Answered: 1. If the price of a good increases…

Microeconomics: Private and Public Choice (MindTap Course List)

16th Edition

ISBN:9781305506893

Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson

Publisher:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson

Chapter3: Demand, Supply, And The Market Process

Section: Chapter Questions

Problem 9CQ

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1. If the price of a good increases while the quantity of the good exchanged on markets decreases, then the most likely explanation is that there has been a decrease in ___________ 2. In order to reduce shortages, business owners will likely _________________ prices. 3. If bad weather destroys much of the wheat crop, then growers will offer ____________ wheat at each and every price. 4. The price of wheat rises due to a bad drought. As a result, the supply of bread and pasta will ____________ 5. A government subsidy to the producers of a product will _______________ supply of a product. 6. A market in which sellers illegally sell to buyers at higher than legal prices is called ________________ 7. Market ________________ refers to a situation in which market price is at a level where there is neither a shortage nor a surplus. 8. When the government taxes suppliers for the goods they sell, the ________________ curve shifts leftwards

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