In the market for a nonrenewable natural resource, the equilibrium price is the price that gives suppliers an expectedprofit equal to theThe equilibrium quantity isOA. interest rate; constantly decreasingOB. inflation rate; constantly decreasingC. inflation rate; equal to zero in the long runD. inflation rate; the quantity demanded at that priceE. interest rate; the quantity demanded at that priceJ%563Oll&7890NextTtact L+

At the marketplace, when buyers and sellers are exchanging a non-renewable resource, it can be said…

In the market for a nonrenewable natural resource, the equilibrium price is the price that gives suppliers an expected profit equal to the The equilibrium quantity is OA. interest rate; constantly decreasing B. inflation rate; constantly decreasing C. inflation rate; equal to zero in the long run D. inflation rate; the quantity demanded at that price OE. interest rate; the quantity demanded at that price

In the market for a nonrenewable natural resource, the equilibrium price is the price that gives suppliers an expected profit equal to the The equilibrium quantity is OA. interest rate; constantly decreasing B. inflation rate; constantly decreasing C. inflation rate; equal to zero in the long run D. inflation rate; the quantity demanded at that price OE. interest rate; the quantity demanded at that price

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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12. During the war between Russia and Ukraine millions of Ukrainians have fled into Poland and Hungary. Suppose most of these refugees remain and restart their lives in Poland. In the market for labor the following would likely occur - assuming there is currently a shortage of labor in Poland. a. An increase in the quantity of labor supplied and guaranteed labor surpluses. b. Higher wages if the shortage is eliminated by the increase in the supply of labor. C. An increase in the supply of labor and either a reduced shortage or perhaps even a surplus of labor until wages are pushed down towards equilibrium. d. Huge surpluses of labor if after the increase in supply Poland reaches a market equilibrium it its labor markets. e. None of the above.
A binding price floor causes Select one: O a. a surplus O b. excess demand O c.a shortage. O d. equilibrium price to fall.
Assum e Q8 represents the quantity supplied at a given price and Qd represents the quantity demanded at the same given price. which of the follo,ving market conditions produce a downward movement of the price? a.Qs = 1000, Qd = 750 b.Qs= 750, Qd = 750 c.Qs= 750, Qd = 1,000 d. Qs= 1000, Qd = 1000
A storm destroys several factories, thereby reducingthe stock of capital. What effect does this event haveon fac tor markets?a. Wages and the rental price of capital both rise.b . Wages and the rental proce of capital both fall.c. Wages rise and the rental price of capital falls.d . Wages fall and the rental price of capital rises.
2nd answer wrong
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(Figure: Shift in Supply 2) Use the figure to answer the question. Price New supply 7% Old supply Quantity Which market change would lead to a shift of the supply curve fromOld supplytoNew supply? O a. a drop in the number of consumers of this product O b. a decrease in income taxes on consumers O C. fewer sellers in the market O d. an expectation that future prices of the product will be lower
29. Predict how each of the following events will raise or lower the equilibrium wage and quantity of oil workers in Texas. In each case, sketch a demand and supply diagram to illustrate your answer. a. The price of oil rises. b. New oil-drilling equipment is invented that is cheap and requires few workers to run. c. Several major companies that do not drill oil open factories in Texas, offering many well-paid jobs outside the oil industry. d. Government imposes costly new regulations to make oil-drilling a safer job.
5. There is expectations of higher future prices in the oil and energy market. P Demand .... Supply : ...... Equilibrium Quantity:....... Equilibrium Price : ......
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The Federal Reserve and economists concerned about inflation monitor changes in technology, knowing improvements in technology tend to O increase the quantity supplied as prices decrease. O increase supply and lower prices. O reduce offshoring and increase gainsharing. O decrease demand for technology.