Homework Answers
Since leather is used as a raw material in the production of a football, the decrease in the price of leather decreases the cost of production of football. This decrease in the cost of production leads to increase in supply of football, shifting the supply curve to the right in a demand supply framework. This increase in supply causes an increase in the equilibrium quantity and decrease in the equilibrium price. So the equilibrium quantity rises and the price falls.
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D Question 33 2 pts The market for footballs is perfectly competitive. If all else is...
Please help with these questions Question 41 0.4 pts The market for footballs is perfectly competitive....
Please help with these questions
Question 41 0.4 pts The market for footballs is perfectly competitive. If all else is held constant and the price of leather decreases, we would expect that the equilibrium quantity of footballs wouldand the equilibrium price would O fall; remain constant O rise; rise fall; fall O rise; fall fall; rise Question 42 0.4 pts Taxes cause the equilibrium price of a good to remain the same. increase. go down only for consumers decrease. go...
D Question 32 2 pts Wine and cheese are complement goods because they are consumed together....
D Question 32 2 pts Wine and cheese are complement goods because they are consumed together. What would we pect to happen to the equilibrium quantity of cheeseif the price of wine increased and allese is d constant? O It would increase because of a supply shift it would decrease because of a demand shitt O It would stay the same because of both a demand and a supply shift. O it would increase because of a demand shift. D...
Please help with these questions, Question 17 0.16 pts During the winter months, many elderly people...
Please help with these questions,
Question 17 0.16 pts During the winter months, many elderly people leave their homes in northern New York and travel south to Florida or Arizona. What would we expect to happen to the equilibrium price and quantity of items most used by the elderly in northern New York? One would increase and one would decrease, but we don't know which would do what O They would both increase. O The price would decrease and the...
Please help with these questions, Question 5 0.16 pts When firms in a market expect the...
Please help with these questions,
Question 5 0.16 pts When firms in a market expect the price of their products to rise, the supply curve of their goods causing the equilibrium price to O decreases; rise increases; rise and the equilibrium quantity to fall decreases; fall increases; fall O increases; rise Question 6 0.16 pts Taxes cause the equilibrium price of a good to Ogo up only for producers. O decrease O go down only for consumers O increase. remain...
Please help with these questions, Question 23 0.16 pts If the number of buyers in a...
Please help with these questions,
Question 23 0.16 pts If the number of buyers in a market increases from 50 to 100, you would expect the equilibrium price to and the equilibrium quantity to , holding all else constant. decrease; decrease increase; increase O decrease: increase ○ increase, decrease O remain the same; remain the same Question 24 0.16 pts Assume that the market for baseballs is in equilibrium. There is a sudden decrease in income throughout the economy. If...
For a perfectly competitive market made up of firms represented in the graph below, what is...
For a perfectly competitive market made up of firms represented in the graph below, what is the long run equilibrium price of the good? Cost ($) MC ATC AVC $16 $14 $12 $10 Quantity $14 $10 $12 $16 For a perfectly competitive market made up of firms represented in the graph below, if the price is $14, Cost ($) MC ATC $16 AVC - $14 $12 $10 Quantity The firm is operating at its minimum long run average total cost....
*i am on a time crunch thanks. Question 33 4 pts Consider the market for soft...
*i am on a time crunch thanks.
Question 33 4 pts Consider the market for soft drinks. Assume that the market is perfectly competitive. Use the model of supply and demand to determine the effects on equilibrium price and quantity of soft drinks for the following events. part a: Workers at soft drink bottling plants go on strike demanding higher wages O price increases; quantity decreases O price increases, quantity increases O price decreases: quantity decreases O price decreases: quantity...
I am on a time crunch thanks D Question 34 4 pts Consider the market for...
I am on a time crunch thanks
D Question 34 4 pts Consider the market for soft drinks. Assume that the market is perfectly competitive. Use the model of supply and demand to determine the effects on equilibrium price and quantity of soft drinks for the following events. part b: Household income increases and soft drinks are a normal good price increases quantity increases price increases: quantity decreases price decreases: quantity increases O price decreases: quantity decreases Question 35
33. Which of the following statements is true of a perfectly competitive market? a. At equilibrium,...
33. Which of the following statements is true of a perfectly competitive market? a. At equilibrium, it is possible to make someone better off without making someone else worse off. b. The equilibrium price in a competitive market efficiently allocates scarce resources to participants. c. The sum of consumer surplus and producer surplus is not maximized at the equilibrium. d. The equilibrium price is determined by a few large firms in the market. 34. The concept of the invisible hand...
Question 11 1 pts Consider a perfectly competitive market with a binding price ceiling. Which of...
Question 11 1 pts Consider a perfectly competitive market with a binding price ceiling. Which of the following is true? O The quantity traded in this market is less than the efficient level O The quantity traded in this market is greater than the efficient level. The quantity traded in this market equals the efficient level. O The quantity traded in this market equals the equilibrium quantity under perfect competition O none of the above. D Question 12 1 pts...
Please help with these questions
Question 41 0.4 pts The market for footballs is perfectly competitive. If all else is held constant and the price of leather decreases, we would expect that the equilibrium quantity of footballs wouldand the equilibrium price would O fall; remain constant O rise; rise fall; fall O rise; fall fall; rise Question 42 0.4 pts Taxes cause the equilibrium price of a good to remain the same. increase. go down only for consumers decrease. go...
D Question 32 2 pts Wine and cheese are complement goods because they are consumed together. What would we pect to happen to the equilibrium quantity of cheeseif the price of wine increased and allese is d constant? O It would increase because of a supply shift it would decrease because of a demand shitt O It would stay the same because of both a demand and a supply shift. O it would increase because of a demand shift. D...
Please help with these questions,
Question 17 0.16 pts During the winter months, many elderly people leave their homes in northern New York and travel south to Florida or Arizona. What would we expect to happen to the equilibrium price and quantity of items most used by the elderly in northern New York? One would increase and one would decrease, but we don't know which would do what O They would both increase. O The price would decrease and the...
Please help with these questions,
Question 5 0.16 pts When firms in a market expect the price of their products to rise, the supply curve of their goods causing the equilibrium price to O decreases; rise increases; rise and the equilibrium quantity to fall decreases; fall increases; fall O increases; rise Question 6 0.16 pts Taxes cause the equilibrium price of a good to Ogo up only for producers. O decrease O go down only for consumers O increase. remain...
Please help with these questions,
Question 23 0.16 pts If the number of buyers in a market increases from 50 to 100, you would expect the equilibrium price to and the equilibrium quantity to , holding all else constant. decrease; decrease increase; increase O decrease: increase ○ increase, decrease O remain the same; remain the same Question 24 0.16 pts Assume that the market for baseballs is in equilibrium. There is a sudden decrease in income throughout the economy. If...
For a perfectly competitive market made up of firms represented in the graph below, what is the long run equilibrium price of the good? Cost ($) MC ATC AVC $16 $14 $12 $10 Quantity $14 $10 $12 $16 For a perfectly competitive market made up of firms represented in the graph below, if the price is $14, Cost ($) MC ATC $16 AVC - $14 $12 $10 Quantity The firm is operating at its minimum long run average total cost....
*i am on a time crunch thanks.
Question 33 4 pts Consider the market for soft drinks. Assume that the market is perfectly competitive. Use the model of supply and demand to determine the effects on equilibrium price and quantity of soft drinks for the following events. part a: Workers at soft drink bottling plants go on strike demanding higher wages O price increases; quantity decreases O price increases, quantity increases O price decreases: quantity decreases O price decreases: quantity...
I am on a time crunch thanks
D Question 34 4 pts Consider the market for soft drinks. Assume that the market is perfectly competitive. Use the model of supply and demand to determine the effects on equilibrium price and quantity of soft drinks for the following events. part b: Household income increases and soft drinks are a normal good price increases quantity increases price increases: quantity decreases price decreases: quantity increases O price decreases: quantity decreases Question 35
Question 11 1 pts Consider a perfectly competitive market with a binding price ceiling. Which of the following is true? O The quantity traded in this market is less than the efficient level O The quantity traded in this market is greater than the efficient level. The quantity traded in this market equals the efficient level. O The quantity traded in this market equals the equilibrium quantity under perfect competition O none of the above. D Question 12 1 pts...
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