Micro Economics For Today
10th Edition
ISBN: 9781337613064
Author: Tucker, Irvin B.
Publisher: Cengage,
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Question
Chapter P2, Problem 6KC
To determine
The impact of the increased wage of the grape pickers.
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Condider the market for grapes.an increase in the wage paid to grapes picker will causea.demand curve for grapes to shift to the right,resulting in a high equilibrium price for grapes and a reduction in the quantity consumed.b.demand curve for grapes to shift to the left,resulting in a lower equilibrium price for grapes and a increase in the quantity consumed.c.demand curve for grapes to shift to the left,resulting in a lower equilibrium price for grapes and a decrease in the quantity consumed.d.demand curve for grapes to shift to the left,resulting in a higher equilibrium price for grapes and a increase in the quantity consumed.
The figure above shows a market that is originally at equilibrium at Point A, the intersection between been supply curve S1 and demand curve D1.
Which of the following events would result in the market reaching a new equilibrium at Point C?
Question 10Answer
a.
An increase in supply and a decrease in the quantity demanded.
b.
A decrease in supply and an increase in the quantity demanded.
c.
A decrease in the quantity supplied and a decrease in demand.
d.
A decrease in supply and a decrease in the quantity demanded.
What happens when Tropical Storm Edna produces heavy rains that destroy a significant portion of the orange crop?
What is the effect of this tropical storm on the EQUILIBRIUM PRICE of oranges?
A.
Equilibrium price will DECREASE as a result of this tropical storm.
B.
Equilibrium price will INCREASE as a result of this tropical storm.
C.
Equilibrium price will REMAIN THE SAME as a result of this tropical storm.
What is the effect of this tropical storm on the EQUILIBRIUM QUANTITY of oranges?
A.
Equilibrium QUANTITY will DECREASE as a result of this tropical storm.
B.
Equilibrium QUANTITY will INCREASE as a result of this tropical storm.
C.
Equilibrium QUANTITY will REMAIN THE SAME as a result of this tropical storm.
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