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Get faster at matching terms Terms in this set (14)If the Apple iPhone and the Samsung Galaxy are considered substitutes, then, other things equal, an increase in the price of the iPhone will decrease the demand for the iPhone. increase the demand for the Galaxy. If, in response to an increase in the price of chocolate the quantity of chocolate demanded decreases, economists would describe this as a decrease in demand.
a decrease in quantity demanded. The law of demand implies, holding everything else constant, that as the price of bagels increases, the quantity of bagels demanded will decrease. as the price of bagels increases, the quantity of bagels demanded will decrease. If a demand curve shifts to the left, then demand has increased. demand has decreased. Which of the following would cause a decrease in the supply of milk? an increase in the price of cookies (assuming that milk and cookies are complements) an increase the price of a product that producers sell instead of milk In October, market analysts predict that the price of platinum will fall in
November. What happens in the platinum market in October, holding everything else constant? The supply curve shifts to the right. In October 2005, the U.S. Fish and Wildlife Service banned the importation of beluga caviar, the most prized of caviars, from the Caspian Sea. What happened in the market for caviar in the U.S.? The supply curve shifted to the left. The supply curve shifted to the left. Danielle Ocean pays for monthly pool maintenance for her home swimming pool. Last week the owner of the pool service informed Danielle that he will 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? There is an increase in the supply of pool maintenance services. There is a decrease in the supply of pool maintenance services. In 2004, hurricanes destroyed a large portion of Florida's orange and grapefruit crops. In the market for citrus fruit the supply curve shifted to the right resulting in an increase in the equilibrium price. the supply curve shifted to the left resulting in an increase in the equilibrium price. Which of the following would cause the equilibrium price of white bread to decrease and the equilibrium quantity of white bread to increase? a decrease in the price of
flour a decrease in the price of flour An article in the Wall Street Journal in early 2001 noted two developments in the market for laser eye surgery. The first development concerned side effects from the surgery, including blurred vision. The second development was that the companies renting eye-surgery machinery to doctors had reduced their charges. In the market for laser eye surgeries, these two developments decreased demand and decreased supply, resulting in a decrease in the equilibrium quantity and an increase in the equilibrium price of laser eye surgeries. decreased demand and increased supply, resulting in a decrease in the equilibrium price and an uncertain effect on the equilibrium quantity of laser eye surgeries. An increase in input costs in the production of electric automobiles caused the price of electric automobiles to rise. Holding everything else constant, how would this affect the market for gasoline-powered automobiles (a substitute for electric automobiles)? The supply of gasoline-powered automobiles would increase and the equilibrium price of gasoline-powered automobiles would decrease. The demand for gasoline-powered automobiles would increase and the equilibrium price of gasoline-powered automobiles would increase. In a perfectly competitive market, there are ________ buyers and ________ sellers. many; few many; many In 2004, hurricanes damaged a large portion of Florida's orange crop. As a result of this, many orange growers were not able to supply fruit to the market. At the pre-hurricane equilibrium price (i.e., at the initial equilibrium price), we would expect to see a surplus of oranges. a shortage of oranges. Recommended textbook solutions Principles of Microeconomics7th EditionN. Gregory Mankiw 830 solutions Principles of Economics1st EditionTimothy Taylor 895 solutions Macroeconomics21st EditionCampbell R. McConnell, Sean M. Flynn, Stanley L. Brue 549 solutions Microeconomics8th EditionDaniel Rubinfeld, Robert Pindyck 376 solutions Sets with similar termsChapters 3 and 4 Supply and Demand25 terms juliabourassa Lesson 3 ECON 10430 terms amanda_sab5 Econ 202 Chapter 5 Quizzes25 terms camdenwolf Homework 320 terms whitneynouhan13 Sets found in the same folderMicro econ Chapter 118 terms justin_m_aldrich Chapter 2 Micro econ15 terms justin_m_aldrich chapter 4 micro econ5 terms justin_m_aldrich chapter 4 micro econ12 terms justin_m_aldrich Other sets by this creatorBA 370 Business Information Systems Vipin final68 terms justin_m_aldrich BA 333 Final CH: 21-2872 terms justin_m_aldrich comm 111 final51 terms justin_m_aldrich ethics relativism8 terms justin_m_aldrich Verified questionsECONOMICS What is the role of the IRS in relationship to federal taxes? Verified answer
ECONOMICS When workers' wages rise, their decision about how much time to spend working is affected in two conflicting ways-as you may have learned in courses in microeconomics. The income effect is the impulse to work less because greater incomes mean workers can afford to consume more leisure. The substitution effect is the impulse to work more because the reward for working an additional hour has risen (equivalently, the opportunity cost of leisure has gone up). Apply these concepts to Blanchard's hypothesis about American and European tastes for leisure. On which side of the Atlantic do income effects appear larger than substitution effects? On which side do the two effects approximately cancel? Do you think it is a reasonable hypothesis that tastes for leisure vary by geography? Why or why not? Verified answer
ECONOMICS In contrast to the capital asset pricing model, arbitrage pricing theory: a. Requires that markets be in equilibrium. b. Uses risk premiums based on micro variables. c. Specifies the number and identifies specific factors that determine expected returns. d. Does not require the restrictive assumptions concerning the market portfolio. Verified answer
QUESTION Define inflation, and explain why an increase in the price of donuts does not indicate that inflation has occurred. Verified answer Other Quizlet setsKIN 27022 terms Julissa-Salmon Nutrition Final82 terms kaitlyn37382 Bio 2 exam 160 terms mae11022 Corrections Final193 terms Alessia_Giancaspro Related questionsQUESTION If you were to make 5% interest on your savings in a bank account, using the Rule of 70 your money will double in value 2 answers QUESTION this change in planned investment spending occurs because the higher interest rates mean that 5 answers QUESTION If Americans want to purchase more European imports, then the... 9 answers QUESTION The Federal Reserve System has the greatest amount of direct control over: 3 answers Which of the following would cause the equilibrium price to decrease and the equilibrium quantity?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.
What causes an increase in equilibrium price and decrease in equilibrium quantity?An increase in demand and a decrease in supply will cause an increase in equilibrium price, but the effect on equilibrium quantity cannot be detennined. 1. For any quantity, consumers now place a higher value on the good,and producers must have a higher price in order to supply the good; therefore, price will increase.
What is the equilibrium price and equilibrium quantity of bread?Currently this market is in equilibrium with the equilibrium price at $2 per loaf of bread and the equilibrium quantity of bread equal to 100 loaves of bread per day.
What can cause a decrease in both the equilibrium price and quantity of coffee in a market?Both the demand and the supply of coffee decrease. Since decreases in demand and supply, considered separately, each cause equilibrium quantity to fall, the impact of both decreasing simultaneously means that a new equilibrium quantity of coffee must be less than the old equilibrium quantity.
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Which if the following would cause the equilibrium price to decrease and the equilibrium quantity of white bread to increase?
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