Question 1 options: A technological improvement A decline in labor productivity

Question

Question 1 options: A technological improvement A decline in labor productivity The cost of an input increases. A reduction in consumer incomes. Question 2 All of the following pairs of goods are substitutes except: Question 2 options: We observe: the price of tennis racquets decreases and the demand for golf clubs decreases. We observe: the price of bacon increases and the demand for eggs decreases. We observe: the price of coffee increases and the demand for tea increases. We observe: the price of automobiles decreases and the demand for public transit decreases. Question 3 All of the following pairs of goods are complements except: Question 3 options: We observe: the price of coffee increases and the demand for cream decreases. We observe: the price of tennis racquets increases and the demand for tennis shoes decreases. We observe: the price of bacon decreases and the demand for sausage decreases. We observe: the price of automobiles decreases and the demand for tires increases. Question 4 According to the law of supply, as the price of the good increases, it causes Question 4 options: a movement downward along the supply curve. a movement upward along the supply curve. a shift of the supply curve to the right. a shift of the supply curve to the left. Question 5 According to the text, firms encounter rising costs when they attempt to produce more in the same time period. As a consequence, they must be offered a higher price to be willing to incur these higher costs. The resulting relationship between price and quantity supplied is Question 5 options: direct (or positive) and is call ed the law of demand direct (or positive) and is call ed the law of human nature direct (or positive) and is called the law of supply inverse (or negative) and is called the law of supply Question 6 If medical research has shown that grapefruit juice can adversely affect the effectiveness of certain medications. This is likely to affect the demand for grapefruit because: Question 6 options: the number of grapefruit sellers will decrease. people will buy less grapefruit because their incomes have increased. people will buy less grapefruit because their tastes and preferences have changed. the prices of oranges will change. Question 7 If medical research has shown that grapefruit juice can reduce the effectiveness of certain medications. However, there is also evidence that grapefruit consumption can lower cholesterol in young people. The net effect on demand from these two findings: Question 7 options: will be a decrease in demand as people buy less grapefruit. will be a change in the price of oranges. cannot be determined because they have opposite effects on demand. will be an increase in demand as people buy more grapefruit. Question 8 Other things remaining equal, the law of demand says that Question 8 options: higher prices will lead to a larger quantity demanded and lower prices to a smaller quantity demanded. higher prices will lead 10 a smaller quantity demanded and lower prices to a smaller quantity demanded. higher prices wi11 1ead to a larger quantity demanded and lower prices to a larger quantity demanded. higher prices will lead to a smaller quantity demanded and lower prices to a larger quantity demanded. Question 9 Assume the cost of aluminum used by soft-drink companies increases. Which of the following correctly describes the resulting effects in the market for canned soft drinks? I. The demand for soft drinks decreases. II . The quantity of soft drinks demanded decreases. III . The supply of soft drinks decreases. IV. The quantity of soft drinks supplied decreases. Question 9 options: II and III. I and IV. III only. IV only 10)The law of demand states that Question 10 options: 1) consumers will exhaust their incomes as they purchase goods and services at given absolute prices. 2) at lower relative prices, a larger quantity of a good will be purchased than at higher relative prices. 3) there is a direct positive relationship between relative price and quantity demanded. 4) if the price of a good increases both relatively and absolutely, there will be no cha

Explanation / Answer

> an increase in the price of labor
> an increase of number of consumers
> technological progress.

These all will cause an outward (rightward) shift in supply

Related Questions

Navigate

• Browse (All)
• Browse Q
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.