A decrease in the price of DVD players will causeSelect one:O a. a leftward shift in the demand curve for videocassette tape players.O b. an increase in demand for videocassette tapes.O c. a rightward shift in the demand curve for DVDS.Od. an increase in demand for DVD players.O e. both A and C are correct. Suppose the government has imposed a price floor on cellular phones. Which of the followingevents could transform the price floor from one that is binding to one that is not binding?Select one:O a. Cellular phones become less popular.O b. Firms expect the price of cellular phones to fall in the future.O c. The components used to produce cellular phones become less expensive.O d. Traditional land line phones become more expensive.

demand refers to the quantity of a good that buyers are willing and able to buy at different prices…

Answered: A decrease in the price of DVD players…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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If the price elasticity of demand has a value of -1.3, this means: Select one: O a. A 1 percent increase in the price of the good causes quantity demanded to decrease by 1.3 percent. O b. A 1 percent increase in the price of the good causes quantity demanded to increase by 1.3 percent. O c. A 1.3 percent increase in the price of the good causes quantity demanded to decrease by 1 percent. O d. A$1 increase in price causes quantity demanded to fall by 1.3 units.
$ 4 B D2 D, Q Consider the market for laptops. Assume that laptops are a normal good. What happens in the market for laptops if incomes decrease? 1) supply will shift from S1 to S2 O 2) supply will shift from S2 to S1 3) demand will shift from D1 to D2 4) demand will shift from D2 to D1 E
Compare the demand for sugar with demand for clothes. The demand for sugar is likely A. more elastic because sugar tends to represent a smaller fraction of a consumer's budget. O B. more elastic because sugar tends to represent a larger fraction of a consumer's budget. O C. more inelastic because sugar tends to represent a smaller fraction of a consumer's budget. D. more inelastic because sugar tends to be purchased more frequently. E. more elastic because sugar tends to be purchased in larger quantities.
The price of good A will rise if: O a. The demand for good A decreases. O b. The price of a complement for good A decreases. O c. The price of a substitute for good A decreases. Od. The price of a complement for good A increases.
Priçe 4 A D2 2 B 1 D1 1 2 3 4 5 6 7 7 Quantity In this graph, a move from point A to point B represents which of the following? O a decrease in demand O a decrease in quantity demanded an increase in demand O an increase in quantity demanded
the Price elasticity of demand is calculated as: Select one: O a. %AP/%AQD O b. %AQs/%AQD O c. %AQ/%AQs O d. %AQ/%AP If the price elasticity of demand has a value of -1.3, this means: Select one: O a. A 1 percent increase in the price of the good causes quantity demanded to decrease by 1.3 percent. O b. A 1 percent increase in the price of the good causes quantity demanded to increase by 1.3 percent. O c. A 1.3 percent increase in the price of the good causes quantity demanded to decrease by 1 percent. O d. A$1 increase in price causes quantity demanded to fall by 1.3 units.
Using the demand equation below, what can you conclude about the price elasticity of demand for the good or service represented by the equation? Demand: P = 100 - 4Q O a. Demand is price elastic. O b. The price elasticity of demand varies along the demand curve. O c. Demand is price inelastic. O d. Demand is unitary elastic with respect to price. 4
Which of the following could not shift the demand curve to the left in the market for Switch consoles? O A decrease in the price of the PS5 (al common substitute for the Switch) O A change in public perception such that Switches aren't considered as cool as they once were O An increase in the price of Switch consoles O An increase in the price of controllers (used along with Switch consoles for play)
Which of the following will NOT cause a shift in the demand for DVDS? O A change in taste O A change in disposable income O A change in the price of DVDS O A change in the price of CDs
Price 0 ib с d D₂ Quantity Refer to Exhibit 4.1 for the demand curves of baby formula. Which of the following changes is likely to happen if the price of baby formula decreases? Oa a shift of the demand curve from Dy to D₂ Oba movement along the demand curve D, from point a to point b Oc. a shift of the demand curve from D₂ to D₂ O d. a movement from point b on the demand curve Dj to point c on the demand curve D₂ e a movement along the demand curve D₂ from point d to point c
The cross-price elasticity of demand for Goods A and B is equal to one. O A. A and B have the same unit price. O B. A and B are complement goods. O C. A and B are perfect complements. O D. A and B are substitute goods.
Suppose X and Y are substitutes. If the price of Y increases, the demand for X will most likely _______, and the quantity demanded of X will also _______. 1) increase, increase 2) increase, decrease 3) decrease, increase 4) decrease, decrease 5) None of the above. Q19 Suppose X is a normal good. If the income increases, the demand for X will ______. 1) increase 2) decrease 3) stay the same

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