If an economist states the following event occured in a market "The quantity demanded has decreased." What can we conclude? The demand curve shifts to the right. O There is movement along the existing demand curve toward a lower price. O The demand curve shifts to the left. O There is movement along an existing demand curve toward a higher price.

Equilibrium happens in a market when quantity supplied (Qs) equals quantity demanded (Qp). Use this result to solve for equilibrium if the demand curve is QD = 40- 3P and the supply curve is Qs = 12 + P. Select one: O a. P = 5, Q = 40 O b. P = 5, Q = 20 O c. P = 15, Q =7 d. P = 7, Q = 19 ge Next page :5 Jump to... HW Unit 5 DUE March 10 ed in as Ashli-Amari Bent (Log.out) 2021/SPRING/DAY on summary nile ann. G Search or type URL

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The relationship between quantity supplied and the price of output is such that O an increase in quantity will automatically lead to a reduction in price. O quantity will decrease as the number of firms increases. O an increase in price will produce an inward shift in the supply curve. O an increase in price will lead to an increase in quantity supplied.

Oil refiners can refine a barrel of petroleum so that it yields either more home heating oil or more diesel fuel (i.e., they are related goods). If the price of diesel fuel falls, there is O an increase in the quantity of home heating oil supplied. O an increase in the supply of home heating oil. O an increase in the demand for home heating oil. O a decrease in the quantity of home heating oil supplied. O a decrease in the supply of home heating oil.

If the number of people seeking to purchase new homes in the area increases at the same time that the prices of lumber and other homebuilding materials increase, then supply and demand analysis predicts that the: Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. a equilibrium price and the equilibrium quantity of new homes will increase. b equilibrium quantity of new homes will increase but the change in equilibrium price cannot be determined from the information given. C equilibrium price and the equilibrium quantity of new homes will decrease. X Your answer d equilibrium price of new homes will increase but the change in equilibrium quantity cannot be determined from the information given.

Consider the market demand for compact cars. Complete the following table by indicating whether an event will cause a movement along the demand curve for compact cars or a shift of the demand curve for compact cars, holding all else constant. Event A decrease in the price of gasoline (a complement for compact cars) A decrease in the price of compact cars A decrease in the number of consumers Movement Along Shift O O

Q15

Consider the market demand for wine. Complete the following table by indicating whether an event will cause a movement along the demand curve for wine or a shift of the demand curve for wine, holding all else constant. Event An increase in the number of consumers An increase in the price of wine An increase in the price of beer (a substitute for wine) Movement Along Shift O O O Sous & Cantique