Suppose the cost of growing organic corn has risen at the same time as consumer preference for organic corn has fallen. In the market for organic corn, this would be represented by the equilibrium price ________ and the equilibrium quantity ________
A) increasing; increasing or decreasing
B) increasing or decreasing; decreasing
C) decreasing; increasing or decreasing
D) increasing or decreasing; increasing
Answer: B
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Refer to Figure 3-7. Assume that the graphs in this figure represent the demand and supply curves for laptop computers. Which panel best describes what happens in this market when the price of computer hard drives falls?
A) Panel (a) B) Panel (b) C) Panel (c) D) Panel (d)
One of the most basic models of the economy is:
A. real GDP per capita. B. the current population survey. C. consumer expenditure. D. the circular flow model.
The individual supplies of apples from three apple orchards are 460, 580, and 700 apples respectively, when the equilibrium price of an apple is $0.75 . Identify the correct statement from the following
a. The market supply at $0.75 is 1,540 apples. b. If the price rises above $0.75, the market supply will be lower than 1,740 apples. c. If the price rises above $0.75, there will be an excess demand for apples in the market. d. The market demand at $0.75 is 1,740 apples.
A rightward shift of the market demand curve for drones, ceteris paribus, causes equilibrium
A. Price to increase and equilibrium quantity to increase. B. Price to decrease and equilibrium quantity to increase. C. Price to increase and equilibrium quantity to decrease. D. Price to decrease and equilibrium quantity to decrease.