Let's say that researchers find that using suntan lotion has even greater benefits (protecting skin, lowering the chance of skin cancer, etc), than previously thought. If the American Dermatological Association put out a press release on this topic, we'd expect afterward that in the market for suntan lotion the equilibrium price would and the equilibrium quantity would O rise: fall O fall: fall O fall: rise O rise; rise

Let's say that researchers find that using suntan lotion has even greater benefits (protecting skin, lowering the chance of skin cancer, etc), than previously thought. If the American Dermatological Association put out a press release on this topic, we'd expect afterward that in the market for suntan lotion the equilibrium price would and the equilibrium quantity would O rise: fall O fall: fall O fall: rise O rise; rise

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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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.
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Consider apples and oranges, which we'll assume are substitutes. If the price of oranges falls, we'll see in the market for apples and in the market for oranges. None of the listed options is correct. O a decrease in quantity demanded; an increase in demand a decrease in demand; an increase in quantity demanded a decrease in quantity demanded; a decrease in demand an increase in demand; a decrease in quantity demanded.
Answer both correctly. I ll rate accordingly. Typed answer please.
Refer to the graph, which shows the market for a product. Which of the following could not explain the indicated increase in equilibrium price from P1 to P22 Supply Price P2 P₁ 0 Q₁ Q₂ Quantity D₁ D2 O a. An increase in consumer incomes O b. An increase in the price of a substitute product O c. An increase in production costs O d. A decrease in the price of a complementary product