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 will cause the demand curve to shift? O A. newer technology and improved productivity a change in consumer income B. C. a change in the cost of raw materials O D. more firms in the market
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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.
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Which one of the following would cause an increase in the supply of planes? Select one: O a. an increase in the price of planes O b. an increase in taxes applied to plane producers Oc. an improvement in the technology used to produce planes O d. a decrease in the demand for planes Which of the following results in a movement along the supply curve of spinach but does not shift the supply curve of spinach? Select one: O a. a rise in the price of spinach O b. disastrous weather that destroys half of this year's spinach crop this year Oc. great weather that produces a bumper spinach crop O d. an increase in wages for workers in spinach fields
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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
The price of cereal, a complement good, has decreased. At the same time, a new and improved pasteurization process makes milk production more efficient. Given these two effects, what can we say about the equilibrium price and quantity of milk? O Equilibrium quantity will increase; the effect on price is ambiguous. Equilibrium price will increase; the effect on quantity is ambiguous. O Equilibrium price will decrease; the effect on quantity is ambiguous. O Equilibrium quantity will decrease, equilibrium price will increase.
QUESTION 11 The number of seats available in an arena is fixed at 20,000. The equilibrium price for a ticket to a basketball game at the arena is $75. The equilibrium price for a ticket to the circus at the arena is $25. Which of the following is true? O The demand for each basketball game must be more than the demand for each circus performance. O Basketball games must be more expensive to produce than a circus performance. O The supply of circus performances must be less elastic than the supply of basketball games. O The demand for each circus performance must be greater than the demand for each basketball game.
A change in price of a good or service typically causes O a new equilibrium price O a change along the supply curve the supply curve to shift O a decreased demand for that specific good or service.

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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