..ooo Verizon LTE 1:23 PM Done Take Home Test Ch. 1 to 4 student.pdf MULTIPLE CH
ID: 1206350 • Letter: #
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..ooo Verizon LTE 1:23 PM Done Take Home Test Ch. 1 to 4 student.pdf MULTIPLE CHOICE Choose the one alternative that best completes the statement or answers the question Figwre 3-2 43) Refer to Figure 3-2. An increase in price of inpats would be represented by a movement from A) B to A B) S2 to Si 51 to S D) A to B 44) Refer to Figure 3-2. An increase in the mamber of firtma in the market would be represented by a movement from A) S1 to 52 B) Ato B C) B to A 45) Refrr to Figure 3-2. An increase in the price of substitutes in production would be represented by movement from A) Ato B. B) B to A. 15) Refer to Figure 3-2. A decrease in the price of the product would be represented by a movement from A) S2 to S1 B) A bo B. D) B to A 4) Danielle Ccean pays for monthly pool maintenance for her home swimming pool Last week the owner of the pool service informed Danielle that he wil have to raise his monthly service fee because of increases in the price of pool chemicals How is the market for pool maintenance services affected by this? A) There is a decrease in the quantity of pool maintenance services supplied. B) There is a decrease in the supply of pool maintenance services C) There is an Increase in the supply of pool maintenance services D) There is a decrease in the demand for pool maintenance services 68) Which of the following is the coerect way to describe equiibrium in a market? A) At equilibrium, demand equals suppy B) At equilibrium, market foeces no longer apply C) At equilibrium, quantity demanded equals quantity supplied. D) At eqailibeium, scarefty is eliminatrdExplanation / Answer
47) With an increase in the maintenance cost, the supply of pool services will reduce. Hence option B
48) Option C since at equilibrium, what the buyers are willing to buy equally matches with what the sellers are willing to sell.
49)At a price of $10 there is a shortage of 600 units. Hence option D
50) At a price of $10, 200 units will be sold. Hence option A.
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