Imagine there is a market for erasers. This market has many companies selling identicalerasers. After several years, however, many of these firms combine and become a few largecompanies. Now this market for erasers is only served by five firms selling erasers. Becauseof this, you would anticipateO an increase in total erasers sold and a decrease in the price of erasers.an increase in total erasers sold and an increase in the price of erasers.O a decrease in total erasers sold and a decrease in the price of erasers.O a decrease in total erasers sold and an increase in the price of erasers.

The oligopoly markets have a small number of firms that control the market power. Compared to other…

Imagine there is a market for erasers. This market has many companies selling identical erasers. After several years, however, many of these firms combine and become a few large companies. Now this market for erasers is only served by five firms selling erasers. Because of this, you would anticipate an increase in total erasers sold and a decrease in the price of erasers. O an increase in total erasers sold and an increase in the price of erasers. O a decrease in total erasers sold and a decrease in the price of erasers. O a decrease in total erasers sold and an increase in the price of erasers.

Imagine there is a market for erasers. This market has many companies selling identical erasers. After several years, however, many of these firms combine and become a few large companies. Now this market for erasers is only served by five firms selling erasers. Because of this, you would anticipate an increase in total erasers sold and a decrease in the price of erasers. O an increase in total erasers sold and an increase in the price of erasers. O a decrease in total erasers sold and a decrease in the price of erasers. O a decrease in total erasers sold and an increase in the price of erasers.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question 25 Many consumer items eventually go out of style, and because fewer people want these items, demand for them drops. When this happens, we usually see production of these items stop. What happens to the equilibrium price and equilibrium quantity in a market like this? The equilibrium price is indeterminate and equilibrium quantity goes up. The equilibrium price is indeterminate and equilibrium quantity goes down. O The equilibrium price goes down and equilibrium quantity is indeterminate. O The equilibrium price goes up and equilibrium quantity goes up. O The equilibrium price goes up and equilibrium quantity is indeterminate.
On April 1, the price of gas at Bob's Corner Station was $3.70 per gallon. On May 1, the price was $4.45 per gallon. On June 1, it was back down to $3.70 per gallon. SEM: Between April 1 and May 1, Bob's price increased by or Between May 1 and June 1, Bob's price decreased by Suppose that at a gas station across the street, prices are always 20% higher than Bob's. In absolute dollar terms, the difference between Bob's prices and the prices across the street is when gas costs $4.45 than when gas costs $3.70. Some economists blame high commodity prices (including the price of gas) on interest rates being too low. Suppose the Fed raises the target for the federal funds rate from 2% to 2.5%. This change of percentage points means that the Fed raised its target by approximately
The price of sugar (a substitute for corn syrup) decreased. At the same time, the price of corn starch (one of the main ingredients of corn syrup) increased. These two effects together will lead to the following change in the price and quantity of corn syrup: O A decrease in quantity and an ambiguous effect on price O A decrease in price and an increase in quantity O An increase in both price and quantity O An increase in price and an ambiguous effect on quantity O An increase in quantity and an ambiguous effect on price
The market demand for productXis given by: \[ Q_{d}=6-1 / 2 P \text { or } P d=12-2 Q \] The market supply for goodXis given by: \[ Q_{s}=-14+2 P \text { or } P s=7+1 / 2 Q \] whereP=price per unit andQis number of units. Draw a supply-and-demand graph with these curves. 1.) Using the line drawing tool, draw the supply and demand curves. Properly label your lines. 2.) Using the point drawing tool, plot the equilibrium point. Label your point 'E'. Note: Carefully follow the instructions above and only draw the required objects. The equilibrium price is$and the equilibrium quantity is unit(s). (Enter your responses as integers.) A per-unit excise tax is imposed on suppliers of productX, and the market supply with the tax is now given by: \[ Q_{s}=-19+2 P \text { or } P s=9.50+1 / 2 Q \] Using the graph on the right, show this supply curve. 1.) Using the line drawing tool, draw the new supply curve. Label your line 'S1+tax'.1. Note: Carefully follow the instructions above and only draw…
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.
Explore the data and then answer the question. How many people were in the labour force in the data you've just explored? OA. 16.63 million O B. 31.11 million O C. 19.29 million O D. 11.82 million Of the 16.63 million employed, 2.58 million had part-time jobs, ... and 0.65 million of them wanted a full-time job but couldn't find one. Reset 0 33 Population Working-age population Labour force Employed Full time Full time 5 L 10 Not in labour force ↓ 15 Unemployed Part time Voluntary part time L 20 Involuntary part time ↓ 25 Other 1 30 40 35 Population (million X
Which of the following does NOT cause the entire demand curve to shift? O a change in income O a change in consumer expectations O a change in price O a change in the size of the population
Note :Please Solve d,and e .
Which of the following will cause the demand curve to shift? O A. newer technology and improved productivity a change in consumer income B. C. a change in the cost of raw materials O D. more firms in the market
Several advertisements announce that the price of hand sanitizer will be decreasing next month. At the same time, the price of rubbing alcohol, an ingredient used to make hand sanitizer has decreased. Given these two effects, what can we say about the current equilibrium price and quantity of hand sanitizer? → a. Equilibrium price will increase, equilibrium quantity will decrease. O b. Equilibrium quantity will decrease; the effect on price is ambiguous. O c. Equilibrium quantity will increase; the effect on price is ambiguous. O d. Equilibrium price will decrease; the effect on quantity is ambiguous.
Draw a supply and demand diagramshowing the impact of each of the following events on equilibrium price and quantity in the market for paint. Briefly explain your reasoning. There have recently been some important cost-saving inventions in the paint-making industry. Hailstorms damaged several factories that make paint, forcing them to close down for several months. There have recently been some important cost-saving inventions in the paint-making industry, and, because of severe hailstorms, many people need to repaint now.