Question

Question 7

Incomes increase. What else would we need to know before we could determine the impact this change would have on the demand curve for soy milk?

Group of answer choices

a. Whether soy milk is a normal good or an inferior good

b. Whether soy milk is a substitute in consumption or a complement in consumption

c. Whether soy milk is supplied or demanded

d. We already have enough information to determine the impact on the demand curve

Question 8

The price of cucumbers rises. What else would we need to know before we could determine the impact this change would have on the demand curve for tomatoes?

Group of answer choices

a. Whether tomatoes are a normal good or an inferior good

b. Whether cucumbers and tomatoes are substitutes in consumption or complements in consumption

c. Whether tomatoes are supplied or demanded

d. We already have enough information to determine the impact on the demand curve

Question 9

The price of printer paper rises. What else would we need to know before we could determine the impact this change would have on the demand curve for printer paper?

Group of answer choices

a. Whether printer paper is a normal good or an inferior good

b. Whether printer paper is a substitute in consumption or a complement in consumption

c. Whether printer paper is supplied or demanded

d. We already have enough information to determine the impact on the demand curve

Question 10

Technology changes. What else would we need to know before we could determine the impact this change would have on the supply curve for tennis balls?

Group of answer choices

a. Whether tennis balls are a normal good or an inferior good

b. Whether tennis balls are substitutes in production or complements in production

c. Whether tennis balls are supplied or demanded

d. We already have enough information to determine the impact on the supply curve

Question 11

In the process of restoring equilibrium, the price of grapes rises. As a result:

Group of answer choices

a. The supply curve will shift to the right.

b. The demand curve will shift to the left.

c. Both A and B

d. None of the above

Question 12

According to the Law of Market Forces, if the market for gasoline currently has a shortage...

Group of answer choices

a. The market price will rise.

b. The market price will fall.

c. The equilibrium price will rise.

d. The equilibrium price will fall.

Question 13

If Spam is an inferior good, how would an increase in incomes affect the market for Spam?

Group of answer choices

a. The supply curve would shift to the left

b. The supply curve would shift to the right

c. The demand curve would shift to the left

d. The demand curve would shift to the right

Question 14

If Spam is an inferior good, how would an increase in incomes affect the market for Spam?

Group of answer choices

a. The equilibrium price would rise and the equilibrium quantity would rise

b. The equilibrium price would rise but the equilibrium quantity would fall

c. The equilibrium price would fall but the equilibrium quantity would rise

d. The equilibrium price would fall and the equilibrium quantity would fall

Question 15

Steel is a major ingredient in the production of cars. If the price of steel rises, what would happen in the market for cars?

Group of answer choices

a. The supply curve would shift to the left

b. The supply curve would shift to the right

c. The demand curve would shift to the left

d. The demand curve would shift to the right

Question 16

Steel is a major ingredient in the production of cars. If the price of steel rises, what would happen in the market for cars?

Group of answer choices

a. The equilibrium price would rise and the equilibrium quantity would rise

b. The equilibrium price would rise but the equilibrium quantity would fall

c. The equilibrium price would fall but the equilibrium quantity would rise

d. The equilibrium price would fall and the equilibrium quantity would fall

Question 17

A new type of chainsaw increases the productivity of loggers who make lumber. How would this affect the market for lumber?

Group of answer choices

a. The supply curve would shift to the left

b. The supply curve would shift to the right

c. The demand curve would shift to the left

d. The demand curve would shift to the right

Question 18

A new type of chainsaw increases the productivity of loggers who make lumber. How would this affect the market for lumber?

Group of answer choices

a. The equilibrium price would rise and the equilibrium quantity would rise

b. The equilibrium price would rise but the equilibrium quantity would fall

c. The equilibrium price would fall but the equilibrium quantity would rise

d. The equilibrium price would fall and the equilibrium quantity would fall

Question 19

If oranges and grapefruit are substitutes in consumption, how would an increase in the price of oranges affect the market for grapefruit?

Group of answer choices

a. The supply curve would shift to the left

b. The supply curve would shift to the right

c. The demand curve would shift to the left

d. The demand curve would shift to the right

Question 20

If oranges and grapefruit are substitutes in consumption, how would an increase in the price of oranges affect the market for grapefruit?

Group of answer choices

a. The equilibrium price would rise and the equilibrium quantity would rise

b. The equilibrium price would rise but the equilibrium quantity would fall

c. The equilibrium price would fall but the equilibrium quantity would rise

d. The equilibrium price would fall and the equilibrium quantity would fall

Question 21

If hot dogs and pork chops are complements in production, how would a decrease in the price of hot dogs affect the market for pork chops?

Group of answer choices

a. The supply curve would shift to the left

b. The supply curve would shift to the right

c. The demand curve would shift to the left

d. The demand curve would shift to the right

Question 22

If hot dogs and pork chops are complements in production, how would a decrease in the price of hot dogs affect the market for pork chops?

Group of answer choices

a. The equilibrium price would rise and the equilibrium quantity would rise

b. The equilibrium price would rise but the equilibrium quantity would fall

c. The equilibrium price would fall but the equilibrium quantity would rise

d. The equilibrium price would fall and the equilibrium quantity would fall

Question 23

At a price of $3 per gallon, the quantity demanded for milk is 8,000 gallons and the quantity supplied for milk is 12,000 gallons. The equilibrium price for milk must be:

Group of answer choices

a. More than $3 per gallon

b. Exactly $3 per gallon

c. Less than $3 per gallon

d. It cannot be determined by the information given

Question 24

At a price of $3 per gallon, the quantity demanded for milk is 8,000 gallons and the quantity supplied for milk is 12,000 gallons. The equilibrium quantity of milk must be:

Group of answer choices

a. Less than or equal to 8,000 gallons

b. Between 8,000 gallons and 12,000 gallons

c. Equal to or greater than 12,000 gallons

d. It cannot be determined by the information given

Question 25

At a price of $3 per gallon, the quantity demanded for milk is 8,000 gallons and the quantity supplied for milk is 12,000 gallons. At a price of $3 per gallon, the market for milk would have:

Group of answer choices

a. A shortage

b. An equilibrium

c. A surplus

d. It cannot be determined by the information given

Answer 1

Ans 7. Option a

Increase in income leads to increase in demand for soy milk if soy milk is a normal good and decrease in demand if soy milk is an inferior good. So, information about the good being normal kr inferior is required.

Ans 8. Option b

Increase in price of cucumber will lead to decrease in demand for tomatoes if the two are complimentary goods and increase if the two goods are substitute goods. Thus, information regarding the relation between tomatoes and cucumbers is required ti tell the affect of increase in price of cucumbers on tomatoes

Ans 9. Option d

Rise in price of printer paper will lead to movement along the demand curve and won't shift the demand curve.

Ans 10. Option d

Improvement in technology will lead to increase in supply of tennis balls because it will lead to decrease in cost of production of tennis balls which will lead to increase in profits of the producers and thus, shift the supply curve of the tennis balls to the right.

* Sorry, but you have to reupload the rest of the questions to get the solutions as there is a cap on the number of questions I can attempt pwr upload.