When the current price is above the market-clearing level we would expect: quantity supplied to exceed quantity demanded Elasticity measures the percentage change in one variable in response to a one percent increase in another variable. Which of the following will NOT cause a shift in the supply of gasoline? A decrease in the price of gasoline rom 1970 to 2010, the real price of eggs decreased. Which of the following would cause an unambiguous decrease in the real price of eggs? A shift to the right in the supply curve for eggs and a shift to the left in the demand curve for eggs What happens if price falls below the market clearing price? Quantity demanded increases, quantity supplied decreases, and price rises. Coffee and cream: are complements. The introduction of refrigerators into American homes: increased the magnitude of the short run own price elasticity of demand for raw meat. A supply curve reveals: the quantity of output that producers are willing to produce and sell at each possible market price. For U.S. consumers, the income elasticity of demand for fruit juice is 1.1. If the economy enters a recession next year and consumer income declines by 2.5%, what is the expected change in the quantity of fruit juice demanded next year? -2.75% Which of the following would cause a shift to the right of the supply curve for gasoline? 3 only Which of the following events will cause a leftward shift in
the supply curve of gasoline? An increase in the wage rate of refinery workers The demand for books is: Qd = 120 - P Refer to Scenario 2.1. If which of the following is true? Shortage = 30 Consider the following statements when answering this question? I is true, and II is false. Plastic and steel are substitutes in the production of body panels for certain automobiles. If the price of plastic increases, with other things remaining the same, we would expect: the demand curve for steel to shift to the right. When an industry's raw material costs increase, other things remaining the same, the supply curve shifts to the left. A simple linear demand function may be stated as Q = a - bP + cI where Q is quantity demanded, P is the product price, and I is consumer income. To compute an appropriate value for c, we can use observed values for Q and I and then set the estimated income elasticity of demand equal to: c(I/Q) Assume that steak and potatoes are complements. When the price of steak goes up, the demand curve for potatoes: shifts to the left. From 1970 to 2010, the real price of a college education increased, and total enrollment increased. Which of the following could have caused this increase in price and enrollment? A shift to the left in the supply curve for college education and a shift to the right in the demand curve for college education. The market demand curve for a popular teen magazine is given by Q = 80 - 10P where P is the magazine price in dollars per issue and Q is the weekly magazine circulation in units of 10,000. If the circulation is 400,000 per week at the current price, what is the consumer surplus for a teen reader with maximum willingness to pay of $3 per issue? 0 The income elasticity of demand is the percent change in quantity demanded resulting from a one percent increase in income. Which of the following would cause an unambiguous decrease in the real price of DVD players? A shift to the right in the supply curve for DVD players and a shift to the left in the demand curve for DVD players. An important determinant of the amount of grains harvested next year by Ethiopian farmers is the amount of seeds planted this year. Given that Western nations have
guaranteed to donate five hundred tons of grain next year, this year the Ethiopian farmers will:plant fewer seeds as consumers demand for grain is completely price elastic. plant fewer seeds as the price of grain will be lower with the food aid Which of the following would shift the demand curve for new textbooks to the right? A fall in the price of new textbooks. An increase in the number of students attending college A fall in the price of equivalent used textbooks A fall in the price of paper used in publishing texts An increase in the number of students attending college Scenario 2.1: The demand for books is: Qd = 120 - P Refer to Scenario 2.1. What is the equilibrium quantity of books sold? 100 50 25 75 none of the above 100 Scenario 2.1: The demand for books is: Qd = 120 - P Refer to Scenario 2.1. What is the equilibrium price of books? 10 5 15 20 none of the above 20 Consider the demand curve of the form Q = a - bP If a is a positive real number, and b = 0 then demand is elastic, but not infinitely. unit elastic. completely inelastic. inelastic, but not completely. completely inelastic. The price elasticity of demand for a demand curve that has a zero slope is zero. one. infinity. negative but approaches zero as consumption increases. infinity Sugar can be refined from sugar beets. When the price of those beets falls, the demand curve for sugar would shift left. the demand curve for sugar would shift right. the supply curve for sugar would shift right. the supply curve for sugar would shift left. he supply curve for sugar would shift right. Which of the following represents the price elasticity of demand? (Delta Q/ Delta P) X (P/Q) As long as the actual market price exceeds the equilibrium market price, there will be: upward pressure on the market price. downward pressure on the market price. no purchases made. Both A and C are correct. Both B and C are correct. downward pressure on the market price. By 2020, automobile market analysts expect that the demand for electric autos will increase as buyers become more familiar with the technology. However, the costs of producing electric autos may increase because of higher costs for inputs (e.g., rare earth elements), or they may decrease as the manufacturers learn better assembly methods (i.e., learning by doing). What is the expected impact of these changes on the equilibrium price and quantity for electric autos? Unambiguously higher quantity, and equilibrium price may be higher or lower Unambiguously higher price, and equilibrium quantity may be higher or lower We cannot form any unambiguous expectations for either price or quantity Unambiguously higher equilibrium price and quantity We cannot form any unambiguous expectations for either price or quantity What causes a leftward shift in the supply curve of gasoline?More fuel-efficient cars means there is less need for gasoline. This causes a leftward shift in the demand for gasoline and thus oil. Since the demand curve is shifting down the supply curve, the equilibrium price and quantity both fall. Cold weather increases the need for heating oil.
Which of the following shifts the supply curve leftward?A change in supply leads to a shift in the supply curve, which causes an imbalance in the market that is corrected by changing prices and demand. An increase in the change in supply shifts the supply curve to the right, while a decrease in the change in supply shifts the supply curve left.
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Which of the following events will cause a leftward shift in the supply curve of gasoline
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