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- Suppose there is a soda tax to curb obesity. What should a reduction in the soda tax do to the supply of sodas and to the equilibrium price and quantity? Canyon show this graphically? Hint: Assume that the soda tax is collected from the sellers.As a general rule, is it safe to assume that a change in the price of a good will always have its most significant impact on the quantity demanded of that good, rather than on the quantity demanded of miller goods? Explain.If a 10 decrease in the price of one product that you buy causes an 8 increase in quantity demanded of that product, will another 10 decrease in the price cause another 3 increase (no more and no less) in quantity demanded?
- What is the relationship between quantity Demanded and quantity supplied at equilibrium? What is the relationship when there is a shortage? What is the relationship when them is a surplus?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?The law of demand states that if other factorsremain constant there isSelect one:a. An exponential relationship between priceof a good and the quantity demanded.O b. A negative relationship between the priceof a good and the quantity demanded.oc. A linear relationship between price of agood and the quantity demanded.O d. A positive relationshipbetween the price ofa good and the quantity demanded.
- Suppose that video game discs are a normal good.. If the income of video game players increases, you predict that in the market for video games, O both equilibrium price and quantity will fal. O equilibrium price will increase, and quantity will decrease. o both equilibrium price and quantity will increase. O equilibrium price will fall, but quantity will increase.K Does an increase in the supply of tank tops bring a surplus or a shortage of tank tops at the original price? How does the price of a tank top change as the market moves to its new equilibrium? An increase in the supply of tank tops brings a OA. surplus; fall O B. shortage; rise OC. shortage; fall O D. surplus; rise of tank tops at the original price, and the price of a tank top will K Does an increase in the supply of tank tops bring a surplus or a shortage of tank tops at the original price? How does the price of a tank top change as the market moves to its new equilibrium? An increase in the supply OA. surplus, fall OB shortage, rise OC. shortage, fall OD. surplus, rise tank tops brings a of tank tops at the original price, and the price of a tank top willa. b. According to the Law of Supply, if the price of a good increases, O A. the supply of that good will rise O B. the supply of that good will fall O C. the quantity supplied of that good will increase O D. the quantity supplied of that good will decrease Also, if the price of Nike's athletic shoes decreases, A. then the demand for the shoes will fall B. then the quantity demanded will decrease O C. then the quantity demanded will increase O D. then the supply of those shoes will fall
- Consumers expect that the price per kilograms of wheat will rise next week, as a result the price per kilogram of wheat will fall today O a. b. supply of wheat next week will increase O C. demand for wheat will increase today O d. the price per kilograms of wheat will increase todayThe demand for a given good will decrease when the price of its substitute and the demand for a given good also decreases when the price of its complement Select one: O a. None of the provided answers are correct O b. rises; rises O c. falls; falls O d. falls; rises Assume a demand curve for coffee; Which of the following would NOT shift the demand curve for coffee? Select one: O a. an increase in wages O b. a decrease in the price of tea O c. price of coffee changes O d. a change in taste for teapeople decide to paint their houses What is the appropriate response for the ? O Price of paint brushes decreases Home depot has a sale on paint Demand for paint brushes decreases ?
