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.
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- When might the supply curve for microwave ovens shift? Select one: a. only when production technology changes. O b. only when the number of sellers of microwave ovens changes. Oc. when a determinant of the supply of microwave ovens other than the price of microwave ovens changes. O d. when any determinant of the supply of microwave ovens changes. O e. Only if the price of steel increases.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.Consider the following statement: "The market supply for natural gas is the sum of all prices that natural gas producers are willing and able to sell at for every quantity." What is the flaw in this statement? O It should state that market supply is the sum of the quantities of natural gas that producers are willing and able to sell at every price. O It should state that market supply is the quantity of natural gas that producers are willing and able to sell at one specific price. There is no flaw in this statement. It should state that market supply is the price of natural gas that one firm is willing and able to provide a specified quantity of its product at.
- les of Macroeconomics - Spring21 Which of the following statements is CORRECT? Select one: O a. A change in the quantity demanded means a shift in the demand curve. O b. Achange in demand means a movement along the demand curve. O c. Achange in demand and change in quantity demanded means the same thing. O d. Achange in demand means a shift in the demand curve while change in the quantity demanded means a movement along the demand curve. NEXT PAGEThe graph shows the market for cashews. What is the equilibrium price of cashews? What is the equilibrium quantity of cashews? Is the market for cashews efficient or inefficient? Why? CIER The equilibrium price of cashews is $ a pound and the equilibrium quantity of cashews is pounds. The market for cashews is O A. inefficient only if the cost of growing all the cashews is an average of $6.00 a pound OB. efficient because the marginal benefit of cashews equals the marginal cost of producing them, which is $6.00 a pound OC. inefficient because growers of cashews receive a large producer surplus O D. efficient because the benefit of each pound of cashews consumed equals the cost of growing it OE. efficient only if the total benefit of the cashews equals $6.00 a pound billion A 12.00- 10.00- 8.00- 6.00+ 4.00- 2.00- 0.00+ 0 Price (dollars per pound) S 3 9 12 6 Quantity (billions of pounds per year) D 15 Q QLarge leather purses After several movie stars are photographed carrying large leather purses, people go crazy for these items, and the price rises a lot. In the market diagram above, what happens? Select one: O a. Supply goes up in response to the rise in price. O b. There is not enough information to tell. O c. Quantity supplied increases as the price rises. O d. Supply actually decreases since people stop buying these items when the price rises. Check
- 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 todayWhen consumer incomes increase and there is technological progress, which of the following describes the expected change in equilibrium price and quantity transacted within the market? a. The quantity exchanged decreases, but the change in price cannot be determined. Ob. The equilibrium price decreases, but the change in quantity exchanged cannot be determined. O c. The equilibrium price increases, but the change in quantity exchanged cannot be determined. O d. The quantity exchanged increases, but the change in price cannot be determined.If butter and margarine are substitutes, an increase in the price of butter causes: Select one: O a. quantity demanded of margarine to fall and the demand curve for butter to shift toward the origin O b. quantity demanded of butter remains constant, but the demand for margarine decreases O c. the demand curve for both butter and margarine shift O d. decrease in quantity demanded for butter and an outward shift of the demand curve for margarine
- Some years ago, it was discovered that aspirin can reduce an individual's risk of a heart attack. How do you think this affected the market diagram for aspirin? Select one: O a. The supply curve shifted to the right. O b. The price line shifted downwards. O c. The demand curve shifted to the right. O d. The supply curve shifted to the left. e. O e. The demand curve shifted to the left.Which 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 fieldsWhich of the following must remain the same while defining the Law of Supply? O a. Price of other commodities O b. Technology c. Price of factors o d. All of these