Answered: Which of the following is not a scarce… | bartleby

MACROECONOMICS

14th Edition

ISBN:9781337794985

Author:Baumol

Publisher:Baumol

Chapter4: Supply And Demand: An Initial Look

Section: Chapter Questions

Problem 3TY

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Can you answer please?

Which of the following is not a scarce resource?
Select one:
O a. Sunshine for solar power in the deserts of Arizona
O b. People able to repair industrial robots
O c. Labor, when the unemployment rate is near 10 percent
O d. Factories used to produce personal computers
O e. Fertile land in Kansas

What will happen to the equilibrium price and quantity of traditional camera film if traditional cameras become
more expensive, digital cameras become cheaper, the cost of the resources needed to manufacture traditional
film falls, and more firms decide to manufacture traditional film?
Select one:
O a. Price will rise, and the effect on quantity is ambiguous.
O b. Price will fall, and the effect on quantity is ambiguous.
O c. Quantity will rise, and the effect on price is ambiguous.
O d. Quantity will fall, and the effect on price is ambiguous.

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What will happen in the market for chicken burgers if the price of chicken meat and the price of veggie burgers both increase? O a. Equilibrium price will increase and equilibrium quantity will increase. O b. Equilibrium price will decrease and equilibrium quantity will increase. O c. Equilibrium price will increase but the effect on quantity will be uncertain. Od. Equilibrium price will decrease but the effect on quantity will be uncertain. Oe. Equilibrium quantity will decrease but the effect on price will be uncertain.
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