ЕOC 5.04 Which of the below would likely cause the equilibrium price of pencils to rise and the equilibrium quantity of pencils to fall? Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. a The price of erasers rises (a complement in consumption). The price of pens rise (a substitute in consumption). The price of lead rises (an input into pencils). d. Consumers' income rises (assuming pens are a normal good).

ЕOC 5.04 Which of the below would likely cause the equilibrium price of pencils to rise and the equilibrium quantity of pencils to fall? Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. a The price of erasers rises (a complement in consumption). The price of pens rise (a substitute in consumption). The price of lead rises (an input into pencils). d. Consumers' income rises (assuming pens are a normal good).

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter4: The Market Forces Of Supply And Demand

Section: Chapter Questions

Problem 10PA

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Similar questions

As a general rule, is it safe to assume that a change in the price of a good will always have its most significant impact on the quantity demanded of that good, rather than on the quantity demanded of miller goods? Explain.
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In an analysis of the market for paint, an economist discovers the facts listed below. State whether each of these changes will affect supply or demand, and in what direction. There have recently been some important cost-saving inventions in the technology for making paint. Paint is lasting longer so that property owners need not repaint as often. Because of severe hailstorms, many people need to repaint now. The hailstorms damaged several factories that make paint, forcing them to close down for several months.
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ЕОC 5.03 Assume that pizza and poutine are substitute goods in consumption. If the costs of producing poutine rise then the price of poutine would and the price of pizza would Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. a fall; rise b fall; fall rise; fall rise; rise
Last year, 1000 galions of almond milk (a non-dairy product) were sold at a price of $10 Yet, this year, a bad harvest in Califomia has wiped out a significant part of the aimond harvest At the same tme, a larger number of people are looking to shift away from dairy products towards non-dairy atematives. Because of these two changee, O the equilbrum price will increase and change in the equlbrum quantity is unambiguous O he equtibrium price will decrease but change in the equilbrum quantity is ambiguous O he change in the equiibrium price is ambiguous, but the equilbrium quantty wil increase O he equiibrium price will increase but change in the equilbrum quantity is ambiguous
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Table 3.9 illustrates the market's demand andsupply for cheddar cheese. Graph the data and find theequilibrium. Next, create a table showing the change inquantity demanded or quantity supplied, and a graph ofthe new equilibrium, in each of the following situations:a. The price of milk, a key input for cheeseproduction, rises, so that the supply decreases by80 pounds at every price.b. A new study says that eating cheese is good foryour health, so that demand increases by 20% atevery price.