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Indicate the answer choice that best completes the statement or answers the question. 1. The market for diamond rings is closely linked to the market for high-quality diamonds. If a large quantity of high-quality diamonds enters the market, then the a. supply curve for diamond rings will shift right, which will create a shortage at the current price. Price will increase, which will decrease quantity demanded and increase quantity supplied. The new market equilibrium will be at a higher price and higher quantity. b. supply curve for diamond rings will shift right, which will create a surplus at the current price. Price will decrease, which will increase quantity demanded and decrease quantity supplied. The new market equilibrium will be at a lower price and higher quantity. c. demand curve for diamond rings will shift right, which will create a shortage at the current price. Price will increase, which will decrease quantity demanded and increase quantity supplied. The new market equilibrium will be at a higher price and higher quantity. d. demand curve for diamond rings will shift right, which will create a surplus at the current price. Price will decrease, which will increase quantity demanded and decrease quantity supplied. The new market equilibrium will be at a lower price and higher quantity. 2. Equilibrium quantity must decrease when demand a. increases and supply does not change, when demand does not change and supply decreases, and when both demand and supply decrease. b. increases and supply does not change, when demand does not change and supply increases, and when both demand and supply decrease. c. decreases and supply does not change, when demand does not change and supply increases, and when both demand and supply decrease. d. decreases and supply does not change, when demand does not change and supply decreases, and when both demand and supply decrease. Table 4-13 The demand schedule below pertains to sandwiches demanded per week. Price Harry’s Quantity Demanded Darby’s Quantity Demanded Jake’s Quantity Demanded $3343 $512x 3. Refer to Table 4-13. Suppose Harry, Darby, and Jake are the only demanders of sandwiches. Also suppose the following: •x = 2. •The current price of a sandwich is $3.00. •The market quantity supplied of sandwiches is 5. •The slope of the supply curve is 1. Then there is currently a a. shortage of 5 sandwiches, and the equilibrium price of a sandwich is between $3.00 and $5.00. b. shortage of 5 sandwiches, and the equilibrium price of a sandwich is $5.00. c. surplus of 5 sandwiches, and the equilibrium price of a sandwich is between $3.00 and $5.00. d. surplus of 5 sandwiches, and the equilibrium price of a sandwich is $5.00. 4. What would happen to the equilibrium price and quantityoflattésifcoffeeshopsbeganusinga machine that reduced the amount of labor necessary to produce steamed milk, which is used to make lattés,andscientistsdiscoveredthatlattéscause heart attacks? a. Both the equilibrium price and quantity would increase. b. Both the equilibrium price and quantity would decrease. c. The equilibrium price would decrease, and the effect on equilibrium quantity would be ambiguous. d. The equilibrium quantity would decrease, and the effect on equilibrium price would be ambiguous. What would happen to the equilibrium price and quantity of coffee if the wages of coffee bean pickers fell and the price of tea fell quizlet?What would happen to the equilibrium price and quantity of coffee if the wages of coffee-bean pickers fell and the price of tea fell? Price would fall, and the effect on quantity would be ambiguous.
What would happen to the equilibrium price and quantity of Lattés If the cost of producing steamed milk which is used to make Lattés rises quizlet?What would happen to the equilibrium price and quantity of lattés if the cost to produce steamed milk, which is used to make lattés, increased, and scientists discovered that lattés cause heart attacks? The equilibrium quantity would decrease, and the effect on equilibrium price would be ambiguous.
What would happen to the equilibrium price and quantity of lattes?Answer and Explanation:
Therefore, the supply curve for latte production shifts rightwards leading to a decrease in the price of lattes and an increase in the quantity of equilibrium quantity.
When demand decreases what happens to price and quantity in equilibrium?A decrease in demand will cause the equilibrium price to fall; quantity supplied will decrease. An increase in supply, all other things unchanged, will cause the equilibrium price to fall; quantity demanded will increase.
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What would happen to the equilibrium price and quantity of Lattés if coffee shops began using a machine that reduced the amount of labor necessary to?
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