Review Test Submission: EXAMI ch 1, 2 and 3 ube to .3 Converter University o...s

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Review Test Submission: EXAMI ch 1, 2 and 3 ube to .3 Converter University o...ston System University o...ston System https://www Review Test Submission: EXAM I ch 1, 2 and 3 S210 ckboard.com/webapps/assessment/review/review.jsp?attempt id- _1328118 1&course; ld-1 d. 2 nachos. e. 10 nachos. Question 34 Which of the following will cause a movement along a good's supply curve? Selected Answer b. an increase in the price af an input Selected Answer: Answers: b. an increase in the price of an input a. the price of the good increases b. an increase in the price of an input c. more firms enter the market d. the production process of the good becomes more efficient e, the government places a subsidy on the producer of the good Question 35 What would happen in the market for SUVs if the govemment started to subsidize the pr up? Selected Answer: e. The equilibrium price will go down and equilibrium quantity will be a. The equilibrium price will go up and equilibrium quantity will be ind b. The equilibrium price will go up and equilibrium quantity will go up. c. The equilibrium price will be indeterminate and equilibrium quantity d. The equilibrium price will be indeterminate and equilibrium quantity e. The equilibrium price will go down and equilibrium quantity will be in Answers: Question 36

Explanation / Answer

Answer 34

Option A. A movement along the supply curve is caused by a change in the price of the commodity itself.

Answer 37

Option C. When a tax will be imposed, the supply of the commodity would decrease causing a leftward shift in the supply curve.

Answer 38

Option A. As both the demand and supply are decreasing, the price would be indeterminable while the equilibrium quantity would definitely decrease.

Answer 39

Answer B. The curve only shows the Quantity demanded.

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