P a. A number of firms left the market. b. A number of buyers entered the market, and a number of firms entered the market. c. The price of a complement of this good increased. d. The price of a substitute of this good increased. e. The price of this good decreased. 42. If all else is held constant, what would happen to the equilibrium price and quantity of iPhones if the price of an Android phone decreased? a. They would both increase. b. They would both decrease. c. One would increase and one would decrease, but we don't know which would do what. d. The price would increase and the quantity would decrease. e. The price would decrease and the quantity would increase. 43. The market for footballs is perfectly competitive. If all else is held constant and the price of leather decreases, we would expect that the equilibrium quantity of footballs would: a. fall and the equilibrium price would rise. b. rise and the equilibrium price would fall. c. fall and the equilibrium price would fall. d. rise and the equilibrium price would rise. e. fall and the equilibrium price would remain constant. 44. Refer to the accompanying figure. What event would cause the supply curve to shift out? Q₁ Q D a. Consumers earn higher incomes. b. Consumers earn lower incomes. c. The price of an input increased. d. Firms entered the market. e. Firms expected the price to rise in the future. uilibrium 37. Which of the following could cause the supply curve for the market for oranges to shift to the left? a. an increase in the income of conseffners of oranges b. a decrease in the cost of workers c. an increase in the price of orange juice d. a new study saying that eating fanges will give you heart disease e. a severe hurricane in Florida 38. On January 30, 2012, Starbucks India announced plans to open 50 cafes. What would you expect to happen to the market for coffee in India, assuming all other factors are held constant? a. The demand for coffee will increase in India. b. The demand for coffee will decrease in India. c. Both the supply and demand for coffee will increase in India. d. The supply for coffee will increase in India. e. The supply for coffee will decrease in India. 39.According to the accompanying figure, if the price is $10, there is a: $10 $8 $6 15 22 30 a. shortage of 15 units. b. surplus of 15 units. c. shortage of 30 units. d. surplus of 30 units. e. surplus of 22 units. 40.If the number of buyers in a market increases from 50 to 100, you would expect the equilibrium price to and the equilibrium quantity to j a. increase; increase. b. increase; decrease. c. decrease; decrease. d. decrease; increase. e. remain the same; remain the same. holding all else constant. 41. Refer to the accompanying diagram. Which of the following scenarios would explain this change in equilibrium?