Liberty University ECON 213 quiz 3 complete Answers | Rated A+$ 14.00

Liberty University ECON 213 quiz 3 complete Answers | Rated A+

There are more than 8 different versions

Question 1

As more people migrated West during the gold rush, what do you think happened to the demand curve in most Western markets, holding all else constant?

Question 2

Which of the quantity (Q) and price (P) combinations in the accompanying figure represents the market at competitive equilibrium?

Question 3

If the price and quantity for an inferior good, Good X, is $8 and 6 units at the original equilibrium, what is one possibility for the new equilibrium of Good X if we see income increase and all other factors stay constant?

Question 4

The price of good X increases by 25%, causing the quantity consumed of good Y to decrease by 10%. If everything else is held constant in the economy, we can say with certainty that good X and good Y are:

Question 5

Firm A notices that Firm B is making a profit by producing footballs. There is nothing stopping Firm A from entering the football market, so it does. Holding all else constant, the number of firms in the market will:

Question 6

The market for footballs is perfectly competitive. If all else is held constant and the price of leather decreases, we would expect that the equilibrium quantity of footballs would:

Selected Answer: b. rise and the equilibrium price would fall

Question 7

If the price and quantity for a normal good, Good X, is $8 and 6 units at the original equilibrium, what is one possibility for the new equilibrium of Good X if we see income increase and all other factors stay constant?

Question 8

Old Navy stocks more Bermuda shorts during the summer months than in the winter months. The resulting shift in supply explains:

Question 9

What would you expect to happen to the price and quantity of Pepsi if the price of Coke increases and Pepsi develops a new technology that makes its production process more efficient?

Question 10

If the price of Gatorade increases, the

Question 11

According to the figure below, at the price of $5:

Question 12

Refer to the accompanying figure. When the price changes from P1 to P2, we will see a(n):

Question 13

Consider the following demand schedules for New York Mets Tshirts: Holding all else constant, which of the following demand schedules is most likely to represent New York Mets Tshirts if they win the World Series?

Question 14

The change in equilibrium shown in the accompanying figure would be explained by a(n):

Question 15

In the first few months of 2012, the price of gasoline increased by approximately 15%. Because of this increase, we would expect the _________ curve in the market for hybrid cars to _________.

Question 16

When the price of ground beef increases and all else is held constant, we would expect the supply of hamburgers to _________, causing the price to _________.

Question 17

Refer to the accompanying figure. What event would cause the supply curve to shift out?

Question 18

Refer to the accompanying graph. If a tax is placed on a good and all else is held constant, we would assume that the supply curve would:

Question 19

When the demand curve shifts to the right and the supply curve is held constant,

Question 20

If the price of a good increases, holding all else constant,

According to the figure below, at the price of $5:

Which of the quantity (Q) and price (P) combinations in the accompanying figure represents the market at competitive equilibrium

When both supply and demand decrease, the equilibrium price

When people move to an area of the world that was previously unpopulated, we expect more consumers and more producers to spring up in that area. What would we expect to happen to the price and quantity in the markets where this happens?

In agriculture, a “bumper crop” refers to a particularly productive harvest. If there is a bumper crop for wheat at the same time that more people become allergic to wheat and all else is held constant, what will happen to the equilibrium price and quantity for wheat?

Assume that the price of rubber increased at the same time that Michael Jordan, arguably the best NBA basketball player of all time, became famous. What do you expect to happen to the equilibrium price and equilibrium quantity of the basketball shoes that are promoted by Michael Jordan?

When supply shifts left and demand shifts right, the

When the government places a tax on the producer of a good or service

The price of good X increases by 25%, causing the quantity consumed of good Y to decrease by 10%. If everything else is held constant in the economy, we can say with certainty that good X and good Y are

Refer to the accompanying figure. When the price changes from P1 to P2, we will see a(n):

Which of the following scenarios best describes the change in the equilibrium shown in the accompanying graph

Which of the following could cause the supply curve for the market for oranges to shift to the left?

A supply schedule

According to the supply and demand model, when the cotton gin was invented and if all else was held constant, we would expect the equilibrium price of cotton to _________ and the equilibrium quantity of cotton to _________.

Which following change in the coffee market would shift the supply curve to the right?

The demand curve for a good will shift to the right if, holding all else constant

Leading economic indicators suggest that incomes will be going up next year. In response to these reports, companies are forecasting increased prices for future sales of their goods. As a result of these increases, the supply curve will

When firms in a market expect the price of their product to rise, the supply curve of their good:

Which of the following scenarios would explain the change in equilibrium shown in the accompanying figure

Oil is a main component in the manufacture of plastic bags. If the price of oil were to increase, the price of plastics bags would

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