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7 If new arable land is discovered in Georgia, there will be an (increase/decrease) in the (supply quantity supply) of peaches. 8 If the price of socks increases, there will be an (increase decrease) in the (supply quantity supply) fo

7 If new arable land is discovered in Georgia, there will be an (increase/decrease) in the (supply quantity supply) of peaches. 8 If the price of socks increases, there will be an (increase decrease) in the (supply quantity supply) fo

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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I need help with question 7 and 8.
What Happens When... ? Directions: For each scenario, determine if there will be an increase or decrease in either the supply or quantity supplied. Delete the incorrect option, so that the remaining answer makes the sentence correct. 1. If the price of gum decreases, the (supply/quantity supply) for gum will (increase / decrease). 2. If market experts announce that price of gold is expected to rise 25% in May, the (supply/quantity supply) for gold will (increase / decrease) in April. 3. If dairy farmers announces a price increase on milk, the (supply/quantity supply) for cheese will (increase / decrease). 4. If firms notice that people are stockpiling toilet paper causing profits in that industry to rise, the (supply/quantity supply) for napkins will (increase / decrease). 5. If innovations occur in the chatbot field, the (supply/quantity supply) of customer service options will (increase/ decrease). 6. If Congress and the Federal Reserve announce stimulus packages for businesses during economic downturns, the (supply/quantity supply) for airlines will (increase / decrease). 7. If new arable land 1s discovered in Georgia, there will be an (increase/decrease) in the (supply/quantity supply) of peaches 8 If the price of socks increases, there will be an (increase decrease) in the (supply/quantity supply) for socks.
Transcribed Image Text:What Happens When... ? Directions: For each scenario, determine if there will be an increase or decrease in either the supply or quantity supplied. Delete the incorrect option, so that the remaining answer makes the sentence correct. 1. If the price of gum decreases, the (supply/quantity supply) for gum will (increase / decrease). 2. If market experts announce that price of gold is expected to rise 25% in May, the (supply/quantity supply) for gold will (increase / decrease) in April. 3. If dairy farmers announces a price increase on milk, the (supply/quantity supply) for cheese will (increase / decrease). 4. If firms notice that people are stockpiling toilet paper causing profits in that industry to rise, the (supply/quantity supply) for napkins will (increase / decrease). 5. If innovations occur in the chatbot field, the (supply/quantity supply) of customer service options will (increase/ decrease). 6. If Congress and the Federal Reserve announce stimulus packages for businesses during economic downturns, the (supply/quantity supply) for airlines will (increase / decrease). 7. If new arable land 1s discovered in Georgia, there will be an (increase/decrease) in the (supply/quantity supply) of peaches 8 If the price of socks increases, there will be an (increase decrease) in the (supply/quantity supply) for socks.
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