Which of the following would reduce the supply of baseball hats?An increase in the demand for baseball hats.An increase in the price of cloth used to make baseball hats.A reduction in the cost of labor used to make baseball hats.All of the above.

Supply of baseball hates depends on the price of raw material, and other factors that are used in…

Answered: Which of the following would reduce 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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A change from E 1 to E 2 is most likely to result from: A decrease in consumer incomes An increase in the wages of chicken workers An increase in the price of beef products Improved technology in the chicken industry
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Price elasticity of supply (PES): Range of values Determinants Time Availability of producer substitutes Costs
An increase in the cost of flour used to bake bread is most likely to
You are an economist for the City Subway Commission. Presently, the price of a subway ride is 80 cents, and 250000 seats are filled weekly. The price elasticity of demand for subway rides is -0.40, and the income elasticity of demand is -0.60. (A) If a recession lowered area incomes by 5%, how many additional seats per week would the subway need?
Which of the following is most likely to have a low price elasticity of demand? A good that is very expensive. A good with no close substitutes. A good that most people consider a luxury. All are equally likely to have a low price elasticity of demand.
Which among the following is true regarding price elasticity of supply? Select one: a) The elasticity of supply does not vary directly with the amount of time producers have to respond to the price change b) The equilbrium price in short run is same as the equilbrium price in market period c) The equilbrium price in short run is lower than the equilbrium price in market period d) The equilbrium price in short run is higher than the equilbrium price in market period e) None of the answers are correct
Select all that are true regarding changes in markets changes in supply or changes in demand refer to changes in the function (relationship between price and quantity) changes in quantity refers to movement along an existing supply or demand curves changes in quantity are from a change in the willingness to pay or willingness to accept changes in supply or changes in demand are from the same willingness to pay or willingness to accept changes in supply or changes in demand results in a shift of the functions (lines) on the market graph changes in quantity result from movement along an existing demand or supply function
A decline in the price of factor A will: Select one; Increase the demand of for complimentary factor B Shift the demand curve for A to the right Reduce the demand of for complimentary factor B Shift the demand curve for A to the left Discourage the consumers from consuming the goods of factor A
True/False Excess supply of a commodity occurs Exists when it's market price is greater than its equilibrium price.
A surplus in a competitive market occurs when the: quantity demanded exceeds the quantity supplied and the price is below the equilibrium price. Oprice is below the equilibrium price. quantity demanded exceeds the quantity supplied. Oprice is above the equilibrium price.
If both supply and demand decrease, the equilibrium price A) does not change. B) cannot be predicted. C) rises. D) falls.

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Which of the following would reduce the supply of baseball hats? An increase in the demand for baseball hats. An increase in the price of cloth used to make baseball hats. A reduction in the cost of labor used to make baseball hats. All of the above.