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- When a market is in equilibrium, the economic problem has been solved. Comment on the truth or falsity of the statement.When the cost of production decreases and all other factors remain the same, then if we have a market equilibrium the price of Equilibrium will decrease and the quantity of equilibrium will increase. Select one: True FalseMarket mechanism in economics
- For each of the alternatives below, explain for each one whether it is true, false or uncertain, based on the following statement:"Flour is an inferior good. So, if per capita income falls":(a) the supply of flour will shift to the left.(b) the quantity of flour supply will fall.c) The demand for flour will shift to the right.d) The demand for flour will shift to the left.The price of Apple has increased. Due to this the supply of apple will rise. True/FalseA city passes a law that automobile prices may not increase. The auto market is currently in equilibrium. What will happen in that market if costs of producing autos increase? Selected answer will be automatically saved. For keyboard navigation, press up/down arrow keys to select an answer. a More than the allocatively efficient amount will be produced. b Less than the allocatively efficient amount will be produced. c The allocatively efficient amount will be produced but there will be a shortage. d The allocatively efficient amount will be produced but there will be a surplus.
- When a competitive market is in equilibrium, the buyers are those with the __________ willingness to pay, and the sellers are those with the __________ opportunity costs. A)highest; highes B)highest; lowest C)lowest; highest D)lowest: lowestWhich of these is not an example of a market failure: Group of answer choices there is only one seller of internet access in a community. your next door neighbor plays music at night that wakes you up. the price of gas increases. No answer text provided.If the equilibrium quantity in a competitive market is 25, but society (by some means) buys and sells a total of 41 units, then an inefficiency is caused by the exchange of 16 units.True or False
