Frozen food manufacturers supply pizza and calzones to perfectly competitive pizza and calzone markets. As the result of an increase in the prices of calzones, the firms produces more calzones and fewer pizzas. An economist would explain this by saying O the supply of calcones increased and the supply of pizzas decreased O there has been an increase in the quantity supplied of calzones and a decrease in the supply of pizza there has been an increase in the quantity supplied of calzones and a decrease in the quantity supplied of pizzas O the supply of calzones increased and the quantity supplied of pizza decreased

Frozen food manufacturers supply pizza and calzones to perfectly competitive pizza and calzone markets. As the result of an increase in the prices of calzones, the firms produces more calzones and fewer pizzas. An economist would explain this by saying O the supply of calcones increased and the supply of pizzas decreased O there has been an increase in the quantity supplied of calzones and a decrease in the supply of pizza there has been an increase in the quantity supplied of calzones and a decrease in the quantity supplied of pizzas O the supply of calzones increased and the quantity supplied of pizza decreased

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

In economics we argue that the demand curve in competitive market is where px = MUx, Centris paribus. Explain using sentence and words, what this idea means.
9. Shirts in supply or demana 11 The following graph shows the market for croissants in San Diego, where there are over 1,000 bakeries at any given moment. Suppose an innovation in the baking process makes it possible to produce more croissants at a lower cost than ever before. Show the effect of this change on the market for croissants by shifting one or both of the curves on the following graph, holding all else constant. 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 a curve and it snaps back to its original position, just drag it a little farther. PRICE (Dollars per croissant) QUANTITY (Croissants) Supply Demand Demand T Supply ?
4. About 10 years ago, the POM Pomegranate Juice brand was created by a middle-aged couple in Nebraska. Their business started small and then began to skyrocket after news spread of how great pomegranate juice is and also, how healthy it is. Now, brands such as Nantucket Nectars, Ocean Spray, Minute Maid, and more have created their own pomegranate mixtures. What has happened to the supply of pomegranate beverages as a result? Show the shift in supply and name the determinant.
If a new sushi restaurant opens, then The market supply curve for sushi will shift to the right. O The market supply curve for sushi will shift to the left. O There will be a movement up along the market supply curve for sushi. O There will be a movement down along the market supply curve for sushi.
A local pizzeria only servers two items: pizzas and sandwiches. An increase in the demand for sandwiches will result in which of the following for the firm? O an increase the opportunity cost of producing pizzas O an increase in the amount of resources the firm devotes to producing pizzas O a decrease in the price of bread a decrease in the price of sandwiches a decrease in the firm's overall revenue
Page 4 of 10 c) The below graph illustrates an initial competitive equilibrium in the market for citrus fruit at the intersection of D and S. In 2004, hurricanes destroyed a large portion of Florida's orange and grapefruit crops. What happens in the market for citrus fruit? Price P1 d) The below granh illustrates an initial enmnetitiva couilibrium in the market for almonds
Oil refiners can refine a barrel of petroleum so that it yields either more home heating oil or more diesel fuel (i.e., they are related goods). If the price of diesel fuel falls, there is O an increase in the quantity of home heating oil supplied. O an increase in the supply of home heating oil. O an increase in the demand for home heating oil. O a decrease in the quantity of home heating oil supplied. O a decrease in the supply of home heating oil.
Briefly explain the economic connections between price, quantity, and market demand.
Refer to the graph shown. Which supply curve is inelastic? A None of the curves B C
O Point C to Point Di O Point A to Point B Supply 1 Pappy O Point D to Point A O Point A to Point D Ded Dond) The figure above represents the market for orange juice. There is an announcement by the American Heart Association that orange juice is good for your heart. Which of the following would better illustrate the effect in the market for orange juice of such announcement: Da
4
7. Notepads and pens can be considered to be complements. Woodchips are an input to notepads, and plastic is an input to pens. Assume markets for notepads, pens, woodchips and plastic, are all perfectly competitive. Suppose that the equilibrium price of notepads increases, and the equilibrium price of pens decrease. Which of the following could explain these changes? a) A decrease in the supply of plastic b) An increase in the demand for wood chips c) An increase in the demand for plastic d) An increase in the supply of plastic e) Either (b) or (d)