In the figure, a price of $35 per dozen roses results inPrice (dollars per dozen roses)A. equilibrium.35B. a surplus.30C. upward pressure on the price of roses.25D. a shortage.2015E. an eventual rightward shift of the demand curve and/or leftward shift ofthe supply curve.1052 4 6 8 10 12 14 16Quantity (dozens of roses per day)

The equilibrium point is when the demand for a product is equal to the supply of the product. There…

In the figure, a price of $35 per dozen roses results in Price (dollars per dozen roses) S O A. equilibrium. 35 O B. a surplus. 30 O C. upward pressure on the price of roses. 25 D. a shortage. 20 15 O E. an eventual rightward shift of the demand curve and/or leftward shift of the supply curve. 10 5 24 6 8 1o 12 14 16 Quantity (dozens of roses per day)

In the figure, a price of $35 per dozen roses results in Price (dollars per dozen roses) S O A. equilibrium. 35 O B. a surplus. 30 O C. upward pressure on the price of roses. 25 D. a shortage. 20 15 O E. an eventual rightward shift of the demand curve and/or leftward shift of the supply curve. 10 5 24 6 8 1o 12 14 16 Quantity (dozens of roses per day)

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 12 Assume that the price of cheese has decreased and the price of garlic bread (a substitute good) has decreased at the same time. How this will affect the market for pizzas? O a. Quantity of pizza would fall, and the effect on price would be ambiguous. O b. Price of pizza would rise, and the effect on quantity would be ambiguous. O. Quantity of pizza would rise, and the effect on price would be ambiguous. O d. Price of pizza would fall, and the effect on quantity would be ambiguous. QUESTION 13 Samuel owns a laundromat business in Queens, New York. He recently purchased 2 new washing machines and 2 new dryers. This will cause O a. the demand for laundromat services to increase. O b. the supply of laundromat services to decrease. O c. the demand for laundromat services to decrease. O d. the supply of laundromat services to increase. QUESTION 16 A likely example of complementary goods for most people would be O a. golf club and baseball bat. O b. tea and coffee. O c. CPA…
Suppose an economic boom causes incomes to increase and, at the same time, drives up wages for the sales representatives who work for cell phone companies. Assume that smartphones are a normal good. This will cause the: O price of cell phones and the equilibrium quantity to rise. O price of cell phones to rise, but the change in the equilibrium quantity is unclear and depends on whether the shift in demand is larger or smaller than the shift in supply. O price of cell phones and the equilibrium quantity to fall. O quantity of cell phones to rise, but the change in the equilibrium price is unclear and depends on whether the shift in demand is larger or smaller than the shift in supply.
5 If equilibrium price decreases and equilibrium quantity increases supply shifted left supply shifted right demand shifted left O demand shifted right
QUESTION 13 New cars are normal goods. What will happen to the equilibrium price of new cars if public transportation becomes more expensive and less comfortable and auto-workers receive higher wages? O Quantity will rise, and the effect on price is ambiguous. O Price will rise, and the effect on quantity is ambiguous. O Quantity will fall, and the effect on price is ambiguous. O Price will fall, and the effect on quantity is ambiguous.
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Question 10
a. Select the price at which a shortage would occur in this market 200 T Price $ 1504 100 50+ 0 0 20 D Supply 40 60 Quantity in Units Demand 80 100
Which of the following is consistent with the law of supply? O A. An increase in the market price of oranges causes an increase in the production of oranges. OB. A decline in labor productivity leads to fewer apartment buildings being constructed. OC. A doubling of the price of salt led to a 5 percent drop in the quantity of salt consumed. OD. More passengers chose to travel by airplane after strong price competition. 23
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