If the cost of producing Good A falls, this will cause A) an increase in the market price of Good A. B) a shift in the supply of Good A. C) a shift in the demand for Good A. D) none of the above
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If the cost of producing Good A falls, this will cause
- A) an increase in the market price of Good A. B) a shift in the supply of Good A.
- C) a shift in the demand for Good A. D) none of the above
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- For a particular good, a 2 percent increase in price causes a 12 percent decrease in quantity demanded. Which of the following statements is most likely applicable to this good? A. the good is a luxury B. the market for the good is broadly defined C. the relevant time horizon is short D. there are no good substitutes for this goodFor a particular good, a 12 percent increase in price causes a 24 percent decrease in quantity demanded. Which of the following statements is most likely applicable to this good? a. The good is a luxury. b. There are not many substitutes for this good. c. The relevant time horizon is short. d. The market for the good is broadly defined.For a particular good, a 10 percent increase in price causes a 15 percent decrease in quantity demanded. Which of the following statements is most likely applicable to this good? A. There are no close substitutes for this good. B. The good is a necessity. C. The market for the good is broadly defined. D. The relevant time horizon is long.
- What is wrong with the statement: Demand refers to the willingness of buyers to purchase different quantities of a good at different prices during a specific time period: Instead of “demand”, it should be “quantity demanded”. Instead of “willingness”, it should be “ability”. Demand refers to the willingness and ability of buyers, not just willingness. There is nothing wrong with the statement.The maximum buyers are willing to pay for the n-th unit of the good (a) Is less than what they are willing to pay for the next unit of the good. (b) Represents the value of that unit of the good to the buyers and to society. (c) Has no relation to the value of this unit of the good to society. (d) Is always equal to the equilibrium price of the good. (e) None of the above.the price of good X increases from RM3 to RM5, the quantity demanded drops from 10 to 8. if the market price is equal to 1, determine how many units of good X will be sold in the market.
- If buyers expect the price of a good will be lower in the future, then? Group of answer choices the current demand for the good decreases the market will act to buy more goods now the current supply of the good increases because fewer people buy it. the current quantity demanded increases there is no impact on the demand for the goodIf demand increases, at the new equilibrium: a) the price of the good decreases and the amount purchased increases. b) producers will produce less of the product than before. c) more of the product will be purchased at a higher price. d) less of the product will be purchased at a lower price.Surplus in market is occured when: a. Price is equal to Quantity supplied b. Quantity supplied is greater than Quantity demanded. c. Quantity supplied is less than quantity demanded. d. Quantity Demanded is equal to Quantity Supplied. e. None
- Suppliers will provide more of a good when the market price increases. the good is a normal good. resource prices increase. there is a decrease in demand.A demand schedule shows....the “market potential” for a product.how much consumers are willing and able to buy at different prices.possible combinations of output under different conditions.how much producers would like to sell at different prices.All of these responses are correct.A given change in demand will yield a larger change in the quantity supplied A. the more elastic is supply. B. the longer the time frame under consideration. C. the more plentiful are the resources necessary to produce the good. D. all of these answers are correct.
