Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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q 28,29,30 please thank you multichoice

Transcribed Image Text:QUESTION 28
Which of the following will shift the supply curve for a good in the short run? (Assume there is no change to the labour force in the short rur
An increase in population
A decrease in the price of the good
A decrease in the cost of inputs to production of the good
A decrease in the price of a good that consumers regard as a substitute
QUESTION 29
Which statement is true when a competitive equilibrium is achieved in a market?
All individuals are better off than they would be if a price ceiling or price floor was imposed by government.
The total net benefit to society is maximised.
The total benefits to consumers are equal to the total benefits to producers.
Total surplus equals the dead-weight loss.
QUESTION 30
In the economic sense, almost everything is scarce.
quantity supplied at the current market price.
Scarcity
of a good or service occurs when the quantity demanded is greater than the
A shortage
A surplus
An overstock
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