Module 3 Quiz 1 3 4. 5 7 8 10 11 12 13 14 15 16 8 Which statement(s) are most likely correct about supply? AO A rise in price almost always leads to a decrease in the quantity supplied of that good. BO A rise in price almost always leader to an increase in the quantity demanded of that good. CO A rise in price almost always leads to an increase in the quantity supplied of that good. DO A fall in price almost always lead to an increase the quantity supplied. Competencies Assessed •Explain the law of supply. 9. 2N

Module 3 Quiz 1 3 4. 5 7 8 10 11 12 13 14 15 16 8 Which statement(s) are most likely correct about supply? AO A rise in price almost always leads to a decrease in the quantity supplied of that good. BO A rise in price almost always leader to an increase in the quantity demanded of that good. CO A rise in price almost always leads to an increase in the quantity supplied of that good. DO A fall in price almost always lead to an increase the quantity supplied. Competencies Assessed •Explain the law of supply. 9. 2N

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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5 If equilibrium price decreases and equilibrium quantity increases supply shifted left supply shifted right demand shifted left O demand shifted right
Table 1B: Price Quantity Before: $5.00 30 After: $4.00 40 Refer to Table 1B. Price Elasticity of Demand is about O 1.657 O No answer text provided. O 1.667 O No answer text provided.
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
Quantity Demanded 6 7 8 9 10 11 12 Price $8 7 6 5 4 3 2 Refer to the above table. If demand decreased by 4 units at each price and supply decreased by 2 units at each price, what would the new equilibrium price and quantity be? Multiple Choice O $6 and 6 units $5 and 5 units O $4 and 6 units Quantity Supplied 10 9 8 7 6 5 4 $7 and 7 units
10 If the supply curve shifts right and the demand curve remains unchanged price increases; quantity increases price decreases; quantity increases price increases; quantity increases, decreases or is unchanged price increases; quantity decreases
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According to the graph, if price increases from $10 to $15, total revenue will Price $20 15 10 O 1 2 3 4 5 7 8 9 10 Quantit Select one: a. decrease by $10, so demand must be elastic. O b. increase by $20, so demand must be inelastic. c. increase by $5, so demand must be inelastic. d. decrease by $20, so demand must be elastic.
Priçe 4 A D2 2 B 1 D1 1 2 3 4 5 6 7 7 Quantity In this graph, a move from point A to point B represents which of the following? O a decrease in demand O a decrease in quantity demanded an increase in demand O an increase in quantity demanded
Price (dollars per gallon) S2 $5.50 3.50 2.50 D Quantity (millions of gallons per month) 30 40 45 Assume the graph above illustrates a new tax put into the market for soft drinks. S2 is the supply curve with the $2 tax in place. What price would consumers pay if the tax was placed on consumers instead of producers? 1) $2.00 O 2) $3.50 3) $2.50 4) $1.50
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