1.When supply shifts left and demand shifts right,Group of answer choicesthe equilibrium price always falls.the equilibrium quantity always rises.the equilibrium price is indetenminate.the equilibrium price always rises.the equilibrium quantity always falls.A new car is typically considered to be a nomal good. What would happen to the equilibrium price and quantity of new cars if there isa recession where many people lose their jobs?2.Group of answer choicesThere would be no change to the equilibrium price or quantity.The equilibrium price and quantity would both rise as demand shifts to the right.The equilibrium price would rise, and the equilibrium price would fall as demand shifts to the leftThe equilibrium price would fall, and the equilibrium quantity would rise as denmand shifts to the right.The equilibrium price and quantity would both fall as demand shifts to the left3.Producer surplus is the difference betweenGroup of answer choicesthe price paid for a good and the amount of the good produced.the willingness to pay for a good and the amount that is paid to get it.supply and demand.the willingness to pay for a good and the willingness to sell a good.the price the producer receives and the willingness to sell a good.昌CaC

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1. When supply shifts left and demand shifts right, Group of answer choices the equilibrium price always falls. the equilibriun quantity always rises. the equilibrium price is indetenminate. the equilibrium price always rises. the equilibrium quantity always falls. A new car is typically considered to be a nommal good. What would happen a recession where many people lose their jobs? 2.

1. When supply shifts left and demand shifts right, Group of answer choices the equilibrium price always falls. the equilibriun quantity always rises. the equilibrium price is indetenminate. the equilibrium price always rises. the equilibrium quantity always falls. A new car is typically considered to be a nommal good. What would happen a recession where many people lose their jobs? 2.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

1.
When supply shifts left and demand shifts right,
Group of answer choices
the equilibrium price always falls.
the equilibrium quantity always rises.
the equilibrium price is indetenminate.
the equilibrium price always rises.
the equilibrium quantity always falls.
A new car is typically considered to be a nomal good. What would happen to the equilibrium price and quantity of new cars if there is
a recession where many people lose their jobs?
2.
Group of answer choices
There would be no change to the equilibrium price or quantity.
The equilibrium price and quantity would both rise as demand shifts to the right.
The equilibrium price would rise, and the equilibrium price would fall as demand shifts to the left
The equilibrium price would fall, and the equilibrium quantity would rise as denmand shifts to the right.
The equilibrium price and quantity would both fall as demand shifts to the left
3.
Producer surplus is the difference between
Group of answer choices
the price paid for a good and the amount of the good produced.
the willingness to pay for a good and the amount that is paid to get it.
supply and demand.
the willingness to pay for a good and the willingness to sell a good.
the price the producer receives and the willingness to sell a good.
昌CaC

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