Answered: If there price of apples is R5 each and…

If there price of apples is R5 each and the price of Orange is R10 each? Explain what the absolute and relative prices of these fruits are

Economics (MindTap Course List)

13th Edition

ISBN:9781337617383

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter4: Prices: Free, Controlled, And Relative

Section: Chapter Questions

Problem 5WNG

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If there price of apples is R5 each and the price of Orange is R10 each? Explain what the absolute and relative prices of these fruits are

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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. Page 3 of 14 10) 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
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