Consider that unusually good weather in Washington led to a bumper crop of blueberries in the state. What will happen in the market for blueberries in Washington? Answer questions A and B based on the situation: _____ A) Which of the following changes will occur in the short-run: a) Demand will increase b) Demand will decrease c) Supply will increase d) Supply will decrease _____ B) Which of the following changes will occur: a) Equilibrium price will increase and the equilibrium quantity will increase b) Equilibrium price will decrease and the equilibrium quantity will decrease c) Equilibrium price will decrease and the equilibrium quantity will increase d) Equilibrium price will increase and the equilibrium quantity will decrease
Consider that unusually good weather in Washington led to a bumper crop of blueberries in the state. What will happen in the market for blueberries in Washington? Answer questions A and B based on the situation:
_____ A) Which of the following changes will occur in the short-run:
a)
b) Demand will decrease
c) Supply will increase
d) Supply will decrease
_____ B) Which of the following changes will occur:
a)
b) Equilibrium price will decrease and the equilibrium quantity will decrease
c) Equilibrium price will decrease and the equilibrium quantity will increase
d) Equilibrium price will increase and the equilibrium quantity will decrease
Based on new scientific evidence, it was determined that consuming red wine will extend your life, on average, by 5 years. What will happen in the market for red wine in the short run? Answer questions C and D based on the situation:
_____ C) Which of the following changes will occur:
a) Demand will increase
b) Demand will decrease
c) Supply will increase
d) Supply will decrease
_____ D) Which of the following changes will occur:
a) Equilibrium price will increase and the equilibrium quantity will increase
b) Equilibrium price will decrease and the equilibrium quantity will decrease
c) Equilibrium price will decrease and the equilibrium quantity will increase
d) Equilibrium price will increase and the equilibrium quantity will decrease
Improved robot technology was recently incorporated into the process of producing automobiles. What will happen in the market for automobiles in the short-run?Answer questions E and F based on the situation:
_____ E) Which of the following changes will occur:
a) Demand will increase
b) Demand will decrease
c) Supply will increase
d) Supply will decrease
_____ F) Which of the following changes will occur:
a) Equilibrium price will increase and the equilibrium quantity will increase
b) Equilibrium price will decrease and the equilibrium quantity will decrease
c) Equilibrium price will decrease and the equilibrium quantity will increase
d) Equilibrium price will increase and the equilibrium quantity will decrease
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