Economics For Today
10th Edition
ISBN: 9781337613040
Author: Tucker
Publisher: Cengage Learning
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Question
Chapter P2, Problem 4KC
To determine
The impact of setting the price of concert below
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Students have asked these similar questions
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
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 for QUESTION 2, 3 and 4.
Questions
2) impact on supply
3)impact on price
4)impact on quantity
Answers.
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
A 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. $3
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- Draw a supply and demand graph for new cars. Show the impact that the 2008-09 recession (with the decrease in consumer income) had on the market for cars. You can show this best by shifting one of the curves. What happens to the price and quantity of new cars?arrow_forwardcarefully explain what is happening in the following market.indicate the impact if any on demand, supply price and quantity: In the market for housing, house prices are expected to increase significantly in the neat future. choose the suitable answer for question 1,2,3 &4 Questions: 1) impact on supply 2) impact on demand 3) impact on price 4) impact on quantity Answer: 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 leftarrow_forwardFor a particular good, a 10 percent increase in price causes a 15 percent decrease in quantity demanded. Which of the following statements is most likely applicable to this good? A. There are no close substitutes for this good. B. The good is a necessity. C. The market for the good is broadly defined. D. The relevant time horizon is long.arrow_forward
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