Question

In: Economics

Market: Furniture Event: Suppose the government relaxes immigration laws and the population increases by 10%. Question: What is the determinant of supply?

QUESTION 7

Market: Furniture
Event: Suppose the government relaxes immigration laws and the population increases by 10%.
Question: What is the determinant of supply?

a.
None

b.
Price of goods made with same resources

c.
Technology

d.
Price of inputs

e.
Expectation of future price changes

f.
Number of sellers

QUESTION 8

Market: Furniture
Event: Suppose the government relaxes immigration laws and the population increases by 10%.
Question: What is the determinant of demand?

a.
None

b.
Consumer preferences

c.
Price of related goods

d.
Income of consumers

e.
Expectation of future price changes

f.
Number of buyers in the market

QUESTION 9

Market: Furniture
Event: Suppose the government relaxes immigration laws and the population increases by 10%.
Question: What is the change in supply?

a.
Increase

b.
Decrease

c.
No change

d.
Indeterminate

QUESTION 10

Market: Furniture
Event: Suppose the government relaxes immigration laws and the population increases by 10%.
Question: What will the change in demand be?

a.
Increase

b.
Decrease

c.
No change

d.
Indeterminate

QUESTION 11

Market: Furniture
Event: Suppose the government relaxes immigration laws and the population increases by 10%.
Question: What will the change in equilibrium price be?

a.
Increase

b.
Decrease

c.
No change

d.
Indeterminate

QUESTION 12

Market: Furniture
Event: Suppose the government relaxes immigration laws and the population increases by 10%.
Question: What will be the change in equilibrium quantity?

a.
Increase

b.
Decrease

c.
No change

d.
Indeterminate

Expert Solution

7. b, c, d, e, and f
(All the factor determine supply)

8. b, c, d, e, and f
(All the factors determine demand)

9. c. No change
(As population increases, demand will increase)

10. a. Increase
(Due to increase in population, demand increases)

11. a. Increase
(As demand increases, equilibrium price increases)

12. a. Increase
(As demand increases, equilibrium quantity increases)

Rahul Sunny answered 2 years ago

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