introduce microeconomic
Question Description
13. Farmers can produce wheat and/or rice. What will happen in the wheat market if there is an increase in the price of fertilizers?
a. |
Wheat supply will increase. |
b. |
Wheat prices will rise. |
c. |
Wheat demand will increase. |
d. |
Wheat demand will decrease. |
14. What will happen in the oil market if suppliers become more optimistic?
a. |
Oil supply will increase. |
b. |
Oil prices will rise. |
c. |
Oil supply will decrease. |
d. |
Oil demand will decrease. |
15. What will happen in the gasoline market if oil prices rise?
a. |
Gas supply will increase. |
b. |
Gas prices will fall. |
c. |
Gas demand will decrease. |
d. |
Gas prices will rise. |
16. What will happen in the syrup market if honey prices rise?
a. |
Prices will fall. |
b. |
Demand will increase. |
c. |
Supply will decrease. |
d. |
Indeterminable. |
17. What will happen in the tomato market if a freeze destroys a significant share of market supply?
a. |
Prices will fall. |
b. |
Demand will increase. |
c. |
Supply will decrease. |
d. |
Indeterminable. |
18. What will happen in the cell phone market as technology improvements bring costs down?
a. |
Prices will rise. |
b. |
Demand will increase. |
c. |
Supply will decrease. |
d. |
Quantity-demanded will increase. |
19. Which of the following could cause the supply of carrots to decrease?
a. |
Consumers' incomes decrease. |
b. |
There is a technological advance in carrot production. |
c. |
Fertilizer costs increase. |
d. |
The number of farmers growing carrots increases. |
20. Which of the following could cause the demand of cds to decrease?
a. |
Consumers' incomes decrease. |
b. |
Supply of cds increases |
c. |
Factor costs increase. |
d. |
The number of cd suppliers decreases. |
21. If supply of apples decreases and demand for apples increases, then the equilibrium
a. |
price will decrease and quantity will increase |
b. |
price will increase and quantity will decrease |
c. |
price will increase and quantity could increase, decrease, or remain the same |
d. |
price could increase, decrease, or remain the same and quantity will increase |
22. If supply of computers increases and demand for computers increases, then the equilibrium
a. |
price will decrease and quantity will increase |
b. |
price will increase and quantity will decrease |
c. |
price will increase and quantity could increase, decrease, or remain the same |
d. |
price could increase, decrease, or remain the same and quantity will increase |
23. If supply of cars decreases and demand for cars decreases, then the equilibrium
a. |
price will decrease and quantity will increase |
b. |
price will increase and quantity will decrease |
c. |
price will increase and quantity could increase, decrease, or remain the same |
d. |
price could increase, decrease, or remain the same and quantity will decrease |
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