Which of the following increases the supply of a good and shifts its supplycurve rightward?an increase in the price of the goodO a technological advance in how the good is producedO a higher wage paid to workers in the industryan increase in the cost of the resources used to produce the good Suppose the equilibrium price of oranges is $2.00 per pound. If the actualprice is above the equilibrium price, ashortage exists and the price rises to restore equilibrium.surplus exists and the price rises to restore equilibrium.surplus exists and the price falls to restore equilibrium.shortage exists and the price falls to restore equilibrium.

1) a technological advance in how the good is produced Technological advances increase resources'…

Answered: Which of the following increases the…

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 shifts the demand curve for rice? A. a decrease in the price of a pound of wheat a substitute in consumption for rice B. an increase in the price of the fuel used to transport rice to supermarkets C. great weather that produces a bumper rice crop this year D. disastrous weather that destroys about half of this year's rice crop
In the orange market, what impact would an increase in the price of oil that orange growers burn to keep oranges from freezing in the winter have on the market? O It would shift the demand curve to the right. O It would shift the supply curve to the right. It would shift the demand curve to the left. O It would shift the supply curve to the left.
K How will an increase in the number of sellers of tablets affect the market for this product? A. Demand will increase causing the equilibrium price to increase and the equilibrium quantity to increase. OB. Supply will increase causing the equilibrium price to decrease and the equilibrium quantity to increase. OC. Supply will decrease causing the equilibrium price to decrease and the equilibrium quantity to increase. OD. Supply will increase causing the equilibrium price to increase and the equilibrium quantity to decrease.
A change in which factor would shift the supply curve? Select one: O a. production technology b. the demand for the product c. the price of the good being sold d. the willingness of consumers to pay
Consider the market for potatoes are considered as inferior good and income rises at the same time that low temperature kills some potato buds. Change in demand? Change in supply? Change in market equilibrium price? Change in market equilibrium quantity? Graph?
K How will an increase in the number of sellers of tablets affect the market for this product? A. Demand will increase causing the equilibrium price to increase and the equilibrium quantity to increase. OB. Supply will increase causing the equilibrium price to decrease and the equilibrium quantity to increase. OC. Supply will decrease causing the equilibrium price to decrease and the equilibrium quantity to increase. O D. Supply will increase causing the equilibrium price to increase and the equilibrium quantity to decrease.
Ned owns a small electronics repair business. He can either repair iPhones or Samsung phones. If he only repairs iPhones he can repair 16 phones in a day. If he only repairs Samsung phones, he can repair12 in a day. Drag the endpoints of the line to plot his production possibilities frontier (PPF) on the graph. iPhones repaired per day 20 18 16 14 ୯ 12 10 8 6 4 2 0 0 2 4 6 8 10 12 14 Samsung phones repaired per day 16 Ned's PPF 18 20 What is the opportunity cost of iPhone repairs production (in terms of Samsung repairs/iPhone repairs)? 16 3/4 12 1/2 4/3 2
The equilibrium quantity of solar panels bought and sold in the market has stayed the same, but the price of solar panels has decreased, what must have been the case? Supply and demand both increased. Supply and demand both decreased. O There was an increase in demand and a decrease in supply. O There was an increase in supply and a decrease in demand.
O Macmillan Learning Which would NOT shift the supply curve? an improvement in available technology an increase in the cost of resources O a lower subsidy O a drop in income
The relationship between quantity supplied and the price of output is such that O an increase in quantity will automatically lead to a reduction in price. O quantity will decrease as the number of firms increases. O an increase in price will produce an inward shift in the supply curve. O an increase in price will lead to an increase in quantity supplied.
a. What happens in the market for airline tickets if the price of checked baggage increases, while at the same time the price of fuel increases for the airlines?Instructions: Draw a parallel shift in the demand and supply curves by grabbing, dragging, and then dropping the curves to the new positions.
Which of the following is true if both the demand for and supply of oranges increase? A. it is clear that prices will increase, the change in the quantity of oranges sold is ambiguous. B. it is clear that quantity sold will increase, the change in the price of oranges is ambiguous. C. it is clear that prices will decrease, the change in the quantity of oranges sold is ambiguous. O D. it is clear that quantity sold will decrease, the change in the price of oranges is ambiguous.

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Which of the following increases the supply of a good and shifts its supply curve rightward? an increase in the price of the good O a technological advance in how the good is produced O a higher wage paid to workers in the industry an increase in the cost of the resources used to produce the good