QUESTION 7 When salaries decrease, what does happen in the market? O a. Total surplus decreases. O b. Consumer surplus decreases. O c. Producer surplus decreases. d. All of the above decrease.
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- Do 100 200 300 400 500 600 Quantity (thousonds of aportments per month) In the figure above, the initial demand curve is Do. There are no rent celilings nor rent floors. The equilibrium monthly rent is Select one: O a. $100 per month. O b. $200 per month. O c. $300 per month. O d. $400 per month. Rent (hundreds of dollars per month) 21Od. The quantity demanded Which of the following statements is TRUE? Select one: O a. Total surplus is the area between demand and price O b. Producer surplus is the area between suppy and price O c. Consumer surplus is the area between demand and the X-axis O d. Consumer surplus is the area between supply and the X-axis Nert pChoose the incorrect statement from the following: tion Select one: O a. Producer surplus is the area between the supply curve and the market price received. O b. Consumer surplus is the difference between the maximum price consumers are willing to pay and the minimum price producer O are willing to accept. Consumer surplus is the difference between consumers' willingness to pay and the actual market price paid. O d. Producer surplus is the price received for a good minus its MC, summed over the quantity sold.
- les of Microeconomics Spring20 fall20 Consumer surplus is the Select one: O A. price of a good expressed in dollars. O B. value of a good expressed in dollars. on O C. value of a good plus the price paid for it summed over the quantity bought. O D. value of a good minus the price paid for it summed over the quantity bought.4 Which of the following events would cause a movement upward and to the right along the supply curve for mangos? O a. The price of mangos rises. O b. The number of sellers of mangos increases. O c. The price of fertilizer decreases, and fertilizer is an input in the production of mangos. O d. There is an advance in technology that reduces the cost of producing mangos.QUESTION 15 When an economist says that the demand for a product has increased, this means that O A. consumers are now willing to purchase more of this product at each possible price B. the product has become particularly scarce for O C. product price has fallen and, therefore, consumers are buying a larger quantity of the product D. The demand some reason. curve has shifted to the left OUESTIO
- To say that the supply curve is upward sloping to the right means that O a. Producers will provide more at higher prices. O b. As the costs of production decrease, the quantity supplied will have to decrease. O c. As price goes up, quantity supplied will decrease. O d. Consumers will want to buy less at higher prices.A supplier was using labour for the production of clothes. But recently he purchased a new machine that will produce more clothes. By enmploying machines, the supplier was able supply more clothes to the market. Which of the following is explained in the above t of scenario? estion O a. Rightward shift of supplier on the supply curve O b. Leftward shift of supplier on the supply curve O c. Downward movement of supplier on the supply curve O d. Upward movement of the supplier on the supply curve Abdul is living in a country where he gets free education, free medical facilities. He is employed in the government service and he gets all the goods and services provided by the government. There are no private companies in his country. The country where Abdul lives is practicing ut of uestion O a. Capitalism O b. Command economy Market economy O d. Free economyWhich one of the following would cause an increase in the supply of planes? Select one: O a. an increase in the price of planes O b. an increase in taxes applied to plane producers Oc. an improvement in the technology used to produce planes O d. a decrease in the demand for planes Which of the following results in a movement along the supply curve of spinach but does not shift the supply curve of spinach? Select one: O a. a rise in the price of spinach O b. disastrous weather that destroys half of this year's spinach crop this year Oc. great weather that produces a bumper spinach crop O d. an increase in wages for workers in spinach fields
- Clear my choice When producers are willing and able to sell only less quantity of a good at the same price, the result is a in supply. O a. Increase O b. Contraction O c. Decrease O d. ExtensionA Giffin good is one in which the O a. supply; downward O b. supply; upward O c. demand; downward O d. demand; upward curve is sloping.Assume that the price for swimming pool maintenance services has risen and sales of these services have fallen. One can conclude that O A. the law of supply has been violated. B. the supply of swimming pool maintenance services has decreased. O C. swimming pool maintenance services are becoming more technologically advanced. O D. the demand for swimming pool maintenance services has decreased. O E. the demand for swimming pool maintenance services has increased.