If consumers switch away from eating margarine at the same time that the number of margarine suppliers increases, then:
a. these two effects cancel each other out and there is no change in the margarine market equilibrium.
b. the demand curve shifts left and the supply curve shifts right.
c. there is a margarine price increase.
d. there is an excess demand for margarine.
e. the equilibrium quantity of margarine must increase.
b
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An advantage of a corporation is
A) the ability to raise large sums of financial capital. B) unlimited liability on the part of shareholders. C) the fact that ownership and control are never separated. D) the fact that the corporation is dissolved when one of its owners dies.
According to the short-run Phillips curve, inflation
a. and unemployment would fall if the policymakers decreased the money supply. b. would fall and unemployment would rise if policymakers decreased the money supply. c. and unemployment would fall if the policymakers increased the money supply. d. would fall and unemployment would rise if policymakers increased the money supply.
Suppose studies showed that only 15 percent of all teens wear their bike helmets while riding their bikes. If policymakers wish to have more teens wear their bike helmets, they should:
A. not inform teens of the social norm. B. Informing them of the social norm will have no impact on their individual situation. C. inform teens of the social norm. D. The statistic is likely to influence their personal decision, but it is impossible to predict in what way without more information.
Demand for single occupancy apartments is Qd = 400,000 - 250P. Supply is given by Qs = 200,000 + 250P. Price of an apartment is measured in hundreds of dollars and quantity is measured in thousands of apartments. What is equilibrium rent and quantity of apartments rented?
A. $1,200 and 500,000 apartments, respectively B. $400 and 300,000 apartments, respectively C. $800 and 200,000 apartments, respectively D. $800 and 400,000 apartments, respectively