Question

QUESTION 1
"If scientists discover that steamed milk, which is used to make lattés, prevents heart attacks, what would happen to the equilibrium price and quantity of lattés?"
       Both the equilibrium price and quantity would increase.
       Both the equilibrium price and quantity would decrease.
       "The equilibrium price would increase, and the equilibrium quantity would decrease."
       "The equilibrium price would decrease, and the equilibrium quantity would increase."

QUESTION 2
The purpose of formatting is to make a chart ____.
       easier for the viewer to understand
       compact
       colorful
       contain as much data as possible

QUESTION 3
Consider the market for portable air conditioners in equilibrium. When a heat wave strikes the equilibrium price
       and quantity both decrease.
       and quantity both increase.
       "increases, and the equilibrium quantity decreases."
       "decreases, and the equilibrium quantity increases."

QUESTION 4
Information systems can give a business a competitive advantage by
       Decreasing costs and improving efficiency
       Improving quality and customer service
       Providing more features that customers want than competitors offer
       All of the above

QUESTION 5
An improvement in production technology will shift the
       supply curve to the right.
       supply curve to the left.
       demand curve to the right.
       demand curve to the left.

Answer 1

Answering the first four questions as HOMEWORKLIB policy

Answer 1: Option A

Explanation: "If scientists discover that steamed milk, which is used to make lattés, prevents heart attacks, both the equilibrium price and quantity would increase. This is because there will be more demand now for the latté, which will make the price rise and more suppliers will be willing to join the business, leading to more supply.

Answer 2: Option A

Explanation: The purpose of formatting is to make a chart easier for the viewer to understand.

Answer 3: Option C

Explanation: Considering the market for portable air conditioners in equilibrium. When a heat wave strikes, the equilibrium price increases (due to high demand), and the equilibrium quantity decreases (due to limited supply).

Answer 4: Option D

Explanation: Information systems can give a business a competitive advantage by decreasing costs and improving efficiency, improving quality and customer service and providing more features that customers want than competitors offer.