Brief Principles of Macroeconomics (MindTap Course List)
8th Edition
ISBN: 9781337091985
Author: N. Gregory Mankiw
Publisher: Cengage Learning
expand_more
expand_more
format_list_bulleted
Question
Chapter 4, Problem 4CQQ
To determine
Change in supply and
Expert Solution & Answer
Trending nowThis is a popular solution!
Students have asked these similar questions
The figure above shows a market that is originally at equilibrium at Point A, the intersection between been supply curve S1 and demand curve D1.
Which of the following events would result in the market reaching a new equilibrium at Point C?
Question 10Answer
a.
An increase in supply and a decrease in the quantity demanded.
b.
A decrease in supply and an increase in the quantity demanded.
c.
A decrease in the quantity supplied and a decrease in demand.
d.
A decrease in supply and a decrease in the quantity demanded.
carefully explain what is happening in the market for tea. indicate the impact if any on demand, supply,price and quantity .coffee and tea are demand substitutes. coffee plantations increase the supply of coffee.
choose the suitable answer.
1) Impact on demand
a. decrease equilibrium quantity
b.excess supply
c. increase equilibrium quantity
d. decrease towards equilibrium
e.increase towards equilibrium
f. change in price in uncertain
g.decrease equilibrium price
h.excess demand
i. change in quantity uncertain
j.increase equilibrium price
k. no impact
l.shift outwards/ to right
m.shift inwards/to left
What happen if Demand of petrol is higher than Supply. Make answer in 1 paragraph
Chapter 4 Solutions
Brief Principles of Macroeconomics (MindTap Course List)
Ch. 4.1 - Prob. 1QQCh. 4.2 - Prob. 2QQCh. 4.3 - Prob. 3QQCh. 4.4 - Prob. 4QQCh. 4 - Prob. 1CQQCh. 4 - Prob. 2CQQCh. 4 - Prob. 3CQQCh. 4 - Prob. 4CQQCh. 4 - Prob. 5CQQCh. 4 - Prob. 6CQQ
Ch. 4 - Prob. 1QRCh. 4 - Prob. 2QRCh. 4 - Prob. 3QRCh. 4 - Prob. 4QRCh. 4 - Prob. 5QRCh. 4 - Prob. 6QRCh. 4 - Prob. 7QRCh. 4 - Prob. 8QRCh. 4 - Prob. 9QRCh. 4 - Prob. 1PACh. 4 - Prob. 2PACh. 4 - Consider the market for minivans. For each of the...Ch. 4 - Prob. 4PACh. 4 - Prob. 5PACh. 4 - Prob. 6PACh. 4 - Prob. 7PACh. 4 - Prob. 8PACh. 4 - Prob. 9PACh. 4 - Prob. 10PACh. 4 - Prob. 11PA
Knowledge Booster
Similar questions
- Many changes are affecting the market for oil. Predict how each of the following events will affect the equilibrium price and quantity in the market for oil. In each case, state how the event will affect the supply and demand diagram. Create a sketch of the diagram if necessary. Cars are becoming more fuel efficient, and therefore get more miles to the gallon. The winter is exceptionally cold. A major discovery of new oil is made off the coast of Norway. The economies of some major oil-using nations, like Japan, slow down. A war in the Middle East disrupts oil-pumping schedules. Landlords install additional insulation in buildings. The price of solar energy falls dramatically. Chemical companies invent a new, popular kind of plastic made from oil.arrow_forwardExplain why the following statement is false: In the goods market, no seller would be willing to sell for less than the equilibrium price.arrow_forwardCan you propose a policy that meld induce the market to supply more rental housing units?arrow_forward
- There are no calcul? How do you find the new equilibrium price?arrow_forwardThe figure above shows a market that is originally at equilibrium at Point A, the intersection between been supply curve S1 and demand curve D1. Which of the following events would result in the market reaching a new equilibrium at Point E? Question 11Answer a. An increase in demand and a decrease in supply. b. An increase in demand and an increase in supply. c. A decrease in demand and a decrease in supply. d. An increase in the quantity demanded and an increase in the quantity supplied.arrow_forwardA change in the price of a product will cause: Select one: a. a shift in the supply curve b. a change in quantity supplied c. a change in demand for a product d. a change in consumer preferences Which of the following products is most likely to have an elastic demand? Select one: a. cigarettes b. toothpicks c. automobiles d. insulin Refer to the below information. Equilibrium price will be Select one: a. $2 b. $1 c. $4 d. $3arrow_forward
- 2. Explain what will be the result of cheaper sugar used in production of cakes at Bread Talks. What factor is this? Draw the graph and show the change. 3) Discuss the results of an increase in the price of crude oil for production of petroleum. Discuss how supply and price of petroleum will be changed? What factor is this? Draw the graph and show the change. Ⓒ If the price of chicken increases, discuss the changes in the market demand for beef. What factor is this? Draw the graph and show the change.arrow_forwardUse supply and demand curves to illustrate and explain how each of the following events would affect the market for petrol in Singapore. Please explain and draw the daigram A global recession. A government subsidy paid to electric car manufacturers.arrow_forwardAn increase in supply and a decrease in demand occur in a market. What happens to the equilibrium price and quantity? A.) The equilibrium price decreases; the equilibrium quantity increases. B.) The equilibrium price increases; the equilibrium quantity decreases. C.) The equilibrium price increases; the change in the equilibrium quantity is uncertain. D.) The equilibrium price decreases; the change in the equilibrium quantity is uncertain.arrow_forward
- 27.Increase and decrease in supply is due to ______________________factors keeping the price constant.arrow_forward1arrow_forwardConsider the market for Teslas. The price of gasoline increases and the cost of producing Tesla batteries rise. How will the market for Teslas respond? Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. a prices will rise and the equilibrium quantity may or may not change. b prices will rise and the equilibrium quantity will increase. C prices will rise and the equilibrium quantity will decrease. d There is not enough information to answer the questionarrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
- Essentials of Economics (MindTap Course List)EconomicsISBN:9781337091992Author:N. Gregory MankiwPublisher:Cengage LearningBrief Principles of Macroeconomics (MindTap Cours...EconomicsISBN:9781337091985Author:N. Gregory MankiwPublisher:Cengage LearningEconomics (MindTap Course List)EconomicsISBN:9781337617383Author:Roger A. ArnoldPublisher:Cengage Learning
Essentials of Economics (MindTap Course List)
Economics
ISBN:9781337091992
Author:N. Gregory Mankiw
Publisher:Cengage Learning
Brief Principles of Macroeconomics (MindTap Cours...
Economics
ISBN:9781337091985
Author:N. Gregory Mankiw
Publisher:Cengage Learning
Economics (MindTap Course List)
Economics
ISBN:9781337617383
Author:Roger A. Arnold
Publisher:Cengage Learning