Homework Answers
Ans1) the correct option is a) the quantity supplied increases
Ans2) the correct option is b) the quantity supplied decreases
Ans3) the correct option is c) the market supply decreases ( shifts to the left)
Ans4) the correct option is a) the market supply increases ( shifts to the right)
Ans5) the correct option is b) supply curve S1
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LILY QUESTIONS 1. The law of supply states that as the market price increases a. the quantity supplied increases b....
1. If demand deceases and supply remains constant, what happens to the market equilibrium? A. Quantity...
1. If demand deceases and supply remains constant, what happens to the market equilibrium? A. Quantity and price both rise. B. neither price or quantity will change C. Quantity and price both fall. D. Quantity rises and price falls. 2. A positive statement is A. an opinion B. a value judgement. C. can be shown to be correct or incorrect. D. based upon what can be demonstrated to be true. 3. If a technology change reduces a company's production costs,...
7. Suppose that at a price of $70 the quantity supplied in a market is 10...
7. Suppose that at a price of $70 the quantity supplied in a market is 10 units, and at a price of s80 th e quantity supplied in the market is 15 unit. If we use this information to create a linear supply equation, what will that equation be? b. P-50+ 2Qs Suppose that college tuition is higher this year than last year and that more students are enrolled in college this year than last year. Based on this information,...
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....
43. If price rises, what happens to quantity supplied for a product? a. It increases. b....
43. If price rises, what happens to quantity supplied for a product? a. It increases. b. lit decreases. c. It does not change. d. Quantity supplied is constant, but supply increases 44. How will a decrease in price tend to affect supply? a. Supply will increase. 1. Supply will decrease. c. Supply will not change. d. Uncertain. 45. The amount of a good sold in a market at a particular price cannot exceed the quantity a. demanded at that price....
The law of supply shows a positive relationship between price and the quantity that will be...
The law of supply shows a positive relationship between price and the quantity that will be supplied, holding all else constant. T OR F 6. If the price of good X increase, then the supply of good X will increase. T OR F 7. If supply increases, the supply curve will shift to the left. 8. Price is on the vertical axis for graphs of supply. T OR F 9. We observe that we have moved from one point on...
a. Use the figure to fill in the quantity supplied given the supply curve S1 for...
a. Use the figure to fill in the quantity supplied given the supply curve S1 for each price in the table below (second column, gray- shaded cells). Instructions: If you are entering any negative numbers be sure to include a negative sign () in front of those numbers. S1 Quantity Supplied 15 10 S2 Quantity Change in Quantity Price Supplied Supplied $3 The figure below shows the supply curve for tennis balls, S, for Drop Volley Tennis, a producer of...
Refer to the figure below: Market demand Market supply Price (per organ) da 95 ad Quantity...
Refer to the figure below: Market demand Market supply Price (per organ) da 95 ad Quantity (organs per year) Instructions: Any changes should be based on the initial equilibrium as the start point. When a price ceiling of zero is imposed on the organ market, by how much does a. The quantity of organs demanded increase? The quantity of organs demanded increases from qa to qe The quantity of organs demanded doesn't change with the imposition of a zero price...
What do we call a scenario where quantity demanded exceeds quantity supplied? Surplus
What do we call a scenario where quantity demanded exceeds quantity supplied? Surplus Shortage Excess supply Infinite demand When both the demand curve and the supply curve shift to the left at the same time, what happens to equilibrium price and quantity in the market? Both decrease Price increases and quantity decreases Price stays the same and quantity decreases Price change cannot be determined, but quantity decreases How do you calculate a shortage or surplus? Difference between quantity demanded and...
19. Ifthe price ofoil (a close substitute for coal) increases, then the a. supply curve for...
19. Ifthe price ofoil (a close substitute for coal) increases, then the a. supply curve for coal will shift to the right. b. demand curve for coal will shift to the tight. C. equilibrium price and quantity of coal will not change. d. quantity of coal demanded will decline. 20. If the rice of shoes is initially above the equilibrium value, which of the following is likely to occur? a. stores inventories will decrease as consumers buy more shoe than...
7. Consider a good known as Aburtos. If the quantity supplied increases by 0.08% when the...
7. Consider a good known as Aburtos. If the quantity supplied increases by 0.08% when the price increases by 2%, what is the PES? a. 4 b. 0.4 c. 0.04 d. -4 e. Not enough information 8. Again, consider a product known as Zabirs whose PES has been calculated as 0.2. What happens if there is an increase in buyers’ incomes? a. There will be a greater effect on price than quantity b. There will be a greater effect on...
7. Suppose that at a price of $70 the quantity supplied in a market is 10 units, and at a price of s80 th e quantity supplied in the market is 15 unit. If we use this information to create a linear supply equation, what will that equation be? b. P-50+ 2Qs Suppose that college tuition is higher this year than last year and that more students are enrolled in college this year than last year. Based on this information,...
43. If price rises, what happens to quantity supplied for a product? a. It increases. b. lit decreases. c. It does not change. d. Quantity supplied is constant, but supply increases 44. How will a decrease in price tend to affect supply? a. Supply will increase. 1. Supply will decrease. c. Supply will not change. d. Uncertain. 45. The amount of a good sold in a market at a particular price cannot exceed the quantity a. demanded at that price....
a. Use the figure to fill in the quantity supplied given the supply curve S1 for each price in the table below (second column, gray- shaded cells). Instructions: If you are entering any negative numbers be sure to include a negative sign () in front of those numbers. S1 Quantity Supplied 15 10 S2 Quantity Change in Quantity Price Supplied Supplied $3 The figure below shows the supply curve for tennis balls, S, for Drop Volley Tennis, a producer of...
Refer to the figure below: Market demand Market supply Price (per organ) da 95 ad Quantity (organs per year) Instructions: Any changes should be based on the initial equilibrium as the start point. When a price ceiling of zero is imposed on the organ market, by how much does a. The quantity of organs demanded increase? The quantity of organs demanded increases from qa to qe The quantity of organs demanded doesn't change with the imposition of a zero price...
19. Ifthe price ofoil (a close substitute for coal) increases, then the a. supply curve for coal will shift to the right. b. demand curve for coal will shift to the tight. C. equilibrium price and quantity of coal will not change. d. quantity of coal demanded will decline. 20. If the rice of shoes is initially above the equilibrium value, which of the following is likely to occur? a. stores inventories will decrease as consumers buy more shoe than...
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