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Questions and Answers

(338 solutions)

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If an increase in consumer incomes leads to a decrease in the demand for hamburger, then hamburger is ________.

. an inferior good....

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Posted by Cleveland on August 30, 2024
The law of supply states that an increase in the price of a good ________.


d. increases the quantity supplied of that good....

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Posted by Cleveland on August 30, 2024
he law of demand states that an increase in the price of a good ________.


b. decreases the quantity demanded for that good....

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Posted by Cleveland on August 30, 2024
If an increase in the price of chicken leads to an increase in the demand for fish, then chicken and fish are ________.

a. substitutes...

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Posted by Cleveland on August 30, 2024
A perfectly competitive market has ________.

c. many buyers and sellers...

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Posted by Cleveland on August 30, 2024
Suppose that there are three plots of mountain resort land available for sale in Niseko and six potential buyers, each interested in purchasing one plot. Assume that all of the plots are basically indistinguishable and that the minimum selling price of each is $595,000. The following table lists each potential buyer's willingness and ability to purchase a plot of land.
PersonWillingness and Ability to Purchase
(Dollars)
Andrew540,000
Beth530,000
Lorenzo750,000
Neha660,000
Sam620,000
Teresa570,000
Which of these people will purchase one of the three mountain resort plots? Check all that apply.
Now, assume that the three mountain plots have been sold to the people that you indicated in the previous section. Suppose that a few weeks after the last of those mountain plots is sold, another basically identical mountain plot goes on the market for sale at a minimum price of $582,500. This fourth plot     be sold, because    will purchase it from the seller for at least the minimum price.

Suppose that there are three plots of mountain resort land available for sale in Niseko and six potential buyers, each interested in purchasing one plot. Assume that all of the plots are basically indistinguishable and that the minimum selling price of each is $595,000. The following table lists eac...

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Posted by Cleveland on August 30, 2024
The following graph presents the market for sweaters in 2015. Between 2015 and 2016, the equilibrium price of sweaters remained constant, but the equilibrium quantity of sweaters decreased. Given this information, you can conclude that between 2015 and 2016, the supply of sweaters    and the demand for sweaters    .
Make changes to the graph to illustrate your answer by showing the positions of the supply and demand curves in 2016.
Note: Select and drag one or both of the curves to the desired position. Curves will snap into position, so if you try to move a curve and it snaps back to its original position, just drag it a little farther.`

Note: Select and drag one or both of the curves to the desired position. Curves will snap into position, so if you try to move a curve and it snaps back to its original position, just drag it a little farther.Your AnswerDemandSupplyPRICE (Dollars per calzone)QUANTITY (Calzones)Demand  &nbs...

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Posted by Cleveland on August 30, 2024
The following graph presents the market for bikes in 2016. Between 2016 and 2017, the equilibrium quantity of bikes remained constant, but the equilibrium price of bikes decreased. Given this information, you can conclude that between 2016 and 2017, the supply of bikes    and the demand for bikes    .
Make changes to the graph to illustrate your answer by showing the positions of the supply and demand curves in 2017.
Note: Select and drag one or both of the curves to the desired position. Curves will snap into position, so if you try to move a curve and it snaps back to its original position, just drag it a little farther.`


The following graph presents the market for bikes in 2016. Between 2016 and 2017, the equilibrium quantity of bikes remained constant, but the equilibrium price of bikes decreased. Given this information, you can conclude that between 2016 and 2017, the supply of bikesincreased   and the d...

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Posted by Cleveland on August 30, 2024

13. How shifts in demand and supply affect equilibrium

Consider the market for pens. Suppose that new research has been published stating that the process of writing, erasing, and rewriting improves memorization, leading parents to avoid giving their children pens in favor of pencils. Further, the price of ink, a major input in the pen production process, has increased sharply.
On the following graph, labeled Scenario 1, indicate the effect these two events have on the demand for and supply of pens.
Note: Select and drag one or both of the curves to the desired position. Curves will snap into position, so if you try to move a curve and it snaps back to its original position, just drag it a little farther.
Next, complete the following graph, labeled Scenario 2, by shifting the supply and demand curves in the same way that you did on the Scenario 1 graph.
Compare both the Scenario 1 and Scenario 2 graphs. Notice that after completing both graphs, you can now see a difference between them that wasn't apparent before the shifts because each graph indicates different magnitudes for the supply and demand shifts in the market for pens.
Use the results of your answers on both the Scenario 1 and Scenario 2 graphs to complete the following table. Begin by indicating the overall change in the equilibrium price and quantity after the shift in demand or supply for each shift-magnitude scenario. Then, in the final column, indicate the resulting change in the equilibrium price and quantity when supply and demand shift in the direction you previously indicated on both graphs. If you cannot determine the answer without knowing the magnitude of the shifts, choose Cannot determine.
Equilibrium Object
Change in Equilibrium Objects
Scenario 1Scenario 2When Shift Magnitudes Are Unknown
Price            
Quantity            
True or False: When both the demand and supply curves shift, you can always determine the effect on price and quantity without knowing the magnitude of the shifts.

Note: Select and drag one or both of the curves to the desired position. Curves will snap into position, so if you try to move a curve and it snaps back to its original position, just drag it a little farther.Your AnswerScenario 1DemandSupply012345678910109876543210PRICE (Dollars per pen)QUANTITY (M...

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Posted by Cleveland on August 30, 2024

Market equilibrium and disequilibrium

The following graph shows the monthly demand and supply curves in the market for jackets.
Use the graph input tool to help you answer the following questions. You will not be graded on any changes you make to this graph.
Note: Once you enter a value in a white field, the graph and any corresponding amounts in each grey field will change accordingly.
Graph Input Tool
Market for Jackets
 
Price
(Dollars per jacket)
 
Quantity Demanded
(Jackets)
 
Quantity Supplied
(Jackets)
The equilibrium price in this market is
per jacket, and the equilibrium quantity is
 jackets per month.
Complete the following table by indicating at each price whether there is a shortage or surplus in the market, the amount of that shortage or surplus, and whether this places upward or downward pressure on prices.
PriceShortage or SurplusShortage or Surplus AmountPressure
(Dollars per jacket)(Jackets)
42    
    
18    
    

he following graph shows the monthly demand and supply curves in the market for jackets.Use the graph input tool to help you answer the following questions. You will not be graded on any changes you make to this graph.Note: Once you enter a value in a white field, the graph and any corresponding amo...

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Posted by Cleveland on August 30, 2024