30. An increase in supply is shown graphically as a __________ shift of the supp
ID: 1214514 • Letter: 3
Question
30. An increase in supply is shown graphically as a __________ shift of the supply curve, and as a result of an increase in supply, equilibrium price will __________.
A. rightward; decrease
B. leftward; decrease
C. leftward; increase
31. If a town begins requiring builders to build on one-acre lots, instead of smaller quarter-acre lots, the supply curve for new homes will
A. shift to the left
B. reach market equilibrium
C. reflect equilibrium pricing
32. A luxury good is one whose demand ______ as income increases.
A. rises slightly
B. rises sharply
C. decreases
43.
Price
Quantity Demanded
$0
1,000
$1
400
$2
200
$3
100
$4
25
Refer to the table, which shows the number of MP3 downloads demanded per month for the students at a certain university. What would happen to the quantity of MP3s demanded at a price of $2 if the university's enrollment were to increase significantly?
A. The quantity demanded would fall below 200 because there would be more students competing for MP3s
B. The quantity demanded would rise to exactly 400 because every number in the table would simply shift down one row
50. Which of the following is an example of a product that is sold primarily in a local market?
A. butter
B. milk
C. oil
Price
Quantity Demanded
$0
1,000
$1
400
$2
200
$3
100
$4
25
Explanation / Answer
30. An increase in supply is shown graphically as a ____rightward______ shift of the supply curve, and as a result of an increase in supply, equilibrium price will _decrease_________.
31. If a town begins requiring builders to build on one-acre lots, instead of smaller quarter-acre lots, the supply curve for new homes will: shift to the left
32. A luxury good is one whose demand _rises sharply _ as income increases.
43.
Price
Quantity Demanded
Elasticity of demand
$0
1,000
-
$1
400
0.6
$2
200
0.5
$3
100
0.5
$4
25
0.75
Refer to the table, which shows the number of MP3 downloads demanded per month for the students at a certain university. What would happen to the quantity of MP3s demanded at a price of $2 if the university's enrollment were to increase significantly?
A. The quantity demanded would fall below 200 because there would be more students competing for MP3s ( since elasticity at $2 =0.5,)
50. Which of the following is an example of a product that is sold primarily in a local market? : MILK (perishable nature of the commodity)
Price
Quantity Demanded
Elasticity of demand
$0
1,000
-
$1
400
0.6
$2
200
0.5
$3
100
0.5
$4
25
0.75
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