Homework Answers
62)
Answer: Perfectly Elastic; Infinite ( B)
Since demand falls to zero price is raised, hence it perfectly elastic demand or demand curve is horizontal.
73)
Answer: ( C) Indifference curve is downward sloping.
It means when one good consumption is increased the consumption of another good is decreased.
76)
Answer: ( D) increase in supply and decrease in demand.
Since price is likely to fall in future, so consumer wants to buy at a cheaper rate while a supplier will suffer loss. so it wants to earn profit in the current period.
81)
Answer: (D)
Since now it will be profitable to supply at a higher price in the future. Hence present supply of oil will witness fall.
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0/0.1 pts Incorrect Question 62 If a small increase in the price of a good reduces...
Question 40 An increase in the supply of gasoline, ceteris paribus, will cause equilibrium price: To...
Question 40 An increase in the supply of gasoline, ceteris paribus, will cause equilibrium price: To rise and quantity to fall. To fall and quantity to rise. And quantity to rise. And quantity to fall Question 41 Assume two goods are substitutes. Ceteris paribus, a decrease in the price of one good will cause the equilibrium price of the other good to: Increase and the equilibrium quantity of the other good to increase Increase and the equilibrium quantity of the...
Question 11 0.16 pts If the price and quantity for an inferior good, Good X, is...
Question 11 0.16 pts If the price and quantity for an inferior good, Good X, is $8 and 6 units at the original equilibrium, what is one possibility for the new equilibrium of Good X if we see income increase and all other factors stay constant? O $6 and 8 units O $10 and 8 units $6 and 4 units O $10 and 2 units O $10 and 4 units Question 12 0.16 pts According to the law of demand,...
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...
Price Refer to Figure 6.4. Suppose that the current price is set at B and Q, units of a good are traded. Which of the f...
Price Refer to Figure 6.4. Suppose that the current price is set at B and Q, units of a good are traded. Which of the following statements is incorrect? Supply curve O A. Total surplus would decrease should the price fall. OB. The quantity demanded equals the quantity supplied. OC. The current market transaction is efficient. O D. Total surplus would increase should the price rise. Demand curve & Q3 Quantity Figure 6.4
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...
D Question 27 1 pts In an article in August of 2015 it was reported in...
D Question 27 1 pts In an article in August of 2015 it was reported in Forbes that "Year-to-date Prius sales were down 15.4 percent." It was also observed that gas prices had fallen significantly. That lower gas prices can lead to lower sales of hybrid vehicles is best explained by observing that there is no real connection between gas prices and the sales of hybrid vehicles, and the fall in sales was due to consumers dissatisfaction with hybrid vehicles....
I want to know the answer of these question and why this is not correct. Incorrect...
I want to know the answer of these question and why this is not
correct.
Incorrect Question 9 0/0.5 pts Market equilibrium occurs when: the market clears. there is no incentive for prices to change in the market, quantity demanded equals quantity supplied, and the market clears. there is no incentive for prices to change in the market. O quantity demanded equals quantity supplied. Incorrect Question 36 0/0.5 pts Which factor will NOT cause an increase in demand for good...
1.Suppose that good ABC is a neutral good for Leah. If Leah's income rises, then the...
1.Suppose that good ABC is a neutral good for Leah. If Leah's income rises, then the result will be that Leah's demand curve for good ABC will a.shift rightward. b.shift leftward. c.not shift at all. d.shift rightward immediately and then shift leftward. ( I chose option A) 2. Which of the following illustrates the law of supply? a.Company ABC increases the quantity supplied of its product as the price of that product rises. b.Company ABC decreases the quantity supplied of...
Incorrect Question 4 0/0.1 pts An increase in productivity throughout the economy will likely lead to...
Incorrect Question 4 0/0.1 pts An increase in productivity throughout the economy will likely lead to a wage rate. in the • decrease increase indeterminate Incorrect Question 5 0/0.1 pts Which of the following is not a reason that a firm may have monopsony power in the labor market? Worker productivity is unknown with certainty (to firms and to themselves). The firm is one of only a small number of forms in the industry. • The firm is one of...
37. If the demand for baseball cards rises and the supply curve does not shift, then...
37. If the demand for baseball cards rises and the supply curve does not shift, then the price a. will rise and quantity will fall b. and quantity will rise c. will fall and quantity will rise d. and quantity will fall e. will rise, but quantity may rise or fall If the supply of coffee falls due to bad weather conditions in coffee-exporting countries, then the a. 38. price and quantity will rise b. price and quantity will fall...
Question 40 An increase in the supply of gasoline, ceteris paribus, will cause equilibrium price: To rise and quantity to fall. To fall and quantity to rise. And quantity to rise. And quantity to fall Question 41 Assume two goods are substitutes. Ceteris paribus, a decrease in the price of one good will cause the equilibrium price of the other good to: Increase and the equilibrium quantity of the other good to increase Increase and the equilibrium quantity of the...
Question 11 0.16 pts If the price and quantity for an inferior good, Good X, is $8 and 6 units at the original equilibrium, what is one possibility for the new equilibrium of Good X if we see income increase and all other factors stay constant? O $6 and 8 units O $10 and 8 units $6 and 4 units O $10 and 2 units O $10 and 4 units Question 12 0.16 pts According to the law of demand,...
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...
Price Refer to Figure 6.4. Suppose that the current price is set at B and Q, units of a good are traded. Which of the following statements is incorrect? Supply curve O A. Total surplus would decrease should the price fall. OB. The quantity demanded equals the quantity supplied. OC. The current market transaction is efficient. O D. Total surplus would increase should the price rise. Demand curve & Q3 Quantity Figure 6.4
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...
D Question 27 1 pts In an article in August of 2015 it was reported in Forbes that "Year-to-date Prius sales were down 15.4 percent." It was also observed that gas prices had fallen significantly. That lower gas prices can lead to lower sales of hybrid vehicles is best explained by observing that there is no real connection between gas prices and the sales of hybrid vehicles, and the fall in sales was due to consumers dissatisfaction with hybrid vehicles....
I want to know the answer of these question and why this is not
correct.
Incorrect Question 9 0/0.5 pts Market equilibrium occurs when: the market clears. there is no incentive for prices to change in the market, quantity demanded equals quantity supplied, and the market clears. there is no incentive for prices to change in the market. O quantity demanded equals quantity supplied. Incorrect Question 36 0/0.5 pts Which factor will NOT cause an increase in demand for good...
Incorrect Question 4 0/0.1 pts An increase in productivity throughout the economy will likely lead to a wage rate. in the • decrease increase indeterminate Incorrect Question 5 0/0.1 pts Which of the following is not a reason that a firm may have monopsony power in the labor market? Worker productivity is unknown with certainty (to firms and to themselves). The firm is one of only a small number of forms in the industry. • The firm is one of...
37. If the demand for baseball cards rises and the supply curve does not shift, then the price a. will rise and quantity will fall b. and quantity will rise c. will fall and quantity will rise d. and quantity will fall e. will rise, but quantity may rise or fall If the supply of coffee falls due to bad weather conditions in coffee-exporting countries, then the a. 38. price and quantity will rise b. price and quantity will fall...
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