Economics: Private and Public Choice
16th Edition
ISBN: 9781337642224
Author: James D. Gwartney; Richard L. Stroup; Russell S. Sobel
Publisher: Cengage Learning US
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Chapter 2, Problem 16CQ
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Let’s assume that tuna and salmon are substitute for one another. Suppose the price of tuna increases. What would you expect to happen to the demand for salmon?
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The demand for salmon would increase.
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The demand for salmon would stay the same.
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Economics: Private and Public Choice
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- What if buyers in the market were to Decrease?arrow_forwardIf everyone thinks that the price of gas will go up next week, what is likely to happen to the demand for gasoline today?arrow_forwardImagine that you are buying Lego bricks. The number of bricks you are willing to buy is determined by the market price of bricks. Your willingness to buy is defined by the following: You are willing to buy 1 brick if the price is at or below $30 You are willing to buy 2 bricks if the price is at or below $25 You are willing to buy 3 bricks if the price is at or below $20 You are willing to buy 4 bricks if the price is at or below $15 What is your consumer surplus if the market price of bricks is $23? Assume that there are enough sellers available to sell as many as you want to buy at that price. Enter the number below. Do not include the “$” sign.arrow_forward
- Why doesn’t the change to equilibrium happen immediately when there is surplus in the market?arrow_forwardThe introduction of new technology can affect the amount of supply a business will produce. Will it cause the supply curve to increase or decrease?arrow_forwardA government report comes out saying that drinking tea daily has great health benefits. This will cause the price of tea to [Select] and the quantity of tea bought and sold to [Select]arrow_forward
- Is there any graph that can show about the Malthusian Theory of the decreasing in supply food that will increase the population?arrow_forwardDoes a huge supply of a product lower or higher the price of a product?arrow_forwardName the three cases when both the demand and supply increases at a certain period of time?arrow_forward
- Graphically show how each of the following affects the demand curve. Also explain which factor of demand is being affected in each case: Salt is a “Neutral Good”. If income increases, how does it affect the demand for salt? What happens to the demand for Bus Rides when the Metro Rail starts running?arrow_forwardWhat causes the market demand for a commodity to increase (i.e., causes the market demand curve to shift up and to the right)?arrow_forwardwhat is a rationing mechanism?arrow_forward
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