3) Question 3 (1 point) Suppose it is discovered that consuming Greek yogurt leads to a...
3) Question 3 (1 point) Suppose it is discovered that consuming Greek yogurt leads to a longer life. This information would lead to a(n): Question 3 options: a) decrease in quantity demanded. b) increase in quantity demanded. c) increase in demand. d) decrease in demand.
Homework Answers
Discovering that greek yogurt will increase the demand for the goods at every price and that will shift the demand curve to the right. this will be termed as increase in demand, the answer is "C".
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3) Question 3 (1 point) Suppose it is discovered that consuming
Greek yogurt leads to a...
Question 2 (1 point) A decrease in supply shifts the supply curve to the left. True...
Question 2 (1 point) A decrease in supply shifts the supply curve to the left. True False Question 4 (1 point) The equilibrium price is the same as the market-clearing price. True False Question 5 (1 point) When the market price is above the equilibrium price, the quantity of the good demanded exceeds the quantity supplied. True False Question 6 (1 point) Which of the following events must cause equilibrium price to fall? a) demand increases and supply decreases b)...
O O QUESTION 1 1 point A decrease in price of a certain good most likely...
O O QUESTION 1 1 point A decrease in price of a certain good most likely will lead to a. no change in demand and no change in quantity demanded. b. an increase in quantity demanded but no change in the demand for that good. c. an increase in quantity demanded and an increase in the demand for that good. d. an increase in demand but no change in quantity demanded. QUESTION 2 1 poim Assume an economy with an...
Question 18 (1 point) When a tax is placed on the sellers of a product, buyers...
Question 18 (1 point) When a tax is placed on the sellers of a product, buyers pay O a) less, and sellers receive less than they did before the tax. Ob) more, and sellers receive more than they did before the tax. Oc) less, and sellers receive more than they did before the tax. d) more, and sellers receive less than they did before the tax. Question 19 (1 point) If the price elasticity of demand for a good is...
Questions 1-4 Question 3 (1 point) If a good is inferior, then there will be a...
Questions 1-4
Question 3 (1 point) If a good is inferior, then there will be a decrease in supply. an increase in income will have no affect on demand. an increase in income will increase demand. an increase in income will reduce demand Question 4 (1 point) Which of the following would cause a decrease in supply for chicken? A decrease in the price of chicken An increase in technology An increase in the price of hamburger. considered a substitute...
1. Suppose we found a movement on the demand curve to the left. This change may...
1. Suppose we found a movement on the demand curve to the left. This change may be caused by a ____? A. a lower cost of inputs. B. a decrease of supply. C. fall in the number of substitute goods. D. rise in income. 2. The price of beef, which is used in making beef jerky, increases. In the market for beef jerky you would expect that ____? A. the demand for beef jerky would increase and the price of...
Question 28 (1 point) The demand for a good or service is determined by a) both...
Question 28 (1 point) The demand for a good or service is determined by a) both those who buy and those who sell the good or service. Ob) those who sell the good or service. Oc) the government. Od) those who buy the good or service. Question 29 (1 point) If the supply of a product increases, then we would expect equilibrium price Oa) and equilibrium quantity to both increase. Ob) and equilibrium quantity to both decrease. O c) to...
1) The law of demand indicates that as the price of a good decrease, the quantity...
1) The law of demand indicates that as the price of a good decrease, the quantity A. Buyers desire increase B. Buyers desire decrease C. Producers offer to the market decreases D. Producers offer to the market increase 2) List all the factors of demand and explain 4. 3) Substitute good are ones in which an increase in the A. Price of one good leads to an increase in the demand for the other good B. Price of one good...
29. Suppose that real es in Suppose that real estate market prices are expected to increase...
29. Suppose that real es in Suppose that real estate market prices are expected to increase in the near future. Ceteris paribus (now today the real estate market there will most likely be a. a decrease in the demand. b. a decrease in the quantity demanded. c. an increase in the demand. d. an increase in the quantity demanded. Suppose that real estate market prices are expected to decrease in the near future. Ceteris paribus (now/today2 in the real estate...
Suppose Josh’s elasticity of demand for hamburgers is -1.25. If the price increased 25%, how would...
Suppose Josh’s elasticity of demand for hamburgers is -1.25. If the price increased 25%, how would Josh's hamburger purchases change? increase hamburger purchases by 31.25 percent decrease hamburger purchases by 31.25 percent. increase hamburger purchases by 20.1 percent decrease hamburger purchases by 20.1 percent increase hamburger purchases by 1.25% decrease hamburger purchases by 1.25% Question 3 Suppose the price of steak dropped from $10.00/lb to $9.00/lb. If steak is inelastic over this range, we would expect Total revenue of steak...
DQuestion 1 2 pts The dynamic laws of supply and demand tell us that: prices have...
DQuestion 1 2 pts The dynamic laws of supply and demand tell us that: prices have a natural tendency to rise or increase even when the quantity supplied equals the quantities demanded. excess demand leads to a tendency of prices to fall or decrease. the greater the excess supply, the greater the tendency of prices to fall or decrease. excess supply leads to a tendency of prices to rise or increase. D Question 2 2 pts Simple Supply and Demand...
Question 2 (1 point) A decrease in supply shifts the supply curve to the left. True False Question 4 (1 point) The equilibrium price is the same as the market-clearing price. True False Question 5 (1 point) When the market price is above the equilibrium price, the quantity of the good demanded exceeds the quantity supplied. True False Question 6 (1 point) Which of the following events must cause equilibrium price to fall? a) demand increases and supply decreases b)...
O O QUESTION 1 1 point A decrease in price of a certain good most likely will lead to a. no change in demand and no change in quantity demanded. b. an increase in quantity demanded but no change in the demand for that good. c. an increase in quantity demanded and an increase in the demand for that good. d. an increase in demand but no change in quantity demanded. QUESTION 2 1 poim Assume an economy with an...
Question 18 (1 point) When a tax is placed on the sellers of a product, buyers pay O a) less, and sellers receive less than they did before the tax. Ob) more, and sellers receive more than they did before the tax. Oc) less, and sellers receive more than they did before the tax. d) more, and sellers receive less than they did before the tax. Question 19 (1 point) If the price elasticity of demand for a good is...
Questions 1-4
Question 3 (1 point) If a good is inferior, then there will be a decrease in supply. an increase in income will have no affect on demand. an increase in income will increase demand. an increase in income will reduce demand Question 4 (1 point) Which of the following would cause a decrease in supply for chicken? A decrease in the price of chicken An increase in technology An increase in the price of hamburger. considered a substitute...
Question 28 (1 point) The demand for a good or service is determined by a) both those who buy and those who sell the good or service. Ob) those who sell the good or service. Oc) the government. Od) those who buy the good or service. Question 29 (1 point) If the supply of a product increases, then we would expect equilibrium price Oa) and equilibrium quantity to both increase. Ob) and equilibrium quantity to both decrease. O c) to...
29. Suppose that real es in Suppose that real estate market prices are expected to increase in the near future. Ceteris paribus (now today the real estate market there will most likely be a. a decrease in the demand. b. a decrease in the quantity demanded. c. an increase in the demand. d. an increase in the quantity demanded. Suppose that real estate market prices are expected to decrease in the near future. Ceteris paribus (now/today2 in the real estate...
DQuestion 1 2 pts The dynamic laws of supply and demand tell us that: prices have a natural tendency to rise or increase even when the quantity supplied equals the quantities demanded. excess demand leads to a tendency of prices to fall or decrease. the greater the excess supply, the greater the tendency of prices to fall or decrease. excess supply leads to a tendency of prices to rise or increase. D Question 2 2 pts Simple Supply and Demand...
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