63)Suppose consumers consider Mountain Drew and Pepsi Cola sodas to be substitutes. What will happen in...
63)Suppose consumers consider Mountain Drew and Pepsi Cola sodas to be substitutes. What will happen in the Mountain Drew market if given ceteris paribus there is an increase in the price of Pepsi Cola?
(a)The demand for Pepsi Cola will decrease
(b)The demand for Mountain Drew will decrease
(c)The demand curve for Pepsi Cola will shift to the left
(d)The demand curve for Mountain Drew will shift to the right
(64)Which of the following statements is true?
Mudinga has a vertically sloped demand curve for movie tickets, therefore:
(a)Mudinga’s demand curve conforms to the law of demand
(b)Mudinga’s demand curve has a slope that is equal to zero
(c)More information needed
(d)None of the above
(66)Which of the following given ceteris paribus can bring about a change in the quantity demanded of a service?
(a)Change in supply
(b)Change in taste
(c)Change in price expectations
(d)None of the above
(74)In economics, to say that there has been an increase in demand for a product means that:
(a)The supply curve has shifted to the right
(b)The product has become plentiful in a market
(c)The demand curve for the product has shifted to the right
(d)There is an unfavorable change in the number of consumers in the market for the product
(75)Which of the following will not shift the demand curve for flat screen televisions?
(a)An increase in consumers’ income
(b)A decrease in the price of flat screen TVs
(c)An increase in the price of radios, a substitute for flat screen TVs
(d)An increase in the price of cable service, a complementary service for flat screen TVs
(76)When firms advertise their products, they are attempting to:
(a)Shift the supply curve of the product to the right
(b)Shift the demand curve of the product to the left
(c)Shift the supply curve of the product to the left
(d)None of the above
Homework Answers
Ans63) the correct option is d) The demand curve for Mountain Drew will shift to the right
ans64) the correct option is b)Mudinga’s demand curve has a slope that is equal to zero
ans66) the correct option is a)Change in supply
ans74) the correct option is c)The demand curve for the product has shifted to the right
Add Answer to:
63)Suppose consumers consider Mountain Drew and Pepsi
Cola sodas to be substitutes. What will happen in...
Assume two goods: Coca-Cola and Pepsi Cola, which buyers assume to be substitute goods. (Note: if we...
Assume two goods: Coca-Cola and Pepsi Cola, which buyers assume to be substitute goods. (Note: if we have two goods, that means we need two graphs!) In the market for Coca-Cola, the number of firms producing it has decreased. Draw a supply and demand diagram. Also, write WHY the curve (or curves) is (are) shifting based on the shift factors for demand and supply. What is happening to the equilibrium price and quantity? Remember the concept of ceteris paribus.
19. An increase in the quantity demanded of a good is most often due to: a....
19. An increase in the quantity demanded of a good is most often due to: a. a decrease in the price of a substitute good. b. higher prices. c. an increase in wages paid to workers. d. lower prices. 20.- An increase in the supply of the product implies: a. producers will now charge a lower price for a given quantity of output. b. the price of this product has increased. c. the supply curve will shift to the left....
Consider Coke and Pepsi, two goods that are considered substitutes by consumers. Which of the following...
Consider Coke and Pepsi, two goods that are considered substitutes by consumers. Which of the following provides the most accurate description of the relation between these goods? a) An increase in the price of Coke will not affect the market demand for Pepsi b) An increase in the price of Coke leads to a decrease in demand for Pepsi c) An increase in the price of Coke leads to an increase in demand for Pepsi d) An increase in the...
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...
1. If pizza and burritos are substitutes in consumption and independent in production and if the...
1. If pizza and burritos are substitutes in consumption and independent in production and if the price of pizza decreases, then, ceteris paribus, in the burrito market the demand for burritos will increase and both the equilibrium price of burritos, Pburritos*, and the equilibrium quantity of burrito, Qburritos*, will increase. quantity demanded of burritos will decrease and both Pburritos* and Qburritos* will decrease. supply of burritos will decrease, Pburritos* will increase, and Qburritos* will decrease. demand for burritos will decrease,...
12 & 13. Wasn’t sure if my answers were right. 12 Consider a typical supply and...
12 & 13. Wasn’t sure if my answers were right.
12 Consider a typical supply and demand framework in which Demand and Supply have their usu opes $Price (P) Quantity (Q) 0 Suppose the market is initially in equilibrium at P on the graph above. If there were a decrea demand, what would be the situation in the market if the price did not change? a. Surplus. b. Shortage. Atendency for the price to increase frorn its original level d....
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...
PLZ help me with this homework and plz HANDWRITE IN A TEXT! not in PIC since...
PLZ help me with this homework and plz HANDWRITE IN A TEXT! not in PIC since its hard to read from. Thank you! electronic graph! . For each of the below, indicate if the curve in question would shift to the left, to the right, or not at all. Assume perfect competition, and that other than the change listed everything else remains the same (i.e. ceteris paribus). How would the DEMAND CURVE shift if there was… An increase in income...
12. A "decrease in the quantity demanded" means that a. the demand curve has shifted to...
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1.Suppose that good ABC is a neutral good for Leah. If Leah's income rises, then the...
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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...
12 & 13. Wasn’t sure if my answers were right.
12 Consider a typical supply and demand framework in which Demand and Supply have their usu opes $Price (P) Quantity (Q) 0 Suppose the market is initially in equilibrium at P on the graph above. If there were a decrea demand, what would be the situation in the market if the price did not change? a. Surplus. b. Shortage. Atendency for the price to increase frorn its original level d....
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