0- Principles of Economics 1| S1 21/22Time leftThe Surgeon General announces that eating chocolate increases tooth decay. As a result, the equilibrium price ofchocolateSelect one:Oa.decreases, and producer surplus increases.O b. increases, and producer surplus increases.O c.increases, and producer surplus decreases.O d. decreases, and producer surplus decreases.Next pag

In a market, any new information regarding the impact of the product on the producers' and…

Answered: Time left The Surgeon General announces…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Suppose that the incomes of buyers in a particular market for a normal good decrease and there is also a reduction in input prices. What would we expect to occur in this market? Select one: O a. Equilibrium quantity would decrease, but the impact on equilibrium price would be ambiguous. cross out O b. The equilibrium price would decrease, but the impact on the amount sold in the market would be ambiguous. cross out cross out O c. Equilibrium quantity would increase, but the impact on equilibrium price would be ambiguous. cross out O d. The equilibrium price would increase, but the impact on the amount sold in the market would be ambiguous.
Consider a market in which supply and demand are both unit elastic at the equilibrium (equals 1 in absolute value). Which of the following statements is true? a. Consumer and producer surplus are equal. O b. None of the other answers are correct. O c. Consumer surplus is larger than producer surplus. O d. Producer surplus is larger than consumer surplus.
Air fares are generally lower on Tuesdays and Wednesdays each week. What is a likely explanation for this occurrence? O Supply is relatively variable, and lower demand on these days leads to a lower equilibrium price. O Demand is relatively variable, and lower supply leads to a lower equilibrium price. Lower levels of both supply and demand on these days lead to a lower equilibrium price. Supply is relatively fixed, and lower demand on these days leads to a lower equilibrium price. Demand is relatively fixed, and lower supply leads to a lower equilibrium price. OO
Price $60 40 20 0 50 100 Quantity 150 O $60, resulting in a surplus of 100 units. O $60, resulting in a shortage of 100 units. $40, resulting in equilibrium. O $20, resulting in a shortage of 100 units. 200 Supply Demand Refer to the above diagram. A price floor could be established at:
An increase in the price of wheat will lead to Select one: O a. an upward movement along the demand curve for wheat. O b. a leftward shift in the demand curve for wheat. Oc arightward shift in the supply curve for wheat. O d. an increase in the quantity of wheat consumed.
What happens when there are changes to production other than price or STONER Choose all that apply A)Change supply B)Dont change supply C)Change quantity supply D)Shift supply
The market equilibrium is considered stable. If a business set a price too high they would know because O The QS would be less than the QD causing a shortage. O The QS would be greater than QD causing a surplus. O The QS would be less than the QD causing a surplus. O The QS would be greater than the QD causing a shortage.
Price o+ y D1 D2 Quantity Limo sales suffer, this would be indicated on the graph above by O A move from point y to point x, as a change in quantity demanded O A shift from D2 to D1, as a change in quantity demand A shift from D2 to D1, as a change in demand O A move from point y to point x, as a change in demand
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In the market for some good, demand decreases and supply decreases. What prediction would you make for this market? Select one: O a. Price rises. O b. Price falls. O c. Quantity falls. O d. Quantity rises.
When might the supply curve for microwave ovens shift? Select one: a. only when production technology changes. O b. only when the number of sellers of microwave ovens changes. Oc. when a determinant of the supply of microwave ovens other than the price of microwave ovens changes. O d. when any determinant of the supply of microwave ovens changes. O e. Only if the price of steel increases.
Gas-powered hedge trimmers Price (P) S D Quantity (Q) The cost of labor rises in this industry. At the same time consumer tastes shift away from this product in favor of quieter or less-polluting alternatives. What is likely to happen in this market? Select one: O a. Price may rise or fall; Quantity will fall. O b. Price may rise or fall; Quantity will rise. O c. Price will rise; Quantity may rise or fall. O d. Price will fall; Quantity may rise or fall. Clear my choice Check

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