the price of ground beef decreases, which of the following will occur? The demand curve for ground beef will shift to the left. The substitution effect will cause some consumers to switch to other types of meat. Consumers will experience a decrease in their purchasing power. There will be a movement
QUESTION 16
If the
The
The substitution effect will cause some consumers to switch to other types of meat.
Consumers will experience a decrease in their
There will be a movement down the demand curve for ground beef.
QUESTION 17
selling a product at the same price to each and every consumer
selling a product at more than one price
selling a product at its marginal cost plus a markup
selling more than one version of a product
producing goods and services for sale within the firm
QUESTION 18
The demand function for Super Big Bright LED light bulbs is Qd = (45 million) - (3.5 million × P). If the company charged a price of $8 per bulb, how many will be demanded?
41.5 million
37 million
17 million
10 million
QUESTION 19
If Goods X and Y are substitutes, if the price of Good X increases, this will cause a movement ________ the demand curve for Good X and a ________ shift in the demand for Good Y.
down, leftward
down, rightward
up, leftward
up, rightward
QUESTION 20
TRUE/FALSE. EXPLAIN. The
True
False
QUESTION 21
TRUE/FALSE. EXPLAIN.
A news report discussing a medical study that found conclusive evidence of the positive health benefits of farm-raised eggs is likely to cause a rightward shift of the demand curve for farm-raised eggs
True
False
QUESTION 22
If the price of avocados increases, which of the following will occur?
The supply curve for avocados will shift to the left.
The supply curve for avocados will shift to the right.
There will be a movement down the supply curve for avocados.
There will be a movement up the supply curve for avocados
QUESTION 23
The supply function for a half gallon of Happy Cow Milk is QS = (0) + (2 million × P). If the price of a Happy Cow Milk decreases by $1, how will this change the quantity supplied?
decrease by 2 million
increase by 2 million
increase by 1 million
decrease by 1 million
QUESTION 24
At any price higher than the
surplus; shortage
shortage; surplus
surplus; surplus
shortage; shortage
QUESTION 25
If the equilibrium price for a half gallon of organic milk is $4 and the current price for a half gallon of milk is $5.25, market forces will cause all of the following to occur except which one?
the quantity supplied to decrease
the quantity demanded to increase
the price to fall to the equilibrium price
the quantity supplied to increase
QUESTION 26
If the Qd = (40 million) - (8 million × P) and QS = (10 million) + (2 million × P), the equilibrium price for the product is ________.
$2
$3
$8
$12.
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