Macroeconomics: Private and Public Choice (MindTap Course List)
16th Edition
ISBN: 9781305506756
Author: James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher: Cengage Learning
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Chapter 5, Problem 8CQ
To determine
Identify whether the given statement is true or false.
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Which of the following explains why a seller might charge a high price when a new video game console is first released and then lower the price as time goes by?
Select one:
a. The buyers want to buy the new video game console only if the price is high because a high price signals good quality.
b. The seller wants to test the market to see how consumers react to the product.
c. The seller has to sell the newly released video game console at the government-mandated price.
d. The seller can charge a high price to consumers who want to be the first ones to own a newly released product.
How to regulate price increases in agricultural products especially during special occasions?
Give an example of supply and demand market price changes have experienced or have learned about through the news media during or after a hurricane, typhoon, tsunami, fire, flood, mudslide, earthquake, or other natural disaster.
If prices went up, did you think it was fair?
Did you think it was ethical? If you did not personally experience the disaster, put yourself in the shoes of someone who did, and answer the questions hypothetically.
Chapter 5 Solutions
Macroeconomics: Private and Public Choice (MindTap Course List)
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- There is a market for second-hand cars. There are 100 good cars and 100 bad cars, and there are 200 sellers and 200 buyers. A seller values a good car 400 dollars and bad car 200$. A buyer values good cars for 500$ and bad car for 250$. How many cars will be exchanged for which price?arrow_forwardHow poorly regulated markets can cause harm to third parties not involved in exchange?arrow_forwardWrite a brief policy statement that presents a position on the need for utilizing morediverse suppliers.arrow_forward
- Describe what would happen to the equilibrium price of marijuana if it were legalized.arrow_forwardSeveral years ago, hurricane Gilbert destroyed thousands of acres of banana in St Vincent . Farmers whose crops were destroyed by the hurricane were much worse off, but farmers whose crops were not destroyed benefited from the hurricane. Why did this occur? What information would you need about the market for bananas in order to assess whether farmers as a group were hurt or helped by the floods?arrow_forwardWhich one of these descriptions is WRONG?arrow_forward
- mechanics usually have better information about how to fix automobiles than their customers do. What problems does this advantage create? Can mechanics or their customers do anything to limit these problems?arrow_forwardIs there something special or distinguishing about the good or service that sets it apart from alternatives and rivals?arrow_forwardIn much of Europe, the legal age to obtain a driver's license is 18. If the legal driving age in the United States was changed to 18, how would this affect the market for new automobiles? The market for automobile insurance?arrow_forward
- There are several hamburger shops around you. You are trying to find ways to make your hamburger shop the most successful hamburger shop in your area. What is at least one way you would differentiate your shop from others?arrow_forwardHow does consumerism provide opportunities for and limitations on impacting quality of life?arrow_forwardThe federal government requires that all foods display information about fat content and other ingredients on food packages. The displays have to be verified by independent labarotories. The price of an evaluation of a food product could run up as much as $20,000. What impact do you think this law will have on the market meat?arrow_forward
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