Demand elasticity measures the responsiveness of a change in quantitydemanded to *a change in price.a change in output.a change in supply.a change in production costs.a change in the number of producers. Assume that hot dogs and mustard are complementary goods. If the price of hotdogs increase, what will happen to the price and quantity sold of mustard?Price will increase and quantity sold will increase.Price will increase and quantity sold will decrease.Price will decrease and quantity sold will decrease.O Price will decrease and quantity sold will increase.None of the above.Which of the following will initially result from an increase in the market demandfor a good? *O Total producer surplus in the market will decrease.There will be a matching increase in supply.There will be a decrease in quantity supplied.The equilibrium price will decrease.There will be a temporary shortage at the original equilibrium price.

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emanded to * ) a change in price. ) a change in output. ) a change in supply. ) a change in production costs.

Brief Principles of Macroeconomics (MindTap Course List)

8th Edition

ISBN:9781337091985

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter4: The Market Forces Of Supply And Demand

Section: Chapter Questions

Problem 8PA

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Question

Demand elasticity measures the responsiveness of a change in quantity
demanded to *
a change in price.
a change in output.
a change in supply.
a change in production costs.
a change in the number of producers.

Assume that hot dogs and mustard are complementary goods. If the price of hot
dogs increase, what will happen to the price and quantity sold of mustard?
Price will increase and quantity sold will increase.
Price will increase and quantity sold will decrease.
Price will decrease and quantity sold will decrease.
O Price will decrease and quantity sold will increase.
None of the above.
Which of the following will initially result from an increase in the market demand
for a good? *
O Total producer surplus in the market will decrease.
There will be a matching increase in supply.
There will be a decrease in quantity supplied.
The equilibrium price will decrease.
There will be a temporary shortage at the original equilibrium price.

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