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Terms in this set (40)An increase in the demand for a good will cause an increase in equilibrium price and quantity. At a price of $299.95, the manufacturer of a portable gas-powered generator is willing to produce 19,000 units per quarter. At a price of $349.95, it is likely that the manufacturer will be willing to produce more than 19,000 units per quarter. In which instance can we observe a rise in the equilibrium price accompanied by a decline in the equilibrium quantity? If supply declines while demand increases, and the decline in supply exceeds the increase in demand At a price of $5.00 per doll, most stores cannot keep Beanie Baby dolls in stock because consumers buy them all as soon as shipments arrive. This implies that there is an excess demand for Beanie Babies, and the price must rise for equilibrium to be reached Which of the following would cause the equilibrium price of ketchup to increase and the equilibrium quantity of ketchup to decrease? an increase in the price of tomatoes Assume that both the demand curve and supply curve for DVD players shift to the left but the demand curve shifts more than the supply curve. As a result both the equilibrium price and quantity of DVD players will decrease Electric car enthusiasts want to buy more electric cars at a lower price. All of the following events would have this effect except an increase in the price of gasoline Which of the following would cause both the equilibrium price and equilibrium quantity of barley (assume that barley is an inferior good) to increase? a decrease in consumer income A decrease in demand for eggs due to changes in consumer tastes, accompanied by a decrease in the supply of eggs as a result of an outbreak of Avian flu, will result in a decrease in the equilibrium quantity of eggs; the equilibrium price may increase or decrease If automobile manufacturers are producing cars faster than people want to buy them, there is an excess supply and price can be expected to decrease. Unionized workers may be able to negotiate with management for higher wages during periods of economic prosperity. Suppose that workers at automobile assembly plants successfully negotiate a significant increase in their wage package. How would the new wage contract be likely to affect the market supply of new cars? Supply will shift to the left. Prices of commercial airline tickets (assume that this is a normal good) have fallen in recent months. Over this same period, the price of jet fuel has risen and consumer incomes have fallen. Which of the following best explains the falling prices of airline tickets? The demand curve for airline tickets has shifted to the left more than the supply curve has shifted to the left p up surplus p down shortage s up no change in d ep down eq up s down no change in d ep up eq down d up no change in s ep up eq up d down no change in s ep down eq down s up d up ep ind eq up s up d down ep down eq ind s down d up ep up eq ind s down d down ep ind eq down People read that drinking orange juice helps prevent heart disease. Market - orange juice Ep - Up The cost of memory chips used in the manufacturing of computers falls. Market - computers Ep - Down You are looking to buy a new car and you just got a raise! Market - cars Ep - Up The price of hot dog buns goes up and the hot dog manufacturer has been using a new machine to make hot dogs more efficiently. Market - hot dogs Ep - Down There is a tax break on tobacco, and a new study shows that smoking cigarettes does lead to many health problems. Market - cigs Ep - Down Summer is approaching and the weather is getting hot. The price of milk has also gone up this summer. Market - DQ ice cream Ep - Up A deadly virus has wiped out many newborn pigs. Market - bacon Ep - Up More and more people are deciding to exercise outside due to the health benefits of fresh air. Market - gym memberships Ep - Down The price of french fries increases at BK, along with the price of ground beef. Market - burgers at BK Ep - Ind Congress passes a plan which would provide cattle ranchers with $10 billion in subsidies. All Americans get a 10% reduction in taxes. Market - steak Ep - Ind If the quantity demanded does not equal the quantity supplied, a shortage will always occur. f A decrease in demand results in a lower equilibrium price and a higher equilibrium quantity f An increase in supply results in a lower equilibrium price and a higher equilibrium quantity. t An increase in supply, combined with a decrease in demand, will decrease the equilibrium price but result in an indeterminate change in equilibrium quantity. t If supply increases and demand decreases, but the increase in supply is greater than the decrease in demand, the equilibrium quantity will decrease. f A new pizza place opens. Market: pizza ep down eq up Baseballs go up in price. Market: baseballs surplus The price of hats goes down. Market: hats shortage Recommended textbook solutions
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Which of the following would cause the equilibrium price to increase and the equilibrium quantity to decrease?An increase in the price of a substitute increases the equilibrium price of a product and decreases the quantity demanded.
What will then happen to the equilibrium price and equilibrium quantity of wheat?The decrease in the supply of wheat increases the equilibrium price and decreases the equilibrium quantity of wheat.
Which of the following would cause an increase in equilibrium price and quantity quizlet?If the population increases and input prices increase, the equilibrium price of a product will definitely increase. If the demand curve for a product shifts to the right and the supply curve for the product shift to the left, equilibrium price and equilibrium quantity will both increase.
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Which of the following would cause both the equilibrium price and equilibrium quantity of barley?
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