Which of the following is not a determinant of the demand for a particular good? O a. the prices of related goods b. income c. tastes d. the prices of the inputs used to produce the good
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Q: demanded?
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Which of the following is not a determinant of the demand for a particular good?
O a. the prices of related goods
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c. tastes
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- 10. What factors can change demand? What factors can change quantity demanded? 11. When a person goes to the grocery store to buy food, there is no auctioneer calling out prices for bread su other items. Therefore, supply and demand cannot be operative. Do you agree or disagree? Explain vour e, milk, 12. The price of a given-quality personal computer is lower today than it was five years ago. Is this necessarily the resuke of a lower demand for computers? Explain your answer. 13. What is the effect on equilibrium price and quantity of the following? a. A decrease in demand that is greater than the increase in supply b. An increase in supply c. A decrease in supply that is greater than the increase in demand d. A decrease in demand 14. At equilibrium quantity, what is the relationship between the maximum buying price and the minimum selling price? 15. If the price paid is Php40 and the consumers' surplus is Php4, then what is the maximum buying price? If the minimum selling price is…people decide to paint their houses What is the appropriate response for the ? O Price of paint brushes decreases Home depot has a sale on paint Demand for paint brushes decreases ?Think Critically a. Use the data below to construct a demand curve for pizza. Price Quantity 14 100 12 200 10 300 8 400 6 500 b. Explain two (2) reasons why the demand curve has a negative slope. c. For each of the following situations relating to the demand for pizza. identify the factor affecting demand demonstrate on the axes provided, and explain, the effects of the change. (I)an increase in the price of hamburgers Factor: ___________________________________ Explanation: ______________________________ (II) a media report announces that eating pizza increases the risk of heart disease Factor: ___________________________________ Explanation: ______________________________ d. What role does price play in the market and how does the type of market impact on the determination of price?
- Which of the following is the correct definition of demand schedule? K OA. the demand for a product by all the consumers in a given geographic area B. a table that shows the relationship between the price of a product and the quantity of the product demanded OC. the quantity of a good or a service that a consumer is willing to purchase at a particular price D. a curve that shows the relationship between the price of a product and the quantity of the product supplied Which of the following is the correct definition of demand curve? OA. a table that shows the relationship between the price of a product and the quantity of the product demanded OB. the demand for a product by all the consumers in a given geographic area OC. the quantity of a good or a service that a consumer is willing to purchase at a particular price OD. a curve that shows the relationship between the price of a product and the quantity of the product demandedSuppose that video game discs are a normal good.. If the income of video game players increases, you predict that in the market for video games, O both equilibrium price and quantity will fal. O equilibrium price will increase, and quantity will decrease. o both equilibrium price and quantity will increase. O equilibrium price will fall, but quantity will increase.Figure 4-6 QUANTITY Refer to Figure 4-6. The shift from S' to S in the market for chocolate cake could be caused by O an increase in the price of butter. O a decrease in we price of flour. O an increase in income. O an increase in the price of chocolate cake. PRICE
- 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 marketA 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.QUESTION 11 Jennifer, an accountant, is promoted at the company she works for. Therefore, her salary increases. We would expect Jennifer's demand for a. all the goods she purchases to remain unchanged. b. normal goods to decrease. C. inferior goods to decrease. d. substitute goods to increase. O a d. QUESTION 12 If Andrea's boss informs her that she will get a salary increase next month. Then a. her demand for all goods will increase next months b. her demand for normal goods will increase next months C. her demand for normal goods increases now d. her demand for all goods increases now O a O d a all gnswers. ОООО
- N7 Which of the following statements best illustrates the concept of derived demand? A. When the price the of gasoline goes up, the demand for motor oil will decline? B. As income goes up, the demand for farm products will increase by a smaller relative amount. C. An increase in the demand for cashmere sweaters and scarfs will cause an increase in the demand for cashmere to increase. D. A decline in the price of margarine will reduce the demand for butterWhich 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 fieldsAnalyze the impact of a change in demand or achange in supply or both (or it may not necessarily illustrate a change) on price(equilibrium price, market price) for the good under consideration and draw theappropriate graph for each article. Use D 1 , S 1 , P 1 , and Q 1 to symbolize initial demand,supply, equilibrium price and quantity respectively. Use D 2 , S 2 , P 2 , and Q 2 to representthe new demand, supply, equilibrium price and quantity respectively. B. Monthly average crude oil prices plunged 50% between January and March. Pricesreached an historic low in April with some benchmarks trading at negative levels.They are expected to average $35 per barrel in 2020, a sharp downward revisionfrom the October forecast and a 43% drop from the 2019 average of $61 per barrel.The downward revision reflects an historically large drop in demand. The decline incrude oil prices has been exacerbated by uncertainty around productionagreements among the Organization of the Petroleum Exporting…
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