Question 11 Not yet answered Points out of 1 P Flag question For many years, the

Question

Question 11 Not yet answered Points out of 1 P Flag question For many years, the price of personal computers has fallen and the quantity sold has risen. This can best be attributed to: Select one: O a. improved technology which has caused supply to shift leftward. O b. an increase in the number of computer users, which has caused demand to shift rightward. O c.greater popularity which has caused demand to shift rightward. O d. improved technology which has caused supply to shift rightward. Question 12 Not yet answered Points out of 1 P Flag question An increase in supply and a decrease in demand occur in a market. What happens to the equilibrium price and quantity? Select one: O a. The equilibrium price increases; the change in the equilibrium quantity is uncertain. O b. The equilibrium price decreases; the equilibrium quantity increases C. The equilibrium price increases; the equilibrium quantity decreases. d. The equilibrium price decreases; the change in the equilibrium quantity is uncertain. O

Explanation / Answer

Answer to Question 11:

Option d:improved technology which has caused supply to shift rightward.

With a rightward shift in supply curve will the producers be able to supply higher quantity of computers at a lower price.Improved technology reduces the cost of production.

Answer to Question 12:

Option a:The equilibrium price increases;the change in euilibrium quantity is uncertain.

The equilibrium price increases but the change in equilibrium quantity is based on the extent of the shifts in demand and supply curves.

Answer to Question 13:

Option a:Demand a greater or lower quantity of a good at a given price.

According to the law of demand, changes in the price of the good leads to changes in quantity demanded of the good. However, there might be factors such as change in taste and preferences etc which leads to shifts in the demand curve causing people to demand a greater or lower quantity of a good at a given price.

Answer to Question 14:

Option b:He paid them all an amount of money equal to the consumer or producer surplus they earned.

This was done to incentivize students and make them realize the gains from trade.

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