9) Apples and oranges are substitute goods. A freeze in Florida destroyed a good portion of the orangecrop. Ceteris paribus:A) the price of both apples and oranges will fall.B) the price of oranges will increase and the price of apples will fall.C) the price of both apples and oranges will increase.D) the price of oranges will fall and the price of apples will increase.Page 3 of 1410) Which of the following is a correct statement about a change in equilibrium?A) An increase in supply would result in a lower equilibrium price and a larger equilibrium quantity.B) An increase in demand would result in a higher equilibrium price and a larger equilibrium quantity.C) A decrease in supply would result in a higher equilibrium price and a lower equilibrium quantity.D) all of the above

Since you have posted two independent McQs, according to our guidelines, only the first McQ is…

9) Apples and oranges are substitute goods. A freeze in Florida destroyed a good portion of the orange crop. Ceteris paribus: A) the price of both apples and oranges will fall. B) the price of oranges will increase and the price of apples will fall. C) the price of both apples and oranges will increase. D) the price of oranges will fall and the price of apples will increase.

9) Apples and oranges are substitute goods. A freeze in Florida destroyed a good portion of the orange crop. Ceteris paribus: A) the price of both apples and oranges will fall. B) the price of oranges will increase and the price of apples will fall. C) the price of both apples and oranges will increase. D) the price of oranges will fall and the price of apples will increase.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Similar questions

Show the effect of the following events on the market forchicken: a) The price of chicken increases. b) There is an outbreak of New Castle disease.
6. How will the following events affect equilibrium price and quantity for the product highlighted in italics? In each case, identify how the supply or demand curve shifts. a. A drop in consumer incomes influences the demand for dry cleaning b. Declining numbers of law school graduates affect the supply of legal services c. Consumer expectations that the price of turkeys will soon rise affect the current demand for turkeys d. A cost-saving technological innovation influences the supply of rice
1. What will happen in the market for wine if the price of cheese increases (wine and cheese are complements)? 2. What will happen in the market for brewed coffee if the price of coffee beans increases? 3. What will happen in the market for lobster if the government rises the income tax and lobsters are a normal good? 4. What will happen in the market for tomatoes if a new study is released that shows that pesticides used on tomatoes contain cancer forming agents. 5. A fall in airfares from UK has raised the demand for hotels rooms in St. Vincent. 6. Government grants a $1 subsidy on each bottle of milk produced. 7. Government collects a $2 sales tax on each bottle of rum.
Explain how oil plays a role in the price of fertilizer. keep in mind-how oil plays a role in the price of the good, How big of a role does oil play? Is the price of the good greatly affected by the price of oil?
Show in a diagram the effect on the demand curve, the supply curve, the equilibriumprice, and the equilibrium quantity of each of the following scenarios.c. The market for blueberry muffinsi. Scenario 1: More people become health conscious and realize the highsugar content of muffins. ii. Scenario 2: The price of blueberries has increased
If soup is an inferior good and income rises, then: a. the equilibrium price of soup and the equilibrium quantity of soup will both rise. b. the equilibrium price of soup will rise and the equilibrium quantity of soup will fall. c. the equilibrium price of soup and the equilibrium quantity of soup will both fall. d. the equilibrium price of soup will fall and the equilibrium quantity of soup will rise.
Question 4 of 12 Attempt 5 Use the graph to show how an increase in the price of organic onions would shift the demand curve, supply curve, or both curves in the market for tomatoes. Assume that, to consumers, onions and tomatoes are neither complements nor substitutes. Market for Tomatoes 10 Supply 6 4. 3. Demand 10 12 14 16 18 20 Quantity (Ibs) a. 939 PM 64°F 10/13/2021 Price ($)
What happens to the equilibrium price and quantity of ice cream in response to each of the following? Explain your answers with(separate) demand and supply diagrams. a. People tend to eat ice-cream as their desserts. b. The price of sugar(used to produce ice cream) increases. c. Concerns arise about the fat content of ice cream. At the same time, the price of sugar(used to produce ice cream) increases.
Suppose we are analyzing the market for hot chocolate. During this winter season the following two events occurred simultaneously. Explain using the demand and supply curves how these twoevents affect the price and quantity of the hot chocolate. Event A: The price of cocoa beans decreases.Event B: Consumer income falls because of a recession, and hot chocolate is considered a normalgood
Begin with the market for slushies in equilibrium. What will happen to the equilibrium quantity of slushies if the price of sugar increases? Will the equilibrium quantity of slushies increase, decrease, or stay the same if the price of sugar increases? A increase B decrease C) stay the same
If computers are like most goods and the price of computers chips rise, then holding all else constant, the Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. a the price and quantity of computers will decrease b the price and quantity of computers will increase the price of computers will increases and quantity of computers will decrease d the price of computers will decrease and quantity of computers will increase
Begin with the market for slushies in equilibrium. What will happen to the equilibrium price of a slushy if the price of sugar increases? Will the equilibrium prices of slushies increase, decrease, or stay the same if sugar prices increase? A increase B decrease C) stay the same