Homework Answers
Answer. (d) rightward and downward; fall; quantity demanded; rise
Explanation: The first thing which is for sure is that when supply increases, the supply curve shifts rightward, because it shows that at each price, the firm can now supply more. Thus the options with rightward shift have to be chosen. Now in both options (a) and (d), price is written as 'fall'. Now we know that when price falls, it affects quantity demanded. At lower price, people demand more of a good or service. Therefore option (d) is correct.
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line Question 15 3 pts If supply increases, the supply curve shifts and will which implies...
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)...
Which would most likely shift the aggregate supply curve? A change in the prices of _____....
Which would most likely shift the aggregate supply curve? A change in the prices of _____. domestic products foreign products financial assets resources A decrease in aggregate demand in the short run will reduce _____. both real output and the price level the price level and increase the real domestic output the real domestic output and have no effect on the price level the price level and have no effect on real domestic output The economy's long-run AS curve assumes...
38.39,40 Question 38 (2 points) When potential GDP increases. 1) the AS curve shifts rightward. 2)...
38.39,40
Question 38 (2 points) When potential GDP increases. 1) the AS curve shifts rightward. 2) there is a movement up along the AS curve. 3) the AS curve shifts leftward. 0 4) there is a movement down along the AS curve. Question 39 (2 points) Which of the following produces a movement along the aggregate demand curve? 1) a change in foreign incomes 2) a change in the price level 3) a change in monetary policy 4) a change...
What is the supply curve? a. It shows the relationship between price and income. b. It...
What is the supply curve? a. It shows the relationship between price and income. b. It depicts the inverse relationship put into words in the law of supply. c. A downward-sloping line showing the relationship between price and supply d. A graphical representation of the relationship between price and quantity of the goods a seller will supply Which of the following is true of a change in quantity supplied? a. It occurs when the supply curve shifts to the right....
Question 15 (2.5 points) A sales tax imposed on sellers shifts the supply curve leftward for...
Question 15 (2.5 points) A sales tax imposed on sellers shifts the supply curve leftward for the taxed good because the A) tax is actually shifted entirely onto the buyer who can afford only a smaller supply. B) tax is paid by the seller to the government and is, therefore, like a cost of production. OC) higher price causes entry into the market. OD) tax shifts the demand curve leftward.
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...
D Question 19 0.1 pts When supply shifts to the right and demand stays constant, the...
D Question 19 0.1 pts When supply shifts to the right and demand stays constant, the equilibrium price: increases and the equilibrium quantity decreases. increases and the equilibrium quantity increases, decreases and the equilibrium quantity decreases. decreases and the equilibrium quantity increases. stays the same and the equilibrium quantity increases. Question 20 0.1 pts If the price of a good increases, holding all else constant, o the demand for all of that good's substitutes will decrease. the quantity demanded for...
True or False: Indicate whether the following questions are true or false and then EXPLAIN why. 1. An increase in price expectations shifts the long-run aggregate supply curve to the left. 2. All expl...
True or False: Indicate whether the following questions are true or false and then EXPLAIN why. 1. An increase in price expectations shifts the long-run aggregate supply curve to the left. 2. All explanations for the upward slope of the short-run aggregate supply curve suppose that the quantity of output supplied increases when the actual price level exceeds the price level that was expected. 3. One reason the Aggregate Demand curve slopes downward is the real wealth effect: a decrease...
The following figure illustrates a standard market-demand curve and market-supply curve, with price per unit measured...
The following figure illustrates a standard market-demand curve and market-supply curve, with price per unit measured on the vertical axis and quantity measured on the horizontal axis. Price Demand Supply 0 1 2 3 4 5 6 7 8 9 10 Quantity Figure Description: Quantity demanded and quantity supplied is measured on the horizontal axis and price per unit is measured on the vertical axis. One downward sloping demand curve is provided and is labeled Demand. One upward sloping supply...
Same Options for both If the price of a good increases, (Click to select) . The...
Same Options for both
If the price of a good increases, (Click to select) . The supply curve (Click to select) If prices in the market are expected to be higher in the future, at the present time, . The supply curve(Click to select) (Click to select) If the price of a good increases, (Click to select) . The supply curve (Click to select) If prices in the market are expected to be higher in the future, at the present...
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)...
38.39,40
Question 38 (2 points) When potential GDP increases. 1) the AS curve shifts rightward. 2) there is a movement up along the AS curve. 3) the AS curve shifts leftward. 0 4) there is a movement down along the AS curve. Question 39 (2 points) Which of the following produces a movement along the aggregate demand curve? 1) a change in foreign incomes 2) a change in the price level 3) a change in monetary policy 4) a change...
Question 15 (2.5 points) A sales tax imposed on sellers shifts the supply curve leftward for the taxed good because the A) tax is actually shifted entirely onto the buyer who can afford only a smaller supply. B) tax is paid by the seller to the government and is, therefore, like a cost of production. OC) higher price causes entry into the market. OD) tax shifts the demand curve leftward.
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...
D Question 19 0.1 pts When supply shifts to the right and demand stays constant, the equilibrium price: increases and the equilibrium quantity decreases. increases and the equilibrium quantity increases, decreases and the equilibrium quantity decreases. decreases and the equilibrium quantity increases. stays the same and the equilibrium quantity increases. Question 20 0.1 pts If the price of a good increases, holding all else constant, o the demand for all of that good's substitutes will decrease. the quantity demanded for...
The following figure illustrates a standard market-demand curve and market-supply curve, with price per unit measured on the vertical axis and quantity measured on the horizontal axis. Price Demand Supply 0 1 2 3 4 5 6 7 8 9 10 Quantity Figure Description: Quantity demanded and quantity supplied is measured on the horizontal axis and price per unit is measured on the vertical axis. One downward sloping demand curve is provided and is labeled Demand. One upward sloping supply...
Same Options for both
If the price of a good increases, (Click to select) . The supply curve (Click to select) If prices in the market are expected to be higher in the future, at the present time, . The supply curve(Click to select) (Click to select) If the price of a good increases, (Click to select) . The supply curve (Click to select) If prices in the market are expected to be higher in the future, at the present...
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