Which of the following could cause the shift from $1 to S2 ? O A. A decrease in the number of producers in the market. OB. An increase in Consumer incomes. ⒸC. A reduction in the Prices of raw materials. O D. An increase in the tax burden on Producers. O E. An increase in worker wages. 54°F Sunny Q
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- We know that a change in the price of a product causes a movement along the demand curve. Suppose consumers believe that prices will be rising in the future. How will that affect demand for the product in the present? Can you show this graphically?poin(s) possible Imposing a sales tax on sellers of a product has an effect that is similar to which of the following? cem A. a decrease in people's willingness to work B. an increase in demand for the good C. an increase in the costs of production O D. a decrease in consumers' preferences for the good ue As O E. Anything that decreases the demand and shifts the demand curve leftward. nt Ass ЛAR 1 O Time Remaining: 00:58:48 ompleted (ECON202 $2022 online) is based on Bade/Parkin: Foundations of Microeconomics, 9e ооSuppose the town government imposes a $2 per hour tax on all gardeners. Indicatethe effect of the tax on the market for gardeners. What is the effect on the equilibriumwage and the equilibrium number of gardeners hired? How much does the gardenerreceive? How much does the customer pay? How much does the government receiveas tax revenue?
- Define the quantity supplied of a good or service: Select one: O a. O b. O c. equal to the difference between the quantity available and the quantity desired by all consumers and producers the same thing as the quantity demanded at each price the amount the firm would sell if it faced no resource constraints O d. The quantity supplied of a good or service is the quantity sellers are willing to sell at a particular price during a particular period, all other things unchanged. An increase in the number of sellers supplying a good or service: ► Select one: O a. shifts the supply curve to the left O b. shifts the demand curve to the left O c. shifts the supply curve to the right O d. shifts the demand curve to the rightChoose 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.Firms are better off using rebates rather than just lowering the price of a good because O only those who place a low value on their time or are price sensitive actually redeem the rebate, making profits higher than if they just lowered the price. Os customers overestimate the value of the rebate and so buy more of the good, making profits higher than if they just lowered the price. Oc lowering the price is inefficient and creates additional deadweight loss. OD people view the firm in a positive light because now poorer people will be able to afford their good.
- Greebies cost $100, and then the government puts a $50 sales tax on Greebies. (This means the tax is on the buyers). What is most likely to be the new price buyers pay? O a. $150 O b. $170 K Oc. All of these are equally likely to be the new price buyers pay Od. $70 Oe. $100 Of. $130Suisnou 1o sni .an increase in the producer surplus in the housing market .d O A price ceiling makes it illegal to charge a higher price than the specified price :choose one true O Error O price floor results in a surplus if the floor price is higher than the equilibrium priceThe figure belov ws suppl i demand curves for bread. Sty gl 25 De O 1 00 2000 1000 4000 so00 4000 7000 KO00 R00 10.000 Quantity of loaves Q You will not be given credit unless you provide a detailed explanation for the following questions! a) What are the equilibrium price and the equilibrium quantity in the bread market? How can you tell? b) 2.5 euros. Is there excess supply or excess demand in the bread market when the price of bread is 2.5 euros? Why? Explain how price, quantity demanded and quantity supplied will adjust to reach equilibrium when the price is c) change as resuit. Initially, the bread market is in equilibrium. Suppose that there is technological improvement in the production process of bread. Explain how supply and demand curves, equilibrium price and equilibrium quantity
- Suppose an economic boom causes incomes to increase and, at the same time, drives up wages for the sales representatives who work for cell phone companies. Assume that smartphones are a normal good. This will cause the: O price of cell phones and the equilibrium quantity to rise. O price of cell phones to rise, but the change in the equilibrium quantity is unclear and depends on whether the shift in demand is larger or smaller than the shift in supply. O price of cell phones and the equilibrium quantity to fall. O quantity of cell phones to rise, but the change in the equilibrium price is unclear and depends on whether the shift in demand is larger or smaller than the shift in supply.7) Refer to the Figure 3 below, the total emclency loss ls Figure 3 Price, P Pr Pw D D D' Quantity, O Select one: O AD+C O B.D+C+d OC.c+e O D.b+dWhich of the following would cause a shift in the demand curve for notebooks. Select one: O a. A fall in the price of notebooks. O b. A rise in the cost of printing. Oc. A fall in the cost of printing. O d. Lecturers putting lecture notes online. O e. A rise in the price of notebooks.