Mutiple choice only!! I Will give full rating right after i grade it (takes 3 mi
ID: 1179330 • Letter: M
Question
Mutiple choice only!! I Will give full rating right after i grade it (takes 3 minutes) for whoever answers all and gets atleast most right. if you answer a question you are not sure about let me know, youll get your points :)
The Market for Baby Strollers
a. decreases the demand for potatoes if potatoes have a very low price.
b. decreases the demand for potatoes if a potato is an inferior good.
c. decreases the supply of potatoes.
d. decreases the demand for potatoes if a potato is a normal good.
A decrease in the quantity supplied of milk can be illustrated by
a. a downward movement along the supply curve.
b. a leftward shift of the supply curve.
c. an upward movement along the supply curve.
d. a rightward shift of the supply curve.
Ceteris paribus, the law of supply tells us that as the
a. price of apples falls, the quantity of apples supplied decreases.
b. supply of apples increases, the price of apples falls.
c. price of apples increases, the quantity of apples supplied decreases.
d. cost of producing apples increases, the price of apples rises.
Which one of the following will shift the supply curve of trucks rightward?
a. an increase in the wages of workers employed to produce trucks
b. an increase in the cost of capital used to produce trucks
c. a decrease in the cost of machinery used to produce trucks
d. a situation where quantity demanded exceeds quantity supplied
Holding the non-price determinants of supply constant, a change in the price of the good would
a. result in a shift of the demand curve.
b. result in a change in the supply curve.
c. result in a movement along the stable supply curve.
d. have no effect on the quantity supplied.
If a factor of production can be used to produce either good X or good Y, then X and Y are
a. complements.
b. substitutes.
c. substitutes in production.
d. substitutes in consumption.
When the demand for computers increases,
a. the equilibrium price and equilibrium quantity will increase.
b. the equilibrium price will decrease but the equilibrium quantity will increase.
c. the equilibrium price and equilibrium quantity will decrease.
d. a surplus will result.
Refer to the table below. If the price is set at $90, there will be a
The Market for Baby Strollers
a. shortage of 300 units and price will rise.
b. surplus of 300 units and supply will fall.
c. shortage of 300 units and demand will fall.
d. surplus of 300 units and price will fall.
The price of a good will tend to rise if
a. there is a shortage at the current price.
b. the current price is below the equilibrium price.
c. the quantity demanded exceeds the quantity supplied at the current price.
d. both a and c are true.
Which of the following events leads to a rise in the price of cellular phones?
a. a decrease in income if cellular phones are a normal good
b. a rise in the price of smart phones
c. a scientific discovery that the use of cellular phones causes brain cancer
d. a technological improvement in the production of cellular phones Mutiple choice only!! I Will give full rating right after i grade it (takes 3 minutes) for whoever answers all and gets atleast most right. if you answer a question you are not sure about let me know, youll get your points :)
Explanation / Answer
d. decreases the demand for potatoes if a potato is a normal good.
b. a leftward shift of the supply curve.
a. price of apples falls, the quantity of apples supplied decreases.
c. a decrease in the cost of machinery used to produce trucks
c. result in a movement along the stable supply curve.
c. substitutes in production.
a. the equilibrium price and equilibrium quantity will increase.
d. surplus of 300 units and price will fall.
d. both a and c are true.
b. a rise in the price of smart phones
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