in the demand for zabaglione (i.e, the demand curve for zabaglione shifts to the

Question

in the demand for zabaglione (i.e, the demand curve for zabaglione shifts to the librium price and nght). At the same time, there is a decrease in the supply of zabaglione (i.e., the suppl zabaglione shifts to the left). As a result of these changes, what will happen to the equi quantity of zabaglione? snecifoi e Quantity will increase the direction of change in price cannot be determined without more more specific information about the sizes of the shifts and the shapes of the curves. more specific information about the sizes of the shifts and the shapes of the curves. a. Quantity will increase; price will increase. b. information about the sizes of the shifts and the shapes of the curves. c. Price will increase; the direction of change in quantity cannot be determined without d. Price will decrease; the direction of change in quantity cannot be determined without e. Quantity will decrease; price will increase. 13. Which of the following is an example of price discrimination? a· The net pricepaid for a box ofbreakfast cereal is higher for buyers who do not have a coupon, than for those who do have a coupon. b. c. The price of steak is higher than the price of hamburger. The price of gasoline at a station next to the freeway is higher than the price of gasoline at a station that is half a mile from the freeway. All of the above. (a) and (c). d. e. 14. Since about 1975, the distribution of income in the United States has become more unequal. As a result, the Gini Ratio has a. increased b. stayed the same. c. decreased. d. increased for six years, then decreased for seven years, and then increased again. e. done all of the above!!! 15. Assume that labor demand is inelastic. A minimum wage is enforced above the equilibrium wage. What will happen to the total earnings of the affected group of workers? a. Total earnings will increase. b. Total earnings will stay the same. c. Total carnings will decrease d. All of the above are correct!!!! fashion. 16. Over the last 50 years, the fraction of the Michigan economy that originates in the manufacturing sector has a. decreased substantially b. stayed about the same. c. increased substantially. d. not been measured. decreased substantially

Explanation / Answer

12. A simultaneous increase in the demand of the product and a decrease in the supply of the product will cause an indeterminate change in quantity and a rise in the equilibrium price.

So , option c)

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