x
Info
x
Warning
x
Danger
 / 
 / 
 / 
101.Assume that the graphs show a competitive market for the

Question : 101.Assume that the graphs show a competitive market for the : 1321642

 

 

101.Assume that the graphs show a competitive market for the product stated in the question.

  

  

Select the graph above that best shows the change in the market specified in the following situation: In the market for chicken, when the price of a substitute, such as beef, decreases. 
 
 

A. Graph A

 

B. Graph B

 

C. Graph C

 

D. Graph D

 

 

102.Assume that the graphs show a competitive market for the product stated in the question.

  

  

Select the graph above that best shows the change in the market specified in the following situation: In the market for digital cameras, when the productivity of workers in the digital camera industry increases. 
 
 

A. Graph A

 

B. Graph B

 

C. Graph C

 

D. Graph D

 

 

103.Assume that the graphs show a competitive market for the product stated in the question.

  

  

Select the graph above that best shows the change in the market specified in the following situation: In the market for houses, when consumers experience a substantial fall in income due to a serious economic recession. 
 
 

A. Graph A

 

B. Graph B

 

C. Graph C

 

D. Graph D

 

 

104.  

Refer to the above table. If demand decreased by 4 units at each price, what would the new equilibrium price and quantity be? 
 
 

A. $3 and 5 units

 

B. $4 and 6 units

 

C. $5 and 7 units

 

D. $6 and 8 units

 

 

105.  

Refer to the above table. If supply decreased by 2 units at each price, what would the new equilibrium price and quantity be? 
 
 

A. $3 and 5 units

 

B. $4 and 4 units

 

C. $5 and 5 units

 

D. $6 and 6 units

 

 

106.  

Refer to the above table. If demand decreased by 4 units at each price and supply decreased by 2 units at each price, what would the new equilibrium price and quantity be? 
 
 

A. $3 and 5 units

 

B. $4 and 4 units

 

C. $5 and 5 units

 

D. $6 and 6 units

 

 

107.The following data show the supply and demand schedules for a product.

  

Refer to the above data. The government now introduces a subsidy payment to producers of $30 per unit. Assuming a purely competitive market for the product, the new equilibrium price will be between: 
 
 

A. $40-$50

 

B. $50-$60

 

C. $60-$70

 

D. $70-$80

 

 

108.  

Refer to the above table. If a technological advance lowers production costs such that the quantity supplied increases by 60 units of this product at each price, the new equilibrium price would be: 
 
 

A. $11

 

B. $12

 

C. $13

 

D. $14

 

 

109.  

Refer to the above table. A technological advance lowers production costs such that the quantity supplied increases by 60 units of this product at each price. As a result of this technological change, equilibrium output in this market: 
 
 

A. Decreased by 60 units

 

B. Increased by 60 units

 

C. Increased by 30 units

 

D. Decreased by 30 units

 

 

110.A and B are substitute goods, but A and C are complementary goods. If the costs of producing A decreases, then the demand for: 
 
 

A. Both B and C will decrease

 

B. Both B and C will increase

 

C. B will increase and the demand for C will decrease

 

D. B will decrease and the demand for C will increase

 

 

 

Solution
5 (1 Ratings )

Solved
Finance 10 Months Ago 62 Views
This Question has Been Answered!
Unlimited Access
Explore More than 2 Million+
  • Textbook Solutions
  • Flashcards
  • Homework Answers
  • Documents
Signup for Instant Access!
Ask an Expert
Our Experts can answer your tough homework and study questions
275782 Finance Questions Answered!
Post a Question