does not have a vertical demand curve. O The price and quantity adjust back to...
Please help with these four questions, Question 1 0.16 pts The change in equilibrium shown in...
Please help with these four questions,
Question 1 0.16 pts The change in equilibrium shown in the accompanying figure would be explained by a(n) price ofa in the price of an input and a(n) in the increase; increase; complement decrease; increase; substitute increase; increase; substitute increase; decrease; complement decrease; increase; complement Question 2 0.16 pts When people move to an area of the world that was previously unpopulated, we expect more consumers and more producers to spring up in that...
Question 29 2 pts Firm A notices that Firm B is making a profit by producing...
Question 29 2 pts Firm A notices that Firm B is making a profit by producing footballs. There is nothing stopping Firm A from entering the football market, so it does. Holding all else constant, the number of firms in the market will O increase, causing demand to increase. O decrease, causing the supply to increase. O decrease, causing the supply to decrease. O increase, causing the supply to shift down. O increase, causing the supply to increase. 1255 acer...
Bananas and peanut butter are considered complementary goods because, as everyone knows, the combination of these...
Bananas and peanut butter are considered complementary goods because, as everyone knows, the combination of these two items is truly a delight for the senses. If this is true, what would you expect to happen to the equilibrium quantity of bananas bought and sold in the market as the price of peanut butter decreases? a. It would decrease because of a shift in supply b. It would decrease because of a shift in demand c. It would increase because of...
D Question 19 0.1 pts When supply shifts to the right and demand stays constant, the...
D Question 19 0.1 pts When supply shifts to the right and demand stays constant, the equilibrium price: increases and the equilibrium quantity decreases. increases and the equilibrium quantity increases, decreases and the equilibrium quantity decreases. decreases and the equilibrium quantity increases. stays the same and the equilibrium quantity increases. Question 20 0.1 pts If the price of a good increases, holding all else constant, o the demand for all of that good's substitutes will decrease. the quantity demanded for...
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
D Question 1 1 pts Consider the market for raspberries in Australia. Which of the following...
D Question 1 1 pts Consider the market for raspberries in Australia. Which of the following would most likely lead to a decrease in demand O A decrease in the price of gooseberries, a substitute for raspberries. An increase in the price of blueberries, a complement for raspberries A decrease in income if raspberries are an inferior good. O A severe frost that destroys most of the Tasmanian raspberry crop. Both a and b are correct. DI Question 2 1...
Please help with these questions, Question 5 0.16 pts When firms in a market expect the...
Please help with these questions,
Question 5 0.16 pts When firms in a market expect the price of their products to rise, the supply curve of their goods causing the equilibrium price to O decreases; rise increases; rise and the equilibrium quantity to fall decreases; fall increases; fall O increases; rise Question 6 0.16 pts Taxes cause the equilibrium price of a good to Ogo up only for producers. O decrease O go down only for consumers O increase. remain...
D Question 33 2 pts The market for footballs is perfectly competitive. If all else is held constant and the price of leather decreases, we would expect that the equilibrium quantity of footballs would and the equilibrium price would e rise rise O fall fall O fall: rise 2 pts D Question 34
Please help with these questions,
Question 17 0.16 pts During the winter months, many elderly people leave their homes in northern New York and travel south to Florida or Arizona. What would we expect to happen to the equilibrium price and quantity of items most used by the elderly in northern New York? One would increase and one would decrease, but we don't know which would do what O They would both increase. O The price would decrease and the...
O an increase in the income of consumers of oranges D | Question 28 2 pts When the government places a tax on a good and all else is held constant, which of the following would most likely happen? O The government receives no tax revenue if the tax is more than 20 percent. O The overall consumption of the good decreases, assuming the good does not have a vertical demand curve. O The price and quantity adjust back to...
Please help with these four questions,
Question 1 0.16 pts The change in equilibrium shown in the accompanying figure would be explained by a(n) price ofa in the price of an input and a(n) in the increase; increase; complement decrease; increase; substitute increase; increase; substitute increase; decrease; complement decrease; increase; complement Question 2 0.16 pts When people move to an area of the world that was previously unpopulated, we expect more consumers and more producers to spring up in that...
Question 29 2 pts Firm A notices that Firm B is making a profit by producing footballs. There is nothing stopping Firm A from entering the football market, so it does. Holding all else constant, the number of firms in the market will O increase, causing demand to increase. O decrease, causing the supply to increase. O decrease, causing the supply to decrease. O increase, causing the supply to shift down. O increase, causing the supply to increase. 1255 acer...
D Question 19 0.1 pts When supply shifts to the right and demand stays constant, the equilibrium price: increases and the equilibrium quantity decreases. increases and the equilibrium quantity increases, decreases and the equilibrium quantity decreases. decreases and the equilibrium quantity increases. stays the same and the equilibrium quantity increases. Question 20 0.1 pts If the price of a good increases, holding all else constant, o the demand for all of that good's substitutes will decrease. the quantity demanded for...
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
D Question 1 1 pts Consider the market for raspberries in Australia. Which of the following would most likely lead to a decrease in demand O A decrease in the price of gooseberries, a substitute for raspberries. An increase in the price of blueberries, a complement for raspberries A decrease in income if raspberries are an inferior good. O A severe frost that destroys most of the Tasmanian raspberry crop. Both a and b are correct. DI Question 2 1...
Please help with these questions,
Question 5 0.16 pts When firms in a market expect the price of their products to rise, the supply curve of their goods causing the equilibrium price to O decreases; rise increases; rise and the equilibrium quantity to fall decreases; fall increases; fall O increases; rise Question 6 0.16 pts Taxes cause the equilibrium price of a good to Ogo up only for producers. O decrease O go down only for consumers O increase. remain...
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