Answered: A change in which factor would shift…

A change in which factor would shift the supply curve? Select one: a. production technology b. the demand for the product O Oc. the price of the good being sold d. the willingness of consumers to pay

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Related questions

Q: A higher price for cartridge would result in a(n) O a. decrease in the demand for printers. O b.…

A: Cartridge refers to the ink container that is generally used with the printers to print the data on…

Q: Which of the following would be considered a dependent demand item? a. Shoes b.…

A: Dependent demand refers to the demand for component parts, raw materials, or sub-assemblies.

Q: The law of demand states, other things being equal, the higher the price of a good, the ____

A: Law of demand states that there is an inverse relationship between price and quantity demanded and…

Q: Suppose there are three buyers of candy in a market: Tex, Dex, and Rex. The market demand and the…

A: Individual quantity demanded Price per candy Tex Dex Rex Total quantity demanded 8 2 1 2 5 7 4…

Q: We can find the market supply for phones by: a. multiplying the number of sellers by the number of…

A: In economics, the total willingness of individual suppliers to produce and sell a good at different…

Q: What is the law of supply and demand, and how does it influence prices and quantities in a market?

A: The law of supply and demand is a fundamental principle in financial matters that portrays how the…

Q: 8. The supply of a good refers to A. O Stock available for sale B. O Total stock in the warehouse C.…

A: Supply is represented on the supply schedule which shows various quantities of a commodity that…

Q: What do you mean by an inferior goods give some examples?

A: According to the given question A good is basically said to be a inferior in a generally related…

Q: Reter to the diagram given below. Price A Bc Ouantity The above diagram shows the demand for and the…

A: Answer to the question is as follows:

Q: Which of the following statements about the supply curve is the most accurate? It shows how the…

A: Demand and supply are market forces which determine equilibrium in the free competitive market.

Q: DRAW THE MARKET EQUILIBRIUN CURVE. NOW SHOW NEW TECHNOLOGY AND INCOME GOES UP FOR BUYERS OF INFERIOR…

A: When there is equilibrium in the market, the quantity demanded equals the quantity supplied and the…

Q: help please answer in text form with proper workings and explanation for each and every part and…

A: To solve this problem, we'll use the midpoint formula for price elasticity of demand. The formula…

Q: If a decrease in income increases the demand for a good, then the good is Select one: a. a…

A: There are mainly three types of goods normal, inferior and luxury.

Q: An increase in the price of a good will: Group of answer choices A. increase demand B. increase…

A: The notion of demand is used in economics to determine the quantity of an item or service required…

Q: price is above the equilibrium, there will be excess supply of the product

A: True :- Because if the price of a good is above the equilibrium, this means that the quantity of…

Q: 7. The price point at which the supply and demand curve meets

A: The point where supply and demand curves meet is the equilibrium price/quantity.

Q: don't use chatgpt answer i will 5 upvotes and step by step explain.

A: a. A demand curve shows the relationship between the price and quantity demanded. If we see the…

Q: The fact that a fall in the price of a good results in a decrease in the quantity of the good…

A: Law of supply states that other things remains constant there is positive relationship between the…

Q: A given change in demand will yield a larger change in the quantity supplied A. the more elastic is…

A: Answer is given below

Q: Suppose hamburger is an inferior good. If incomes increase, the __________ for hamburger would shift…

A: Inferior good is one that whose demand is negatively related to the income of an individual.

Q: The accompanying graph contains the supply for knee braces. a. At $8 a brace, how many will be…

A: The price and quantity of products and services in the marketplace are largely computer by consumer…

Q: When economists say the quantity supplied of a product has decreased, they mean the supply curve has…

A: Supply Curve: It is the graphical object showing the relationship between the price of a good and…

Q: Which of the following factors will NOT cause a shift in the demand for a good? a. None of the…

A: The demand for a good refers to when the person has an adequate amount of resources and the…

Q: studies shows that the supply curve for bananas shifted. all of the following could be possible…

A: Supply curve represents the relationship between price and quantity supplied.

Q: An adverse weather condition can change the supply of a product.” It can be represented as a: a.…

A: Supply curve shows different combinations of quantity supplied and prices

Q: Price of wheat A. Supply D. F G. H Demand I K L M Quantity of wheat

A: Here, given graph explains the market for wheat with quantity of wheat on x-axis and price of wheat…

Q: All else being equal, if an average family’s income were to decrease because of the elimination of a…

A: All else being equal, if an average family’s income were to decrease, the demand for cheaper…

Q: Part A Read the following scenario and answer the questions below. Pete's Pastry has been selling a…

A: Supply of Pete's turnip pies has been increased lately. People are willing to pay more for turnip…

Q: Directions: Read each scenario. Illustrate the change in demand or change in quantity demanded for…

A: Answer: (1). Bagel and cream cheese are complementary goods as they are consumed together. Now if…

Q: What happened to the equilibrium price of cars when Henry Ford began using the assembly line? A.…

A: Henry ford used assembly line technology,due to which cost was reduced and supply of henry ford cars…

Q: If people buy less flowers at every price when their incomes fall, then a. there has been a decrease…

A: Normal goods are those goods whose demand is directly dependent on the income of consumer. The…

Q: What would be the situation if the price was moved from $2.50 to $1? $5 $4 $3 $2 $1 D 10 20 30 40 50…

A: Excess supply is said to occur when the quantity supplied of a good is more than the quantity…

Q: Which of the following moves the pizza market upalong a given supply curve?a. an increase in the…

A: Various points on the supply curve represent alternative price quantity combinations. An increase in…

Q: nited States.

A: Supply is the amount of a resource which the firms, labourers, producers, providers of financial…

Q: 70. The various quantities of a good/service that buyer will take off fromthe mark et at alternative…

A: Explanation:- Demаnd is the аmоunt оf а gооd thаt соnsumers аre аble аnd willing tо…

Q: Which of the following shifts the demand curve for rice? A. a decrease in the price of a pound of…

A: Meaning of Demand and Supply: The term demand refers to the willingness of an individual to…

Q: Student Work Graphing Supply and Demand Curves 1.Use the data below to create a graph to analyze the…

A: The law of demand states that, keeping other factors unchanged, as the price of a good increases,…

Q: Suppose we have the following market supply and demand schedules for bicycles: a. Plot the supply…

A: The market demand gives the total quantity purchased by all market players. Because the summing is…

Q: If price will change, holding other factors constant, the following will happen in the market for a…

A: A market is an arrangement under which buyers and sellers meet to exchange goods and services at a…

Q: 1. List 10 new market demand that people need in their lifestyle

A: Market demand portrays the interest for a given item and who needs to buy it. This is dictated by…

Q: Which of the following would cause a decrease in current, overall demand for a product? Select an…

A: Over all Demand for a product refers to quantity of a product that consumer able to buy or willing…

Q: The price of a haircut recently rose significantly, but Anton decided he could get along with the…

A: The supply curve represents the viewpoint of the producers, who decide how much they will sell and…

Question

A change in which factor would shift the supply curve?
Select one:
O
a. production technology
b. the demand for the product
c. the price of the good being sold
d. the willingness of consumers to pay

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1: Define demand and supply

VIEW

Step 2: Explain the correct statement

VIEW

Step 3: Explain why the other options is not correct

VIEW

Solution

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 4 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.

Similar questions

Answer the two questions relating to demand and the law of demand. a. Which can cause a shift in the demand curve? A change in Which of the choices illustrates the law of demand?
25. According to the following points on a demand curve, which would be the ideal price for a company to sell its product to get the maximum amount of revenue or total income before substituting cost? A. At $75, the quantity demanded per month is five. B. At $50, the quantity demanded per month is 10. C. At $100, the quantity demanded per month is two. D. At $25, the quantity demanded per month is 12.
According to the LAW OF SUPPLY, when the price of a product increases producers will.. Produce More O Produce Less
21. How does the law of supply and demand affect the prices of goods and services?
The demand for a good will be less price elastic, Select one: a. The larger is the percentage of income spent on it b. The higher is its price c. The smaller the supply of the good d. The fewer the substitutes available for the good e. The fewer there are complements for the good
i need the answer quickly
Q.A person sells 50 units of apple at price $1. What will be the total revenue when price thcrease to $2 and quantity remains constant.
Suppose there is an advance in the technology of tire production, in the market for tires a. Demand decreases, and the supply of tires increases. b. Demand increases, and the supply of tires decreases. c. Demand curve is unaffected, and the supply of tires increases. d. Supply curve is unaffected, and the demand for tires increases.
Which would decrease the price of eggs? OA technological advance that lowers the cost of producing and shipping eggs. An increase in the price of the food used to grow chickens. O An increase in the price of pancake flour, a substitute for eggs. A decrease in the price of bacon a complement to eggs.
The "quantity demanded" of any good or service is during a specified time period and at a specified price. A. the amount people are willing and able to offer B. the amount people are willing to buy because it is the amount sellers are willing to sell C. the amount people are willing to buy O D. the amount people are able to buy O E. the amount people are willing and able to buy Click to select your answer.
Please select one of the following. Price Price SO PO X P1 DO Q1 QO (1) (III) Quantity SO DO S1 Quantity Price Price (1) SO D1 S1 S1 DO Quantity DO SO Quantity (M) Consumers love their iphones. When an iphone factory burned to the ground what would you think would happen. Select one.
A restaurant owner learns that when he raises the price of his fries from $1 to $1.50 the quantity demanded falls from 100 to 90 baskets. This owner should Oraise the price of fries O lower the price of fries Okeep the price of fries same