I want to know the answer of these question and why this is not correct.
Homework Answers
(9) (B)
In equilibrium, the market clears, such that quantity demanded equals quantity supplied and there is no incentive for price to change.
(36) (D)
A decrease in price of a good increases its quantity demanded, so there is a downward movement along demand curve, but demand does not change, so there is no shift in demand curve.
Note that if good X is inferior good, a decrease in income will increase its demand, and an increase in income will decrease its demand.
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I want to know the answer of these question and why this is not
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7. Market equilibrium occurs when: A) there is no incentive for prices to change in the...
7. Market equilibrium occurs when: A) there is no incentive for prices to change in the market. B) quantity demanded equals quantity supplied. C) the market clears. D) there is no incentive for prices to change in the market, quantity demanded equals quantity supplied, and the market clears. in equilibrium 8. An increase in supply with no change in demand will lead to quantity and in equilibrium price. A) an increase; an increase B) an increase; a decrease C) a...
It had no effect on consumers or firms in this situation. O It increased the incentive...
It had no effect on consumers or firms in this situation. O It increased the incentive of individuals to supply the good on the black market. Question 7 2 pts A nonbinding price floor has which of the following consequences? O There will be downward pressure on prices until quantity demanded equals quantity supplied. O There will be upward pressure on prices until quantity demanded equals quantity supplied. O There are no consequences to a nonbinding price floor. The quantity...
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...
Question 5 If a market is in equilibrium, then all demanders receive the goods they want,...
Question 5 If a market is in equilibrium, then all demanders receive the goods they want, and all suppliers sell the goods they want O demand curves and supply curves are the same at the equilibrium price, quantity demanded is equal to quantity supplied Question 6 If excess demand exists in a market, then the quantity demanded is higher than the quantity supplied and price falls the quantity demanded is higher than the quantity supplied and price rises the quantity...
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...
Complete the following questions by selecting a SINGLE letter for each: i) Which of the following...
Complete the following questions by selecting a SINGLE letter for each: i) Which of the following is most likely to not be an inferior good? a. concert tickets b. Ramen noodle dinners c. none of the above (all of the above are inferior goods) d. used music CD's e. trips to the laundromat ii) If the government imposes a ceiling price on apartment rents, we would expect to observe which of the following? a. an increase in the number of...
please answer all the multiple choices 16 through 20 d a decrease in the supply of...
please answer all the multiple choices 16 through 20
d a decrease in the supply of leftuce an increase in the price and a decrease in the quanitity demanded Assume that pink salmon is a normal good and consumers income increases You accurately predict that in the market for pink salmon, there will be a an increase in the demand of pink salmon, an increase in the price and an increase in quantity supplied b an increase in the quantity...
QUESTION 6 1 poin An adverse supply shock causes output to increase; increase and prices to...
QUESTION 6 1 poin An adverse supply shock causes output to increase; increase and prices to increase; decrease decrease increase O decrease; decrease QUESTION 7 1 poir The demand curve for an individual good almost always slopes downward because O demand varies inversely with prices of other goods. the quantity demanded varies inversely with time. the quantity demanded varies inversely with price. demand varies inversely with the income of consumers. QUESTION 8 1 poir The basic principle of the production...
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,...
7 points. hich of the following will nof cause the demand for product K to cha...
7 points. hich of the following will nof cause the demand for product K to cha A, a change in B. an increase in consumer incomes C, a change in the price of K the price ofclose-substitute product J a change in consumer tastes 2. The law of demand is illustrated by a demand curve that is: A. Vertical B. Horizontal C. Upward sloping Downward sloping 3. An inferior good is one: A. That doesn't work B. That costs too...
7. Market equilibrium occurs when: A) there is no incentive for prices to change in the market. B) quantity demanded equals quantity supplied. C) the market clears. D) there is no incentive for prices to change in the market, quantity demanded equals quantity supplied, and the market clears. in equilibrium 8. An increase in supply with no change in demand will lead to quantity and in equilibrium price. A) an increase; an increase B) an increase; a decrease C) a...
It had no effect on consumers or firms in this situation. O It increased the incentive of individuals to supply the good on the black market. Question 7 2 pts A nonbinding price floor has which of the following consequences? O There will be downward pressure on prices until quantity demanded equals quantity supplied. O There will be upward pressure on prices until quantity demanded equals quantity supplied. O There are no consequences to a nonbinding price floor. The quantity...
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 5 If a market is in equilibrium, then all demanders receive the goods they want, and all suppliers sell the goods they want O demand curves and supply curves are the same at the equilibrium price, quantity demanded is equal to quantity supplied Question 6 If excess demand exists in a market, then the quantity demanded is higher than the quantity supplied and price falls the quantity demanded is higher than the quantity supplied and price rises the quantity...
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...
please answer all the multiple choices 16 through 20
d a decrease in the supply of leftuce an increase in the price and a decrease in the quanitity demanded Assume that pink salmon is a normal good and consumers income increases You accurately predict that in the market for pink salmon, there will be a an increase in the demand of pink salmon, an increase in the price and an increase in quantity supplied b an increase in the quantity...
QUESTION 6 1 poin An adverse supply shock causes output to increase; increase and prices to increase; decrease decrease increase O decrease; decrease QUESTION 7 1 poir The demand curve for an individual good almost always slopes downward because O demand varies inversely with prices of other goods. the quantity demanded varies inversely with time. the quantity demanded varies inversely with price. demand varies inversely with the income of consumers. QUESTION 8 1 poir The basic principle of the production...
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,...
7 points. hich of the following will nof cause the demand for product K to cha A, a change in B. an increase in consumer incomes C, a change in the price of K the price ofclose-substitute product J a change in consumer tastes 2. The law of demand is illustrated by a demand curve that is: A. Vertical B. Horizontal C. Upward sloping Downward sloping 3. An inferior good is one: A. That doesn't work B. That costs too...
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