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If the price of a good increases, (Click to select) . The...
Price (dollars per pizza) Quantity (millions of pizzas per year) In the above figure, the shift...
Price (dollars per pizza) Quantity (millions of pizzas per year) In the above figure, the shift in the supply curve from Sto S, reflects Select one: A. an increase in the supply of pizza. O B. an increase in the quantity of pizza supplied. O C . a decrease in the quantity of pizza supplied. O O D. a decrease in the supply of pizza E. None of the above answers is correct. Two brands of water, Natural Water and...
1. Which of the following represents the law of supply? An increase in the price of...
1. Which of the following represents the law of supply? An increase in the price of a good causes a rightward shift of the supply curve for that good. An increase in the price of a good causes an increase in the supply of that good. An increase in the price of a good causes an increase in the quantity supplied of that good. all of the above 2. The quantity supplied of a particular good is the amount of...
1. A hotel in Mission Bay charges $275 per room in during the summer tourist season...
1. A hotel in Mission Bay charges $275 per room in during the summer tourist season and $89 during the winter months. The number of rooms and operating costs for the hotel don't change, whether it is summer or winter. This increase in price indicates a. a rightward shift in the demand in the summer. b. a rightward shift in demand in the winter. c. a leftward shift in the supply curve in the summer. d. a leftward shift in...
0/0.1 pts Incorrect Question 62 If a small increase in the price of a good reduces...
0/0.1 pts Incorrect Question 62 If a small increase in the price of a good reduces quantity demanded to zero, demand is and the price elasticity of demand is equal to perfectly inelastic; zero perfectly elastio, iufiaty unit elastic, one perfectly elastic zero 0.1/0.1 pts Question 63 Question 73 Incorrect 0/0.1 pts If Smith will give up three units of Y to get one additional unit of X, then he has transitive preferences/ his budget constraint is upward slopimg. his...
questions 20 18. A movement downward and to the right along a demand curv a. increase...
questions 20
18. A movement downward and to the right along a demand curv a. increase in demand. b. decrease in demand. c. decrease in quantity demand d increase in quantity demand. 19. The law of supply says that an increase in a price causes quantity supplied to increase. b. price causes quantity supplied to decrease. c. quantity supplied causes price to increase d. quantity supplied causes price to decrease 20. A downward-sloping demand curve shows a that demand decreases...
3. Answer the following questions involving the determinants of both demand and supply as explained in...
3. Answer the following questions involving the determinants of both demand and supply as explained in chapter three: L Assume the demand for product X increases. This might be caused by A a change in consumer tastes that is unfavorable to X. B. a decline in the price of Z, provided that X and Z are substitute goods C. a decline in income, provided that X is an inferior good. D. an increase in the price of Y, provided that...
LILY QUESTIONS 1. The law of supply states that as the market price increases a. the quantity supplied increases b....
LILY QUESTIONS 1. The law of supply states that as the market price increases a. the quantity supplied increases b. the quantity supplied decreases c. the supply increases d. the supply decreases 2. The law of supply states that as the market price decreases a. the quantity supplied increases b. the quantity supplied decreases c. the supply increases d. the supply decreases 3. As more firms exit the market a. the market supply increases (shifts to the right). b. the...
6. Demonstrate the decrease in wealth using the closed AD-AS model, ceteris paribus, in both the...
6. Demonstrate the decrease in wealth using the closed AD-AS model, ceteris paribus, in both the short-run and long-run. Assumptions: (1) start in long-run equilibrium; (2) prices are sticky; (3) nominal wages are fixed in the short-run. [Note: this is the self-correcting version.] [Sub-questions 6-10 are connected.] In the short-run, _______ shifts _______. A. the aggregate demand curve; leftward B. the aggregate demand curve; rightward C. the short-run aggregate supply curve; leftward D. the short-run aggregate supply curve; rightward E....
The 2008-2009 recession must have been a result of ________ because otherwise the combination of the...
The 2008-2009 recession must have been a result of ________ because otherwise the combination of the ________ cannot be explained. Question 29 options: a decrease in AD and an increase in AS; fall in the price level and the decrease in real GDP a decrease in AD and an increase in AS; rise in the price level and the decrease in real GDP an increase in AD and AS; rise in the price level and the decrease in real GDP...
Suppose that a rise in average income increases the demand for preventative dental visits. a. The...
Suppose that a rise in average income increases the demand for
preventative dental visits.
a. The increase in income leads to an increase
in (quantity supplied OR supply). This is because, as demand
increases, (the supply curve shifts to the right to accommodate the
increase in demand OR the equilibrium quantity moves up the supply
curve to a higher price and more quantity supplied).
b. Shift the appropriate curve or curves below
to show the effect of this change.
Market...
Price (dollars per pizza) Quantity (millions of pizzas per year) In the above figure, the shift in the supply curve from Sto S, reflects Select one: A. an increase in the supply of pizza. O B. an increase in the quantity of pizza supplied. O C . a decrease in the quantity of pizza supplied. O O D. a decrease in the supply of pizza E. None of the above answers is correct. Two brands of water, Natural Water and...
1. A hotel in Mission Bay charges $275 per room in during the summer tourist season and $89 during the winter months. The number of rooms and operating costs for the hotel don't change, whether it is summer or winter. This increase in price indicates a. a rightward shift in the demand in the summer. b. a rightward shift in demand in the winter. c. a leftward shift in the supply curve in the summer. d. a leftward shift in...
0/0.1 pts Incorrect Question 62 If a small increase in the price of a good reduces quantity demanded to zero, demand is and the price elasticity of demand is equal to perfectly inelastic; zero perfectly elastio, iufiaty unit elastic, one perfectly elastic zero 0.1/0.1 pts Question 63 Question 73 Incorrect 0/0.1 pts If Smith will give up three units of Y to get one additional unit of X, then he has transitive preferences/ his budget constraint is upward slopimg. his...
questions 20
18. A movement downward and to the right along a demand curv a. increase in demand. b. decrease in demand. c. decrease in quantity demand d increase in quantity demand. 19. The law of supply says that an increase in a price causes quantity supplied to increase. b. price causes quantity supplied to decrease. c. quantity supplied causes price to increase d. quantity supplied causes price to decrease 20. A downward-sloping demand curve shows a that demand decreases...
3. Answer the following questions involving the determinants of both demand and supply as explained in chapter three: L Assume the demand for product X increases. This might be caused by A a change in consumer tastes that is unfavorable to X. B. a decline in the price of Z, provided that X and Z are substitute goods C. a decline in income, provided that X is an inferior good. D. an increase in the price of Y, provided that...
LILY QUESTIONS 1. The law of supply states that as the market price increases a. the quantity supplied increases b. the quantity supplied decreases c. the supply increases d. the supply decreases 2. The law of supply states that as the market price decreases a. the quantity supplied increases b. the quantity supplied decreases c. the supply increases d. the supply decreases 3. As more firms exit the market a. the market supply increases (shifts to the right). b. the...
Suppose that a rise in average income increases the demand for
preventative dental visits.
a. The increase in income leads to an increase
in (quantity supplied OR supply). This is because, as demand
increases, (the supply curve shifts to the right to accommodate the
increase in demand OR the equilibrium quantity moves up the supply
curve to a higher price and more quantity supplied).
b. Shift the appropriate curve or curves below
to show the effect of this change.
Market...
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