The equilibrium price is the * price at which the market clears average price consumers are willing to pay. price at which all consumers are satisfied. O price at which quantity supplied is maximized. price at which all potential suppliers will sell.
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- If a 10 decrease in the price of one product that you buy causes an 8 increase in quantity demanded of that product, will another 10 decrease in the price cause another 3 increase (no more and no less) in quantity demanded?As a general rule, is it safe to assume that a change in the price of a good will always have its most significant impact on the quantity demanded of that good, rather than on the quantity demanded of miller goods? Explain.The figure shows the supply and demand for online music. Suppose that an economic downturn decreases household wealth and erodes consumer confidence. Move the supply and/or demand curves to reflect the primary effect this would have on the market for online music. You can assume that online music is a normal good. Also select the end result of equilibrium price and quantity. Equilibrium price increases. O remains constant. Equilibrium quantity increases. remains constant. decreases. O change is ambigous. decreases. change is ambiguous. Price (5 per track) Quantity (number of tracks) Supply Demand
- Question 3 According to the law of demand, what is the relationship between price and quantity demanded? O no relationship O inverse O direct Question 10 Refer to the following graph. The demand curve slopes downward because Meredih Demand Care fr San Price iper pend sa ae Incress Price 3.00 S7.50 $5.00 ... Qey nds Dere Salmen Boraphy Cick to view larger image. O prices and quantity demanded remain unchanged. O prices and quantity demanded move in the same direction O prices and quantity demanded have no relationship. O prices and quantity demanded move in opposite directions 1 pts Question 11 because it is driven by the law of supply. Refer to the following graph. The supply curve is he s7 0.00 SA00 Click to view.larger imare. O perfectly vertical O perfectly horizontal O downward sloping O upward sloping Question 12 Refer to the following image. When a market is in equilibrium, which of the following is true? Phice Click to view larger image O Quantity supplied exceeds quantity…If the supply of and demand for a product increase at the same time, then equilibrium O quantity and equilibrium price must both decline. O quantity must decline, but equilibrium price may either rise, fall, or remain unchanged. O price must fall, but equilibrium quantity may either rise, fall, or remain unchanged. O quantity must increase, but equilibrium price may either rise, fall, or remain unchanged.|Unit 3 Midterm Economics A docs.google.com/forms/d/e/1FAlpQLSfDzcagnpq9EUKBs3AWMb. a change in quantity demanded for one product or service causes a change in simple demand for a related product or service. * In 2. O Elasticity of Demand O Cross Elasticity of Demand O Diminishing Marginal Utility O Cost-Benefit Analysis O All of These O None of These The rules of the price system operate in all markets of a capitalist/market economy. The market where consumers earn income Market. by selling resources to business resources is called O Consumer
- Which of the following explains why a decrease in the price of a normal good will lead to an increase in the quantity demanded of the good? O A lower price decreases demand for complementary goods O A lower price increases consumers' marginal utility O A lower price increases demand for the good O A lower price increases demand for substitute goods O A lower price increases consumers' purchasing powerA change in price of a good or service typically causes O a new equilibrium price O a change along the supply curve the supply curve to shift O a decreased demand for that specific good or service.The equilibrium price for Gizmos Puzzle Toys is $10, but Gizmos are currently priced at $12 throughout the market. In the typical store that sells Gizmos, we might expect: O the box of available Gizmos is often full. O equilibrium has nothing to do with how many Gizmos the store sells. the store has a surplus of generic brand puzzles. the box of available Gizmos is often empty.
- Suppose college tuition increased, leaving students with less income to spend on food and other things. Suppose also that the price of kansui increases. Kansui is an input to making instant ramen noodle soup, a staple in the diet of college students. If instant ramen noodle soup is known to be an inferior good, what would we expect to happen in the market? O Equilibrium quantity would increase, but the impact on equilibrium price would be ambiguous. O None of the above is correct. Equilibrium price would decrease, but the impact on equilibrium quantity would be ambiguous. O Equilibrium price would increase, but the impact on equilibrium quantity would be ambiguous.If macaroni and cheese is an inferior good and an increase in consumer income occurs, then which of the following statements is TRUE? Select one: O a. At a given price, more will be spent on macaroni and cheese. O b. There will be an increase in demand for macaroni and cheese. Oc The demand curve for macaroni and cheese will shift farther away from the origin. Od. There will be a decrease in demand for macaroni and cheese.Consider the market for arugula, a normal good. Which of the following changes would result in an increase in both the equilibrium price and the equilibrium quantity of arugula? * O A decrease in consumer income O An increase in the price of salad dressing, a complement O A decrease in the price of radicchio, a substitute An increase in the price of water irrigation for arugula farms An increase in population In which of the following cases would government intervention in a market result in an increase in the quantity sold? * Setting a price ceiling above the equilibrium price Setting a price ceiling below the equilibrium price Setting a price floor above the equilibrium price Levying a per-unit tax on producers Providing producers of a product with a per unit subsidy