P3 PA Ps QA QB Qс What would be the Equilibrium Price and the Equilibrium Quantity if the Demand for Good A increases ? OA. Equilibrium Price: P5; Equilibrium Quantity: Qc O B. Equilibrium Price: P5; Equilibrium Quantity: QA O C. Equilibrium Price: P3, Equilibrium Quantity: QA O D. Equilibrium Price: P3; Equilibrium Quantity: Qc OE. None of the Above S Q

P3 PA Ps QA QB Qс What would be the Equilibrium Price and the Equilibrium Quantity if the Demand for Good A increases ? OA. Equilibrium Price: P5; Equilibrium Quantity: Qc O B. Equilibrium Price: P5; Equilibrium Quantity: QA O C. Equilibrium Price: P3, Equilibrium Quantity: QA O D. Equilibrium Price: P3; Equilibrium Quantity: Qc OE. None of the Above S Q

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Which of the following would cause the price of beef to rise and the quantity to rise? O a. An increase in the price of chicken O b. New regulations regarding the raising of animals that are costly to implement O c. Increased social concern about the negative consequences of beef consumption O d. A reduction in the price of hay and silage (these are both things fed to cows)
A large disruption in the world oil supply increases the price of oil for a long while. What will happen to the price and quantity of Hybrid cars in the U.S.? O Equilibrium price rises, equilibrium quantity rises. O Equilibrium price falls, equilibrium quantity rises. Equilibrium price rises, equilibrium quantity falls O Equilibrium price rises, equilibrium quantity falls
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.
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The price of cereal, a complement good, has decreased. At the same time, a new and improved pasteurization process makes milk production more efficient. Given these two effects, what can we say about the equilibrium price and quantity of milk? O Equilibrium quantity will increase; the effect on price is ambiguous. Equilibrium price will increase; the effect on quantity is ambiguous. O Equilibrium price will decrease; the effect on quantity is ambiguous. O Equilibrium quantity will decrease, equilibrium price will increase.
Which of the following statements is correct? Multiple Choice O O O If supply decreases and demand increases, equilibrium quantity is Indeterminate. If supply increases and demand increases, equilibrium price will rise. If supply increases and demand increases, equilibrium quantity will fall. If supply increases and demand remains constant, equilibrium price will rise.
Which of the following events would definitely cause a decrease in the equilibrium quantity of cotton shirts (wool shirts are considered a substitute for cotton shirts, and raw cotton is an input in the cotton shirts production)? Select one: Ⓒa. a decrease in the price of wool shirts and an increase in the price of raw cotton O b. an increase in the price of wool shirts and a decrease in the price of raw cotton O c. an increase in the price of wool shirts and an increase in the price of raw cotton O d. a decrease in the price of wool shirts and a decrease in the price of raw cotton Clear my choice