The government in your country is considering three programs that affect the market for cigarettes. Program 1: Media campaigns and labeling requirements aimed at making the public aware of the dangers of cigarette smoking Program 2: A price-support program for tobacco farmers. Program 3: A cap on the number of cases of cigarettes sold per quarter at 20,000 cases. Determine the impact on the market for cigarettes if Program 1 is implemented. Impact on demand Impact on supply impact on price Impact on quatity Here are the list of choices to choose one from for each Excess supply Change in quantity uncertain shift inwards/to left increase equilibrium quantity decrease equilibrium quantity increase towards equilibrium no impact decrease equilibrium price shift outwards/to right change in price uncertain inrease equilibrium price
The government in your country is considering three programs that affect the market for cigarettes. Program 1: Media campaigns and labeling requirements aimed at making the public aware of the dangers of cigarette smoking Program 2: A price-support program for tobacco farmers. Program 3: A cap on the number of cases of cigarettes sold per quarter at 20,000 cases. Determine the impact on the market for cigarettes if Program 1 is implemented. Impact on demand Impact on supply impact on price Impact on quatity Here are the list of choices to choose one from for each Excess supply Change in quantity uncertain shift inwards/to left increase equilibrium quantity decrease equilibrium quantity increase towards equilibrium no impact decrease equilibrium price shift outwards/to right change in price uncertain inrease equilibrium price
Essentials of Economics (MindTap Course List)
8th Edition
ISBN:9781337091992
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter5: Elastic And Its Application
Section: Chapter Questions
Problem 10PA
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The government in your country is considering three programs that affect the market for cigarettes.
- Program 1: Media campaigns and labeling requirements aimed at making the public aware of the dangers of cigarette smoking
- Program 2: A price-support program for tobacco farmers.
- Program 3: A cap on the number of cases of cigarettes sold per quarter at 20,000 cases.
Determine the impact on the market for cigarettes if Program 1 is implemented.
Impact on demand
Impact on supply
impact on price
Impact on quatity
Here are the list of choices to choose one from for each
Excess supply - Change in quantity uncertain
- shift inwards/to left
- increase
equilibrium quantity - decrease equilibrium quantity
- increase towards equilibrium
- no impact
- decrease
equilibrium price - shift outwards/to right
- change in price uncertain
- inrease equilibrium price
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