Draw this out to check your work) If the supply curve shifts to the left and the demand curve shifts to the right at the SAME TIME, equilibrium price will definitely increase and equilibrium quantity will Group of answer choices definitely increase. definitely decrease. definitely stay the same. either increase, decrease, or stay the same, dependin

Draw this out to check your work) If the supply curve shifts to the left and the demand curve shifts to the right at the SAME TIME, equilibrium price will definitely increase and equilibrium quantity will Group of answer choices definitely increase. definitely decrease. definitely stay the same. either increase, decrease, or stay the same, dependin

Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter4: Demand, Supply, And Market Equilibrium

Section: Chapter Questions

Problem 7P

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13. How shifts in demand and supply affect equilibrium Consider the market for pens. Suppose that the number of students with an allergy to pencil erasers increases, causing more students to switch from pencils to pens in school. Moreover, the price of ink, an important input in pen production, has dropped considerably. On the following graph, labeled Scenario 1, indicate the effect these two events have on the demand for and supply of pens. Note: Select and drag one or both of the curves to the desired position. Curves will snap into position, so if you try to move curve and it snaps back to its original position, just drag it a little farther.
[3rd_item] *photo below*
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Q4 Which of the following statements about the consumers’ responses to rising gasoline prices is correct? Because gasoline is a necessity, consumers do not decrease their quantity demanded in either the short run or the long run. About 10 percent of the long-run reduction in quantity demanded arises because people drive less and about 90 percent arises because they switch to more fuel-efficient cars. About 90 percent of the long-run reduction in quantity demanded arises because people drive less and about 10 percent arises because they switch to more fuel-efficient cars. About half of the long-run reduction in quantity demanded arises because people drive less and about half arises because they switch to more fuel-efficient cars.
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Farmer Brown plants both soybeans and corn. If the price of soybeans increases and the price of corn remains the W. same, what do you expect to happen to the amount of acreage that he devotes to planting each crop? How does your answer help to explain the law of supply? Does the supply curve of corn or soybeans shift? Use graphs to illustrate your answer. Your response should be at least 75-150 words (1-2 paragraphs) in length, including graphs with explanations. houo oin
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Consider the market for wine in the diagram below: 70 Price ($) 60 50 40 30 20 10 S D 100 200 300 400 500 600 700 800 Wine (millions of bottles) $45 and 550 million bottles of wine $45 and 500 million bottles of wine $50 and 600 million bottles of wine $50 and 500 million bottles of wine Suppose supply shifts to the right by 100 million bottles of wine. What would be the new equilibrium price and quantity of wine as a result of this increase in supply?
Which of the following scenarios would definitely cause the price of good or service to decrease? (Check all that apply.) decrease in demand; increase in supply increase in demand; decrease in supply increase in demand; increase in supply increase in demand; no change in supply decrease in demand; no change in supply no change in demand; decrease in supply no change in demand; increase in supply decrease in demand; decrease in supply
If consumers often purchase muffins to eat while they drink their lattes at local coffee shops, what would happen to the equilibrium price and quantity of lattes if the price of muffins falls? Hint: Drawing the supply and demand curves may help you answer the questions. Group of answer choices Both the equilibrium price and quantity would increase Both the equilibrium price and quantity would decrease. The equilibrium price would increase, and the equilibrium quantity would decrease. The equilibrium price would decrease, and the equilibrium quantity would increase.
Suppose both the demand for olives and the supply of olives decline by equal amounts over some time period. Use graphical analysis to show the effect on equilibrium price and quantity. Instructions: On the graph below, use your mouse to click and drag the supply and demand curves as necessary. D1 Quantity of olives Price of olives
Question 1 The following table gives the daily supply and demand for mochi-ice cream at a store: Table 1 Price Quantity demanded (units) Quantity supplied (units) RM/unit 6.10 7 35 5.20 10 30 4.20 15 25 3.20 20 20 2.20 25 15 1.20 30 8 a) Determine the equilibrium price and quantity. b) Mochi-ice cream has gone viral on TikTok and hence increases the quantity demanded of mochi-ice cream by FIVE (5) units at each price, illustrate the changes on the graph. (3Marks) c) Briefly explain any TWO (2) factors that can cause the supply curve to shift leftward. d) "Surpluses drive prices up; shortages drive them down." Do you agree?