Which of the following is an example of a reason why the supply curve for an oil company slopes up? a) Oil is a normal good with lots of substitutes. O b) When the price of oil increases, people switch to hybrid cars that use less gasoline, which is made from oil. c) Oil is heavily taxed. d) When the company produces a lot of oil, it has to pay its employees overtime,

Which of the following is an example of a reason why the supply curve for an oil company slopes up? a) Oil is a normal good with lots of substitutes. O b) When the price of oil increases, people switch to hybrid cars that use less gasoline, which is made from oil. c) Oil is heavily taxed. d) When the company produces a lot of oil, it has to pay its employees overtime,

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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A U.S. business sells milk to consumers in France. Which situation would most likely cause demand for milk to rise in France? O A. The French population declines steadily due to years of economic problems. O B. Cheese and other products made from milk become less popular in France. O C. A popular French nutrition author claims that milk is bad for people's health. D. French consumers expect the price of milk to increase in the future.
Suppose Disney+ changes its monthly subscription price from $7 to $9 per month. Graphically show the impact of this price change in the following markets: a. Popcorn, pizza, and other movie snacks Instructions: Drag the supply or demand curve to its new position. b. Netflix Instructions: Drag the supply or demand curve to its new position.
Please see the included picture.
Which of the following will decrease the demand for chicken? O Research showing chicken is better for your health than beef O An increase in the price of rice, if chicken and rice are complementary goods O A decrease in the cost of transporting chicken to consumers O An increase in the incomes of consumers, if chicken is a normal good O An increase in the price of beef, if beef and chicken are substitute goods
Refer to the figure below. Which of the statements below is entirely correct? ,S2 Price per pizza a 0 S1 Qu thousands of pizzas per month O Over time, supply rotates from S₁ to S₂, that is, it becomes more elastic. O Over time, supply rotates from S₂ to S₁, that is, it becomes more elastic. O Over time, supply rotates from S₁ to S₂. that is, it becomes more inelastic. O Over time, supply rotates from S₂ to S₁, that is, it becomes more inelastic.
Oil refiners can refine a barrel of petroleum so that it yields either more home heating oil or more diesel fuel (i.e., they are related goods). If the price of diesel fuel falls, there is O an increase in the quantity of home heating oil supplied. O an increase in the supply of home heating oil. O an increase in the demand for home heating oil. O a decrease in the quantity of home heating oil supplied. O a decrease in the supply of home heating oil.
What happens to the demand curve ( shift left , shift right , stay the same ) when a. Gasoline prices increase by an extra 50¢ per gallon and the demand for Quarter Pounders with Cheese decline. B) McDonald’s lowers the price of a Big Mac by 50¢. C) McDonald’s raises the price of fries and Coke by 25%. D)
Which of the following will cause the demand curve for good Y to shift to the right? O An increase in the supply of good Y O An increase in consumers' incomes, if good Y is an inferior good O An increase in the price of good A, a complement to good Y O An increase in the price of good Z, a substitute for good Y OA decrease in the price of good Y
You are a market analyst, and you are hired to analyze the demand for good X Identify the reason that will result in a shift to the right of the demand curve for X? O A decrease in the price of X An increase in the price of a good that is a complement to good X An increase in the price of a good that is a substitute for X all of the above
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.
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
Suppose that a storm hits Antalya and wipes out tomato crop. What effect will this have on the Antalya tomato market? O Market prices wil increase, and the quantity will decrease Market prices will stay the same, and quantity will decrease. Market prices will stay the same, and quantity will rise O Market prices will fall, and quantity will rise O Market prices will fall, and the quantity will decrease