question
Fix 5: Suppose hot dogs and hamburgers are substitutes in consumption. If the supply of hot dogs decreases, which of the following will happen in the market for hamburgers?
answer
The demand curve for hamburgers will shift to the right.
question
Fix 7: Assume that the government imposes a binding price ceiling on a market for a good. Which of the following is most likely to occur in the market?
answer
The market will experience a shortage.
question
Fix 9: At a market price of $25, equilibrium would be achieved by
answer
a decrease in price, decreasing Qs and increasing Qd
, Not Selected
, Not Selected
question
Fix 10: Which of the following situations best illustrates the law of demand?
answer
In the past several months, as the price of compact disc players has decreased, the quantity of compact disc players sold has increased
question
14: Fill in the answer with a dollar amount for cell B (ex. $10) based on the chart shown.
answer
$12
question
16: Select all of the possible scenarios that could be explained by using the graph above.
answer
New technology was developed for producing this product.
question
23: Which of the following would cause the supply curve for notebook computers to shift to the right?
answer
An increase in the number of firms producing notebook computers
question
24: Assume that the price of orange juice increases by 40 percent following a crop failure. If the quantity demanded falls by 10 percent, which of the following is true?
answer
The absolute value of the price elasticity of demand for orange juice is 0.25.
question
27: Which of the following would cause the shift in the demand curve shown?
answer
An increase in the price of a complementary good.
question
26: Which of the following statements relating to supply is true?
answer
A decrease in the price of a good will lead to a decrease in the quantity supplied of the good.
question
the change in output from hiring one additional unit of labor
the cost of producing one more unit of a good
fixed costs plus variable costs
a level at which the marginal production goes up with new investment
the additional income from selling one more unit of a good
the cost of producing one more unit of a good
fixed costs plus variable costs
a level at which the marginal production goes up with new investment
the additional income from selling one more unit of a good
answer
marginal product of labor
marginal cost
total cost
increasing marginal returns
marginal revenue
marginal cost
total cost
increasing marginal returns
marginal revenue
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