Foundations of Economics (8th Edition)
8th Edition
ISBN: 9780134486819
Author: Robin Bade, Michael Parkin
Publisher: PEARSON
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Question
Chapter 7, Problem 4MCQ
To determine
To select:
The appropriate option for the given statement.
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Which of the following causes for an increase in the supply of a product?
a.
An increase in the rate of tax
b.
An increase in the cost of production
c.
An increase in subsidy
d.
A decrease in the number of sellers
When a market is at equilibrium,
A
B
C
D
sellers are willing to sell less than consumers are willing to buy.
sellers are willing to sell more than consumers are willing to buy.
neither consumers nor producers are satisfied with the quantity traded.
both producers and consumers are satisfied with the quantity traded.
If the price of a product is below the equilibrium price, the result will be
A. A shortage of the good.
B. A surplus of the good.
C. A decrease in the supply of the good.
D. An increase in the demand of the good.
Chapter 7 Solutions
Foundations of Economics (8th Edition)
Ch. 7 - Prob. 1SPPACh. 7 - Prob. 2SPPACh. 7 - Prob. 3SPPACh. 7 - Prob. 4SPPACh. 7 - Prob. 5SPPACh. 7 - Prob. 6SPPACh. 7 - Prob. 7SPPACh. 7 - Prob. 8SPPACh. 7 - Prob. 9SPPACh. 7 - Prob. 10SPPA
Ch. 7 - Prob. 11SPPACh. 7 - Prob. 1IAPACh. 7 - Prob. 2IAPACh. 7 - Prob. 3IAPACh. 7 - Prob. 4IAPACh. 7 - Prob. 5IAPACh. 7 - Prob. 6IAPACh. 7 - Prob. 7IAPACh. 7 - Prob. 8IAPACh. 7 - Prob. 9IAPACh. 7 - Prob. 1MCQCh. 7 - Prob. 2MCQCh. 7 - Prob. 3MCQCh. 7 - Prob. 4MCQCh. 7 - Prob. 5MCQCh. 7 - Prob. 6MCQCh. 7 - Prob. 7MCQCh. 7 - Prob. 8MCQ
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- A rise in the wages paid to workers in the beef industry will: A. Decrease both the supply and demand for beef, lowering the equilibrium price but raising the equilibrium quantity of beef. B. Increase the demand beef, raising the equilibrium price and quantity of beef. C. Decrease the supply of beef, raising the equilibrium price and quantity of beef. D. Decrease the supply of beef, raising the equilibrium price but lowering the equilibrium quantity of beef. E. Decrease the demand for beef, lowering the equilibrium price and quantity of beef.arrow_forwardQUESTION 23 A university's football stadium is never more than half-full during football games. This indicates A. nothing about the equilibrium price B. the ticket price is below the equilibrium price C. the ticket price is above the equilibrium price D. the ticket price is at the equilibrium pricearrow_forwardAn increase in the ________ of a pumpkins to a decrease in ________ that leads to a ________. a. quantity; supply; change in demand b. demand; quantity demanded; change in supply c. supply; demand; change in price d. price; quantity demanded; movement along the demand curvearrow_forward
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- In a market, demand increases and supply decreases. What happens to equilibrium quantity? a.It remains the same b. It rises c.It falls d.Unknown without further informationarrow_forwardThe market must experience rising overall prices if there is a : A. All of the above B. Equilibrium C. Shortage D. Surplusarrow_forwardWhat would happen to the equilibrium price and equilibrium quantity of oranges if the costs of fertilizers, water and farm equipment increased? Select one: a. Price and quantity would both increase b. Price and quantity will both decrease c. Price will increase, but quantity will decrease d. Price will decrease, but quantity will increase e. It is impossible to determine what would have to price and quantityarrow_forward
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