Homework Answers
Ans: an advancement in the technology for producing the product
Explanation:
Factors affecting shift of supply curve to right
1) decrease in input prices
2) increase in technology
3) increase in number of sellers in market
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Po Si In the above figure, assume that the supply curve moves from So to S...
Question 29 (2.5 points) Refer to the above figure. The rightward shift of the curve could...
Question 29 (2.5 points) Refer to the above figure. The rightward shift of the curve could have been caused by O an increase in income. an increase in production technology. O a decrease in production technology. O a decrease in income. Question 30 (2.5 points) Saved Which of the following factors will lead to a shift in the demand curve?
9. A shift to the right of the demand curve could be caused by a(n): A...
9. A shift to the right of the demand curve could be caused by a(n): A decrease in tastes or preferences. B decrease in the price of a substitute. C increase in income if the good is normal. D increase in the price of a complement. 10. Suppose that summer in a resort town is very rainy. We can expect demand to shift and the equilibrium price for hotels to . A left; fall B left; rise C right; fall...
Which of the following events could have caused the demand curve to shift? Figure 2.5 Price...
Which of the following events could have caused the demand curve
to shift?
Figure 2.5 Price $10- 0 2 4 6 5 10 Quantity 75. (Figure 2.5) Which of the following events could have caused the demand curve to shift? I. The price of a substitute good decreased. II. The price of a complement good increased. III. The income of consumers increased. IV. The number of buyers in the market increased. A) B) C) D) I, II, III and IV...
S2 Si D2 Dr 0 Quantay Assume D1 reflects private benefits from consumption and assume S1...
S2 Si D2 Dr 0 Quantay Assume D1 reflects private benefits from consumption and assume S1 reflects private costs of production. If we begin with demand curve D1 and supply curve S1 in the figure above and external costs are incorporated into this market, then government should subsidize its production and shift supply from S1 to S2 the vertical distance between S1 and S2 equals external costs. O price will increase from P1 to P4. Ounderproduction equals Q3 minus Q1....
If the government decreased the restrictions on allowable pollution emission levels, then the supply curve for...
If the government decreased the restrictions on allowable pollution emission levels, then the supply curve for a chemical manufacturer that emits some air pollutants will O a become flatter O b be become steeper O c shift to the right - O d shift to the left QUESTION 4 Producer surplus is measured as the area O a. below the demand curve and above the market price O b.above the demand curve and below the market price O c above...
Si D2 D1 Quantity 13. The figure above represents the market for candy. People become more...
Si D2 D1 Quantity 13. The figure above represents the market for candy. People become more concerned that eating candy causes them to gain weight, which they do not like. As a result, the a. demand curve will not shift, and the supply curve shifts from $1 to S2 b. demand curve shifts from D1 to D2and the supply curve shifts from S1 to S c demand curve shifts from D2 to D1 and the supply curve shifts from $2...
How will shift right in supply affect equilibrium price, assuming demand remains constant? a. increase b....
How will shift right in supply affect equilibrium price, assuming demand remains constant? a. increase b. decrease c.will not affect it d. cannot be determined According to the law of demand, if the price of a good decreases, its Qd? a. decreases b. increases c. goes to zero d. stays constant According to the income effect, price changes equal changes in? a. money income b.real income c.demand d. utility on the demand curve a chance in price leads a. no...
QUESTION 3 (CHAPTER 4 - SUPPLY AND DEMAND) a. What is the law of demand? What...
QUESTION 3 (CHAPTER 4 - SUPPLY AND DEMAND) a. What is the law of demand? What factors are taken as constant when plotting a demand curve? b. What happens to a demand curve if the income of the consumers increases? c. What happens to a demand curve for a product if the price of a substitute product increases? (Hint: Margarine and butter are substitute good. What would happen to the demand curve for margarine if the price of butter increases?)...
1) What is the difference between a "shift in the demand curve" and a "movement along...
1) What is the difference between a "shift in the demand curve" and a "movement along the demand curve"? 소 소 2) Name at least three variables that can affect the demand for a product and the market equilibrium. 소 소 소 3) Name at least three variables that can affect the supply for a product and the market equilibrium. 소 4) a. Draw a graph to illustrate the effect of an increase in demand on the price and quantity...
81. Assume a drought in the Great Plains reduces the supply of wheat. Noting that wheat...
81. Assume a drought in the Great Plains reduces the supply of wheat. Noting that wheat is a basic ingredient in the production of bread and potatoes are a consumer substitute for bread, we would expect the price of wheat to: A. rise, the supply of bread to increase, and the demand for potatoes to increase. B. rise, the supply of bread to decrease, and the demand for potatoes to increase. C. rise, the supply of bread to decrease, and...
Question 29 (2.5 points) Refer to the above figure. The rightward shift of the curve could have been caused by O an increase in income. an increase in production technology. O a decrease in production technology. O a decrease in income. Question 30 (2.5 points) Saved Which of the following factors will lead to a shift in the demand curve?
Which of the following events could have caused the demand curve
to shift?
Figure 2.5 Price $10- 0 2 4 6 5 10 Quantity 75. (Figure 2.5) Which of the following events could have caused the demand curve to shift? I. The price of a substitute good decreased. II. The price of a complement good increased. III. The income of consumers increased. IV. The number of buyers in the market increased. A) B) C) D) I, II, III and IV...
S2 Si D2 Dr 0 Quantay Assume D1 reflects private benefits from consumption and assume S1 reflects private costs of production. If we begin with demand curve D1 and supply curve S1 in the figure above and external costs are incorporated into this market, then government should subsidize its production and shift supply from S1 to S2 the vertical distance between S1 and S2 equals external costs. O price will increase from P1 to P4. Ounderproduction equals Q3 minus Q1....
If the government decreased the restrictions on allowable pollution emission levels, then the supply curve for a chemical manufacturer that emits some air pollutants will O a become flatter O b be become steeper O c shift to the right - O d shift to the left QUESTION 4 Producer surplus is measured as the area O a. below the demand curve and above the market price O b.above the demand curve and below the market price O c above...
Si D2 D1 Quantity 13. The figure above represents the market for candy. People become more concerned that eating candy causes them to gain weight, which they do not like. As a result, the a. demand curve will not shift, and the supply curve shifts from $1 to S2 b. demand curve shifts from D1 to D2and the supply curve shifts from S1 to S c demand curve shifts from D2 to D1 and the supply curve shifts from $2...
QUESTION 3 (CHAPTER 4 - SUPPLY AND DEMAND) a. What is the law of demand? What factors are taken as constant when plotting a demand curve? b. What happens to a demand curve if the income of the consumers increases? c. What happens to a demand curve for a product if the price of a substitute product increases? (Hint: Margarine and butter are substitute good. What would happen to the demand curve for margarine if the price of butter increases?)...
1) What is the difference between a "shift in the demand curve" and a "movement along the demand curve"? 소 소 2) Name at least three variables that can affect the demand for a product and the market equilibrium. 소 소 소 3) Name at least three variables that can affect the supply for a product and the market equilibrium. 소 4) a. Draw a graph to illustrate the effect of an increase in demand on the price and quantity...
81. Assume a drought in the Great Plains reduces the supply of wheat. Noting that wheat is a basic ingredient in the production of bread and potatoes are a consumer substitute for bread, we would expect the price of wheat to: A. rise, the supply of bread to increase, and the demand for potatoes to increase. B. rise, the supply of bread to decrease, and the demand for potatoes to increase. C. rise, the supply of bread to decrease, and...
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