Which of the following situations could be considered examples of price gouging? a. A deadly tornado strikes Oklahoma City, destroying the homes of 50% of its population. Immediately afterward the price of sleeping bags increases by 150%. b. The exchange rate between U.S. dollars and the Papua New Guinea kina increases sharply as the Summer Olympics in Paris, France, approach. c. A new model of sunglasses become the hottest overnight fashion trend after several movie stars wear them to the Academy Awards. As a result, producers increase their price B300%. d. At what level would you expect prices to settle during a period of price gouging? The price would settle the pre-gouging market price.

Which of the following situations could be considered examples of price gouging? a. A deadly tornado strikes Oklahoma City, destroying the homes of 50% of its population. Immediately afterward the price of sleeping bags increases by 150%. b. The exchange rate between U.S. dollars and the Papua New Guinea kina increases sharply as the Summer Olympics in Paris, France, approach. c. A new model of sunglasses become the hottest overnight fashion trend after several movie stars wear them to the Academy Awards. As a result, producers increase their price B300%. d. At what level would you expect prices to settle during a period of price gouging? The price would settle the pre-gouging market price.

Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter5: Markets In Motion And Price Controls

Section: Chapter Questions

Problem 9P

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Which of the following situations could be considered examples of price gouging? a. A deadly tornado strikes Oklahoma City, destroying the homes of 50% of its population. Immediately afterward the price of sleeping bags increases by 150%. price gouging b. The exchange rate between U.S. dollars and the Papua New Guinea kina increases sharply as the Summer Olympics in Paris, France, approach. c. A new model of sunglasses become the hottest overnight fashion trend after several movie stars wear them to the Academy Awards. As a result, producers increase their price by 300%. d. At what level would you expect prices to settle during a period of price gouging? The price would settle the pre-gouging market price.
The following graphs show the relationship between the price of peaches and the quantity of peaches supplied in two different regions, the North and the and South. Assume that the two lines are parallel. In the North, if the price goes down by $0.40 per pound, then the quantity supplied in the North goes down by 600 pounds per year. If the price of peaches goes down by $0.40 in the South, what will happen to the quantity supplied? A. There is not enough information given to determine the supply change in the South. B. The quantity will decrease by 600 pounds per year. C. The quantity will increase by 600 pounds per year. D. The quantity will increase by 300 pounds per year.
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The “A” index is a proxy for the world price of cotton. From January to October 2010, the price reflected by the “A” index increased by about 50%. On the following graph, shift the supply curve to show what may have caused the increase in the price of cotton.
Suppose that the world price of coffee fell by 10% last year and the quantity fell by 5%. Which of the following events could explain this?
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