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Get faster at matching terms Terms in this set (17)At the equilibrium price, the quantity of the good that buyers are willing and able to buy a) is greater than the quantity that sellers are willing and able to sell. b) Which of the following events must cause equilibrium quantity to fall? a) demand increases and supply decreases b) Which of the following events must cause equilibrium price to fall? a) demand increases and supply decreases c) Which of the following events must cause equilibrium price to rise? a) demand increases and supply decreases a) If the demand for a product increases, then we would expect equilibrium price a) to increase and equilibrium quantity to decrease. c) If the supply of a product decreases, then we would expect equilibrium price a) to increase and equilibrium quantity to decrease. a) Suppose that demand for a good increases and, at the same time, supply of the good decreases. What would happen in the market for the good? a) Equilibrium price would decrease, but the impact on equilibrium quantity would be ambiguous. b) If a surplus exists in a market, then we know that the actual price is a) above the equilibrium price, and quantity supplied is greater than quantity demanded. a) If, at the current price, there is a shortage of a good, then a) sellers are producing more than buyers wish to buy. c) Suppose buyers of coffee and sugar regard the two goods as complements. Then an increase in the price of coffee will cause a(n) a) decrease in the demand for sugar and a decrease in the quantity supplied of sugar. a) Suppose the income of buyers in a market for an inferior good decreases and a technological advancement occurs also. What would we expect to happen in the market? a) Equilibrium price would decrease, but the impact on equilibrium quantity would be ambiguous. b) What would happen to the equilibrium price and quantity of lattés if consumers' incomes rise and lattés are a normal good? a) Both the equilibrium price and quantity would increase. a) If consumers view cappuccinos and lattés as substitutes, what would happen to the equilibrium price and quantity of lattés if the price of cappuccinos falls? a) Both the equilibrium price and quantity would increase. b) Which of the following would increase in response to a decrease in the price of ironing boards? a) the quantity of irons demanded at each possible price of irons d) The signals that guide the allocation of resources in a market economy are a) surpluses and shortages. d) The market for soccer balls is characterized by the following supply and demand curves. What is the equilibrium price (P*)? QD = 100 - 2P QS = 2P (P: $/ball ; Q: balls) a) P*=$20 b) The market for solar heaters in Sugar Lake City is characterized by the following equations. What is the equilibrium price (P) and the equilibrium quantity (Q) for this market? QD = 120 - P QS = 2P (P: $/heater ; Q: heaters/week) a) P=$30 ; Q= 60 b) Recommended textbook solutions
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ECONOMICS Maria has decided always to spend one-third of her income on clothing. a. What is her income elasticity of clothing demand? b. What is her price elasticity of clothing demand? c. If Maria’s tastes change and she decides to spend only one-fourth of her income on clothing, how does her demand curve change? What is her in come elasticity and price elasticity now? Verified answer
ECONOMICS Given the following hypothesis: A random sample of five resulted in the following values: 18, 15, 12, 19, and 21.Assume a normal population. Using the .01 significance level, can we conclude the population mean is less than 20? a. State the decision rule. b. Compute the value of the test statistic. c. What is your decision regarding the null hypothesis? d. Estimate the p-value $$ H_0:μ≥20; H_1:μ<20 $$ Verified answer
ECONOMICS Economists define _____ as a marker structure with a few large firms, each of which has some market power. Verified answer
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Which of the following would not increase in response to a decrease in the price of ironing boards quizlet?
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