QUESTION 38 38. Which of the following statements referring to economic jargon is TRUE? a "free good" is one which is so abundant that there is enough to satisfy all that people may want of it. "scarcity" arises from assumptions of unlimited human wants and limited resources. a "scarce good" is one for which quantity demanded is less than quantity supplied. all the above are true only (a) and (b) above are true.

please do the questions and the chocies for the last question is (high, low)   thankyou!!

please solve a and b

For each of the statements below, select the option that best describes what would happen to the equilibrium price and quantity in the market (noted in italics).     Price up, quantity down                 e. Price down, quantity uncertain Price up, quantity up                       f.  Price up, quantity uncertain Price down, quantity down               g. Price uncertain, quantity up Price down, quantity up                   h. Price uncertain, quantity down   ____ 1.  Banana consumers experience a decrease in their income (assume bananas are an inferior good).   ____ 2.  Shoe manufacturers experience an increase in the price of raw materials such as leather and                                 rubber.   ____ 3.  U.S. consumers of jelly (to make PB&J sandwiches) witness an increase in the price of peanut butter                                 caused by an increase in supply. ____ 4.  Consumer enthusiasm for vacations increases air travel at the same time jet fuel costs are…

USE FIGURE #1:  A construction boom occurs and many of the new buildings need plywood for their framing.  Which of the figures above best illustrates this change? Group of answer choices Figure A or Figure C Figure A Figure C Figure D Figure B

Problem 2: At the start of the COVID-19 pandemic, it was difficult to find supplies of standard household toilet paper in grocery stores. Using supply and demand analysis, speculate as to why? Problem 3: Consider an individual's demand curve for a specific good, given that person's preferences and income. That demand curve depicts how that individual's quantity demanded of a particular good (say boneless skinless chicken thighs) depends upon the price. Specifically, the individual's demand curve plots the answers to "what is the utility maximizing quantity of that specific good given the person's preferences and income for a specific price for that good, holding fixed the prices of all other goods?" A typical good is depicted on pages 21 and 24 of Notes N2. Page 21 shows how the utility- maximizing amount of beer varies with the price change by showing how the consumer maximizes their utility subject to the budget constraint (which varies with the price of beer). Page 24 summaries…

Brick and mortar retail stores were particularly hard hit by the pandemic and several large chains went bankrupt. Others survived by developing or switching to online sales platforms and developing systems like a curbside pickup. Using the lessons of supply and demand analysis, and in particular, the discussion of demand and supply shifters, answer the following and explain your answer: 1) Do these innovations affect supply or demand, imposing the “all else constant” assumption (the only one can be affected). 2) Identify the shifter. 3) Which direction does the curve you identified shift and why? 4) Describe what happens to price and quantity at the new equilibrium.

d) They use controlled experiments much the same way a biologist or physicist does. B1) In a pure mkt economy, goods are rationed by: a) the price b) the person's need c) a central planner (usually a gov't) d) "first come, first serve"

Suppose the market for hats is competitive, with many small producers of hats, each of them unable to affect the market price of hats, and many consumers. And suppose there is an increase in the demand for hats. (a) How would an increase in demand affect the demand curve and supply curve for hats; and how would it change the equilibrium price and quantity of hats sold? (b) The Core Economics text observes that "price-taking is no longer a “Nash equilibrium". What is a “Nash equilibrium"? And why is price-taking no longer one? (c) When the market is not in equilibrium, it is said that the short side of the market dominates. What does this mean? (d) What are "economic rents"? How does "rent seeking" enter the process of price adjustment? (e) In what ways might the market for hats differ from "the labour market"?

A: Decide whether each of the following statement is TRUE or FALSE, and explain the reason for your justification and correct the false statements: A firm is adopting a new technology in the production of its good. We should expect that demand for this good will shift to the right.