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- 1. Explain and illustrate what's going to happen in the market equilibrium of: a. Holiday abroad when there is a discount offered by domestic hotels. b. Corn when a large number of consumers becoming vegetarians. 2. Explain why the quantity demanded of meat will increase when there is fall in price of meat.Which of the following shifts the supply curve of broccoli? Select one: a. a newly discovered link between broccoli consumption and tooth decay O b. the destruction of much of this year's broccoli crop by hurricanes O c. a newly discovered increase in the nutritional value of broccoli O d. an increase in incomeThe fact that a fall in the price of a good results in a decrease in the quantity of the good supplied illustrates Select one: A. the law of demand. B. the law of supply. C. the nature of an inferior good. D. technological improvement. O E. a change in supply.
- 2. Does a change in producers' technology lead to a movement along the supply curve or a shift in the supply curve? Does a change in price lead to a movement along the supply curve or a shift in the supply curve? 3. The market for pizza has the following demand and supply schedules: Price S Demand Supply 4 135 26 5 104 53 81 81 7 68 98 8 53 | 110 39 121 a. Graph the demand and supply curves. What is the equilibrium price and quantity in this market? b. If the actual price in this market were above the equilibrium price, what would drive the market toward the equilibrium? c. If the actual price in this market were below the equilibrium price, what would drive the market toward the equilibrium?1. Show the market for potatoes on a graph and show what will happen if there is a drought in Idaho (where a lot of potatoes are grown) b. On another graph, show what will happen in the market for potatoes if there is a drought in China (where, I presume, a lot of rice is grown).4. Which of the following statements about equilibrium price are true? Choose all that apply. A. Shortage occurs when the quantity demanded is beyond what the current supply is at a specific price. B. Market equilibrium takes place almost instantly. C. A surplus occurs when the quantity supplied is above the quantity demanded at a specific price. D. Market equilibrium occurs when the quantity demanded and the quantity supplied are the same.
- 1. Which of the following is true of any market? a. The interaction of demand and supply determines the price and quantity in that market. b. There must be a supply of the item but not necessarily a demand for the item. c. Demand and supply are always equal for an item. d. There must be a demand for the item but not necessarily a supply of the item. e. The market will always be in equilibrium 2. During the fall of 2015, many vacationers on cruise liners became ill while on board their ships. Consequently, there was a a. Decrease in the quantity demanded of cruise vacations but no change in the demand for cruise vacations. b. Decrease in the demand for cruise vacations. c. Increase in the quantity supplied of cruise vacations but no change in the supply of cruise vacations. d. Increase in the supply of cruise vacations. 3. Which of the following statements is false? a. As more buyers enter the market, the market demand curve shifts to the right. b. As income falls, the…3 The table below shows the demand and supply schedule for good Z. Market Demand 10 points eBook 500 400 300 200 Price Market Supply $10 200 20 400 30 600 40 800 What is the equilibrium price and quantity? Multiple Choice Ask References О $40 and 800 units esc Mc Graw Hill $10 and 500 units $400 and 20 units $20 and 400 units 12 1 @ 2 -7 ୪ $ 4 % 5 S4 #3 MacBook Pro 16 27 & CDirections: Using the supply graph you created for Steve’s Farm Tomatoes and what you have learned, answer each of the questions below. 1. If the price for a basket of tomatoes is $6, how many baskets will Steve’s Farm supply? 2. As the price for tomatoes increases, what occurs with Steve’s Farm willingness to supply them? 3. If the price for a basket of tomatoes is $10, how many baskets will Steve’s Farm supply? 4. As the price for tomatoes decreases, what will occur with Steve’s Farm willingness to supply tomatoes? 5. If prices for tomatoes fall to $2 a basket, what will Steve’s Farm most likely decide to do? 6. When Steve’s Farm decides to increase supply because of a major price increase, how might the farm increase its production?
- 55. Table 3.9 illustrates the market's demand and supply for cheddar cheese. Graph the data and find the equilibrium. Next, create a table showing the change in quantity demanded or quantity supplied, and a graph of the new equilibrium, in each of the following situations: a. The price of milk, a key input for cheese production, rises, so that the supply decreases by 80 pounds at every price. b. A new study says that eating cheese is good for your health, so that demand increases by 20% at every price. Price per Pound Qd Qs $3.00 750 540 $3.20 700 600 $3.40 650 650 $3.60 620 700 $3.80 600 720 $4.00 590 730A change in which factor would shift the supply curve? Select one: O a. production technology b. the demand for the product c. the price of the good being sold d. the willingness of consumers to pay2. In a supply and demand diagram, draw the shift of the demand curve for hamburgers in your hometown due to the following events. In each case, show the effect on equilibrium price and quantity. a. The price of tacos increases. b. All hamburger sellers raise the price of their french fries. c. Income falls in town. Assume that hamburgers are a normal good for most people. d. Income falls in town. Assume that hamburgers are an inferior good for most people. e. Hot dog stands cut the price of hot dogs.