5. A movement along a supply curve for a good happens: a. If price or quantity supplied of the good changes b. If sellers’ expectations change c. If input prices for that good change d. All of the above
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5. A movement along a supply curve for a good happens:
a. If price or quantity supplied of the good changes
b. If sellers’ expectations change
c. If input prices for that good change
d. All of the above
Step by step
Solved in 2 steps
- If a 10 decrease in the price of one product that you buy causes an 8 increase in quantity demanded of that product, will another 10 decrease in the price cause another 3 increase (no more and no less) in quantity demanded?Q a. The prices of vehicles dropped down in the market. Describe its effect on the supply ofvehicles in the market. Explain it with the help of diagram? Qb. The supply curve is positively sloped. If there is a change in price then what will happen to thequantity supplied? Furthermore if non price factors does not remain constant then how will be thequantity supplied effected?Price per lb. 0 Select one: Q₂ Q₁ Quantity Refer to the above graph, which shows the market for chicken where D₁ and D₂ represent different demand curves. A change from E₁ to E₂ is most likely to result from: a. b. Supply an increase in expectations of higher future prices for chicken. an increase in consumer incomes. C. a decrease in the price of beef products. O d. an increase in the cost of chicken feed to produce chickens.
- 6. Movements along versus shifts of supply curves Consider the market supply of donuts. Complete the folowing table by indicating whether an event wi cause a movement along the upply curve for donuts or a sht of the supply curve for donuts, holding all else constant. Event Movement Along Shift A change in technalogy that makes it less costly to produce donuts An increase in the price of donuts A change in expectations about the future price of donuts14. Demand for factors of production is A. O Derived demand B. O Joint demand C. O Composite demand D. O None of the above7. Find the flaws in reasoning in the following statements, paying particular attention to the distinction between shifts of and movements along the supply and demand curves. Draw a diagram to illustrate what actually hap- pens in each situation. a. “A technological innovation that lowers the cost of producing a good might seem at first to resuli in a reduction in the price of the good to consumers. a fall in price will increase demand for the good, and higher demand will send the price up again. It is not certain, therefore, that an innovation will really reduce price in the end." b. "A study shows that eating a clove of garlic a day can help prevent heart disease, causing many consumers to demand more garlic. This increase in demand results in a rise in the price of garlic. Consumers, seeing that the price of garlic has gone up, reduce their demand for garlic. This causes the demand for garlic to decrease and the price of garlic to fall. Therefore, the ultimate effect of the study on…
- 5. T he price of a good rises from $16 to $24, andthe quantity supplied rises from 90 to 110 units.Calculated with the midpoint method, the priceelasticity of supply isa. 1/5.b. 1/2.c. 2.d. 5.1. The Smith family eats both meat and potatoes on a regular basis and we need to know how the family views these goods. If the price of meats rises and the family eats more potatoes, then the two goods must be a. Substitutes b. Complements c. Inferior d. Normal 2. Which of the following is not a determinant of Supply? a. Prices of resources b. Technology and productivity c. Prices of Complements d. Producers’ expectations e. The number of producers 3. In December, both the price of Christmas trees and the quantity of trees sold rises. Is this a violation of the Law of Demand? Explain your answer 4. Explain the following statement in terms of Supply and Demand: “When a war breaks out in the Middle East, the price of gasoline rises and the price of a used Cadillac falls”.20. Suppose you make jewellery. If the price of silver increases, what would we expect you to do? a. be willing and able to produce less jewellery than before at each possible price b. be willing and able to produce more jewellery than before at each possible price c. face a greater demand for your jewellery d. face a weaker demand for your jewellery
- 14. When there is rise in the price of factors, there will be a ________. a. Increase in supply b. Contraction in supply c. Decrease in supply d. Extension in supply7. Movements along versus shifts of supply curves Consider the market supply of tortillas. Complete the following table by indicating whether an event will cause a movement along the supply curve for tortillas or a shift of the supply curve for tortillas, holding everything else constant. Event An increase in the price of tortillas A change in expectations about the future price of tortillas A change in technology that makes it less costly to produce tortillas Movement Along O O O Shift1. Consider the market for minivans, indicate the impact if any on demand, supply, price and quantity: a) The price of station wagons rises. b) A stock-market crash lowers people’s wealth