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ECN 211: Macroeconomic Principles (2024 Fall C)

Principles of Accounting II

Business Law

Introduction to Statistics

Strategic and Enterprenural Thinking

uppose consumer tastes shift toward the consumption of coffee. Which of the following statements is an accurate description of the impact of this event on the market for coffee?

a. There is an increase in the demand for coffee and a decrease in the supply of coffee.

b. There is an increase in the demand for coffee and an increase in the quantity supplied of coffee.

c. There is an increase in the quantity demanded of coffee and in the supply of coffee.

d. There is a decrease in the quantity demanded of coffee and an increase in the supply of coffee.

e. There is an increase in the demand and supply of coffee.

b. There is an increase in the demand for coffee and an increase in the quantity supplied of coffee....

Posted by Cleveland on August 30, 2024

Suppose a frost destroys much of the Washington apple crop. At the same time, suppose consumer tastes shift toward apple juice. What would we expect to happen to the equilibrium price and quantity in the market for apple juice?

a. Price will increase; quantity is ambiguous.

b. Price will decrease; quantity is ambiguous.

c. The impact on both price and quantity is ambiguous.

d. Price will increase; quantity will decrease.

e. Price will increase; quantity will increase.

a. Price will increase; quantity is ambiguous....

Posted by Cleveland on August 30, 2024

Which of the following statements is true about the impact of an increase in the price of lettuce?

a. The equilibrium price and quantity of salad dressing will fall.

b. The equilibrium price and quantity of salad dressing will rise.

c. The demand for lettuce will decrease and the equilibrium price and quantity of salad dressing will fall.

d. The supply of lettuce will decrease.

e. The demand for lettuce will decrease.

a. The equilibrium price and quantity of salad dressing will fall....

Posted by Cleveland on August 30, 2024

Suppose there is an increase in both the supply and demand for laptop computers. Furthermore, suppose the supply of laptops increases more than demand for laptops. In the market for laptops, we would expect the ________.

a. equilibrium quantity to rise and the equilibrium price to remain constant

b. equilibrium quantity to rise and the equilibrium price to rise

c. equilibrium quantity to rise and the change in the equilibrium price to be ambiguous

d. change in the equilibrium quantity to be ambiguous and the equilibrium price to fall

e. equilibrium quantity to rise and the equilibrium price to fall

e. equilibrium quantity to rise and the equilibrium price to fall...

Posted by Cleveland on August 30, 2024

Suppose there is an increase in both the supply and demand for laptop computers. In the market for laptops, we would expect the ________.

a. equilibrium quantity to rise and the equilibrium price to remain constant

b. equilibrium quantity to rise and the equilibrium price to rise

c. change in the equilibrium quantity to be ambiguous and the equilibrium price to rise

d. equilibrium quantity to rise and the equilibrium price to fall

e. equilibrium quantity to rise and the change in the equilibrium price to be ambiguous

e. equilibrium quantity to rise and the change in the equilibrium price to be ambiguous...

Posted by Cleveland on August 30, 2024

A decrease (leftward shift) in the supply for a good will tend to cause ________.

a. an increase in the equilibrium price and quantity

b. a decrease in the equilibrium price and quantity

c. an increase in the equilibrium price and a decrease in the equilibrium quantity

d. a decrease in the equilibrium price and an increase in the equilibrium quantity

e. none of the answer choices

c. an increase in the equilibrium price and a decrease in the equilibrium quantity...

Posted by Cleveland on August 30, 2024

An increase (rightward shift) in the demand for a good will tend to cause ________.

a. an increase in the equilibrium price and quantity

b. a decrease in the equilibrium price and quantity

c. an increase in the equilibrium price and a decrease in the equilibrium quantity

d. a decrease in the equilibrium price and an increase in the equilibrium quantity

e. none of the answer choices

a. an increase in the equilibrium price and quantity...

Posted by Cleveland on August 30, 2024

If the price of a good is equal to the equilibrium price, ________.

a. there is a surplus and the price will fall

b. there is a shortage and the price will fall

c. there is a surplus and the price will rise

d. there is a shortage and the price will rise

e. the quantity demanded is equal to the quantity supplied and the price remains unchanged

e. the quantity demanded is equal to the quantity supplied and the price remains unchanged...

Posted by Cleveland on August 30, 2024

If the price of a good is below the equilibrium price, ________.

a. there is a shortage and the price will fall

b. the quantity demanded is equal to the quantity supplied and the price remains unchanged

c. there is a surplus and the price will rise

d. there is a shortage and the price will rise

e. there is a surplus and the price will fall

d. there is a shortage and the price will rise...

Posted by Cleveland on August 30, 2024

If the price of a good is above the equilibrium price, ________.

a. there is a shortage and the price will fall

b. there is a surplus and the price will fall

c. there is a surplus and the price will rise

d. the quantity demanded is equal to the quantity supplied and the price remains unchanged

e. there is a shortage and the price will rise

there is a surplus and the price will fall...

Posted by Cleveland on August 30, 2024

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