For each of the following changes in the market for apples, explain why supply will increase, decrease, or remain unchanged. 1. The price of peanut butter increases. 2. A new and better apple picking machine is invented. 3. The wages of apple pickers increase. 4. Some apple farmers go out of business and cut down their orchards. 5. The price of apples increases.

For each of the following changes in the market for apples, explain why supply will increase, decrease, or remain unchanged. 1. The price of peanut butter increases. 2. A new and better apple picking machine is invented. 3. The wages of apple pickers increase. 4. Some apple farmers go out of business and cut down their orchards. 5. The price of apples increases.

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter4: Labor And Financial Markets

Section: Chapter Questions

Problem 8SCQ: Which of the following changes in the financial market will lead In an increase in the quantity of...

See similar textbooks

Similar questions

Many changes are affecting the market for oil. Predict how each of the following events will affect the equilibrium price and quantity in the market for oil. In each case, state how the event will affect the supply and demand diagram. Create a sketch of the diagram if necessary. Cars are becoming more fuel efficient, and therefore get more miles to the gallon. The winter is exceptionally cold. A major discovery of new oil is made off the coast of Norway. The economies of some major oil-using nations, like Japan, slow down. A war in the Middle East disrupts oil-pumping schedules. Landlords install additional insulation in buildings. The price of solar energy falls dramatically. Chemical companies invent a new, popular kind of plastic made from oil.
Which of the following changes in the financial market will lead In an increase in the quantity of loans made and received: a rise in demand a fall in demand a rise in supply a fall in supply
Consider the market for minivans. For each of the events listed here, identify which of the determinants of demand or supply are affected. Also indicate whether demand or supply increases or decreases. Then draw a diagram to show the effect on the price and quantity of minivans. a. People decide to have more children. b. A strike by steelworkers raises steel prices. c. Engineers develop new automated machinery for the production of minivans. d. The price of sports utility vehicles rises. e. A stock market crash lowers peoples wealth.
The computer market in recent years has seen many more computing sell at much lower prices. What shift in demand or supply is most likely to explain this outcome? Sketch a demand and supply diagram and explain your reasoning for each. A rise in demand A fall in demand A rise in supply A fall in supply