ở Quiz 1 (10%) (page 1 of 20) - Google ChromeA 2021.tle.courses.open.uwi.edu/mod/quiz/attempt.php?attempt=9399&cmid=1612The Learning Exchange 2021ECON1000 - Principles of Economics 1| S1 21/22Quiz navigationTime left 0:59:53134578Question 1The wages of workers in the tire making industry rise. At the same time, the price of gasolineNot yetclimbs. Gasoline and tires are complementary goods. The resulting shifts in the supply and101112131415161718answereddemand for tires imply that the equilibrium quantity of tiresMarked out of19201.00Select one:P Flag questionO a. will fall, while the price risesFinish attempt .O b. will fall, while the price fallsO . could rise or fallO d. will fall, while the price would fall, rise or stay the sameNext pagehttps://2021.tle.courses.open.uwi.edu/mod/quiz/attempt.php?attempt=9399&cmid=1612&page=14#7:51 AMP Type here to search10/18/2021曲 The wages of workers in the tire making industry rise. At the same time, the price of gasolineclimbs. Gasoline and tires are complementary goods. The resulting shifts in the supply anddemand for tires imply that the equilibrium quantity of tiresSelect one:O a. will fall, while the price risesO b. will fall, while the price fallsO. could rise or fallOd. will fall, while the price would fall, rise or stay the same

A complementary good is a good or service that adds value to another good or service. The…

Answered: The wages of workers in the tire making…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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How would a decrease in the cost of production affect the market for new washing machines? O Supply would decrease, leading to a reduction in price and a reduction in quantity sold. O Supply would increase, leading to a reduction in price and an increase in quantity sold. Supply would decrease, leading to an increase in price and a reduction in quantity sold. Supply would increase, leading to an increase in price and an increase in quantity sold.
dterm 2 page Fall / Midterm 2 er 17 What would happen to the equilibrium price and quantity of golf club memberships if the price of landscaping and grass maintenance fell, the price of golf clubs fell, more golf courses decided to offer memberships, and health officials announced that playing golf was bad for you? O a. effect on both price and quantity is ambiguous O b. quantity will fall and the OC. on price is ambiguous quantity will rise and the effect on price is ambiguous price will fall and the effect on quantity is ambiguous O d. Jump to... Time left 0:58:41 + NEXT PAGE ?
A change in "demand" of a good is caused by demanded" of a good is caused by a change in "quantity O a change in the price of the good; a change in the price of a complement. O a price ceiling; a change in the price of the good. O a change in the price of a substitute; a change in the price of the good. O a change in the price of a complement; a change in the price of a substitute.
Price Quantity A Consider the above market for McDonald's Filet-O-Fish. What happens to the equilibrium price and equilibrium quantity in the market for the Filet-O-Fish sandwich when the price of fish decreases? O Equilibrium Price Decreases and Equilibrium Quantity Decreases O Equilibrium Price Increases and Equilibrium Quantity Increases O Equilibrium Price Decreases and Equilibrium Quantity Increases Equilibrium Price Increases and Equilibrium Quantity Decreases
Question 23 A new car is typically considered to be a normal good. What would happen to the equilibrium price and quantity of new cars if there is a recession where many people lose their jobs? The equilibrium price would fall and the equilibrium quantity would rise as demand shifts to the right. There would be no change to the equilibrium price or quantity. O The equilibrium price would rise and the equilibrium price would fall as demand shifts to the left. The equilibrium price and quantity would both fall as demand shifts to the left. O The equilibrium price and quantity would both rise as demand shifts to the right.
What happens to the quantity of smartphones supplied and the supply of smartphones if the price of a smartphone rises? Draw a supply curve of smartphones. Label it. Use any prices and quantities you wish but make your supply curve obey the law of supply. Then draw an arrow to indicate what happens to the quantity of smartphones supplied when the price of a smartphone rises. A rise in the price of a smartphone OA. does not change; does not change OB. increases; increases OC. does not change; increases incroscoe dinge not channe the quantity supplied and supply. 500 450- 400- 350- 300- 250 200 150 100- Price (dollars per smartphone) 50- 0- 0 Quantity (millions of smartphones per ye
fer to the accompanying figure Assume the market is originally at point W. Movement to point X is the result of Price W N Quantity Multiple Choice 4 O an increase in demand and a decrease in supply. an increase in demand and no change in supply. no change in demand and an increase in supply. a decrease in demand and an increase in supply
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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
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