Homework Answers
Answer
Option 3
the curve shifts to left so the supply decreases and the total
surplus decreases
before the shift the welfare is:
A+B+C+D+E
after the shift the welfare is
A+B+D
net effect=A+B+D-(A+B+C+D+E)
=-C-E
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The following graph depicts a leftward shift in the supply curve. Each letter represents the area of the shape. The...
Which of the following will shift the supply curve for good X leftward?
Which of the following will shift the supply curve for good X leftward? A situation in which quantity demanded exceeds quantity supplied. An increase in the cost of machinery used to produce X. A technological improvement in the production of X. A decrease in the wages of workers employed to produce X.
7.- A leftward shift of a supply curve is called a(n): a. decrease in supply. b....
7.- A leftward shift of a supply curve is called a(n): a. decrease in supply. b. increase in quantity supplied. c. decrease in quantity supplied. d. increase in supply. 8.- The market demand is the: a. sum of all individual demand curves and supplies in a market. b. horizontal sum of all individual demand curves in a market. c. horizontal sum of all individual prices in a market. d. vertical sum of all individual demand curves.
supply curve to shift leftward to SRAS, as shown in the graph at right. The economy is currently in short-run equilibrium at point E, and the reduction in supply is expected to be permanent. LRAS...
supply curve to shift leftward to SRAS, as shown in the graph at right. The economy is currently in short-run equilibrium at point E, and the reduction in supply is expected to be permanent. LRAS SRAS SRAS 1.) Using the line drawing and/or 3-point curved line drawing tool, show the adjustment to long-run equilibrium in this situation. Properly label your new curve(s). 2.) Using the point drawing tool, identify the new long-run equilibrium point and label the point 'E2 Carefully...
# 74 ... mocy uemand curve and a lettward shift in the money supply curve C)...
# 74
... mocy uemand curve and a lettward shift in the money supply curve C) a leftward shift in the money demand curve and a rightward shift in the money supply curve. D) a rightward shift in the money demand curve and a rightward shift in the money supply curve E) none of the above ******74) Suppose a one-year discount bond offers to pay $100 in one year and currently sells for $99. Given this information, we know that...
QUESTION 4 To an economist, a decrease in supply means a: a. leftward shift of the...
QUESTION 4 To an economist, a decrease in supply means a: a. leftward shift of the supply curve. b. movement up along a supply curve. c movement down along the supply curve. d. rightward shift of the supply curve. QUESTION 5 Consumers will willingly make less-informed decisions: a. whenever acquiring more information requires sacrifice. b. if information costs are less than the perceived benefits of gathering information. c. if information costs are greater than the perceived benefits of gathering information....
1. Which of the following represents the law of supply? An increase in the price of...
1. Which of the following represents the law of supply? An increase in the price of a good causes a rightward shift of the supply curve for that good. An increase in the price of a good causes an increase in the supply of that good. An increase in the price of a good causes an increase in the quantity supplied of that good. all of the above 2. The quantity supplied of a particular good is the amount of...
10. The long-run supply curve in different cost industries The following graph shows the market for...
10. The long-run supply curve in different cost industries The following graph shows the market for milk. Initially, the market is in a long-run equilibrium. Suppose that a change in tastes resulted in a leftward shift in demand. On the following graph, shift the demand or supply curve to reflect this change in tastes. Then use the grey point (star symbol) to indicate the new short-run equilibrium. Note: Select and drag one or both of the curves to the desired position. Curves will snap...
The following graph shows the supply curve for a group of students looking to sell used tablets. Each student has only one used tablet to sell. Each rectangular segment under the supply curve represents the "cost,"
The following graph shows the supply curve for a group of students looking to sell used tablets. Each student has only one used tablet to sell. Each rectangular segment under the supply curve represents the "cost," or minimum acceptable price, for one student. Assume that anyone who has a cost just equal to the market price is willing to sell his or her used tablet. Region A (the purple shaded area) represents the total producer surplus when the market price is...
Look at the graph provided. What area on the graph represents consumer surplus? a) A b)...
Look at the graph provided. What area on the graph represents
consumer surplus?
a) A
b) B
c) B+A
Price Supply curve Equilibrium 2 Demand curve Equilibrium quantity Quantity
The initial diagram has two panels.The left graph depicts a perfectly inelastic demand curve. The right graph depicts a...
The initial diagram has two panels.The left graph
depicts a perfectly inelastic demand curve. The right graph depicts
a relatively flat sloped demand curve. The initial equilibrium in
each graph is labeled point A. We will impose a $3 per unit tax in
the left graph, and a $4 per unit tax in the right graph.
Make a copy of the graph, then follow the below
instructions to draw the graph:
1. In the left graph $3 above and parallel...
7.- A leftward shift of a supply curve is called a(n): a. decrease in supply. b. increase in quantity supplied. c. decrease in quantity supplied. d. increase in supply. 8.- The market demand is the: a. sum of all individual demand curves and supplies in a market. b. horizontal sum of all individual demand curves in a market. c. horizontal sum of all individual prices in a market. d. vertical sum of all individual demand curves.
supply curve to shift leftward to SRAS, as shown in the graph at right. The economy is currently in short-run equilibrium at point E, and the reduction in supply is expected to be permanent. LRAS SRAS SRAS 1.) Using the line drawing and/or 3-point curved line drawing tool, show the adjustment to long-run equilibrium in this situation. Properly label your new curve(s). 2.) Using the point drawing tool, identify the new long-run equilibrium point and label the point 'E2 Carefully...
# 74
... mocy uemand curve and a lettward shift in the money supply curve C) a leftward shift in the money demand curve and a rightward shift in the money supply curve. D) a rightward shift in the money demand curve and a rightward shift in the money supply curve E) none of the above ******74) Suppose a one-year discount bond offers to pay $100 in one year and currently sells for $99. Given this information, we know that...
QUESTION 4 To an economist, a decrease in supply means a: a. leftward shift of the supply curve. b. movement up along a supply curve. c movement down along the supply curve. d. rightward shift of the supply curve. QUESTION 5 Consumers will willingly make less-informed decisions: a. whenever acquiring more information requires sacrifice. b. if information costs are less than the perceived benefits of gathering information. c. if information costs are greater than the perceived benefits of gathering information....
Look at the graph provided. What area on the graph represents
consumer surplus?
a) A
b) B
c) B+A
Price Supply curve Equilibrium 2 Demand curve Equilibrium quantity Quantity
The initial diagram has two panels.The left graph
depicts a perfectly inelastic demand curve. The right graph depicts
a relatively flat sloped demand curve. The initial equilibrium in
each graph is labeled point A. We will impose a $3 per unit tax in
the left graph, and a $4 per unit tax in the right graph.
Make a copy of the graph, then follow the below
instructions to draw the graph:
1. In the left graph $3 above and parallel...
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