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In an analysis of the market for paint, an economist discovers the facts listed below. State whether each of these changes will affect supply or demand and how it is affected. E. v There have recently been some important cost-saving inventions in the technology for making paint. A. Demand shifts out B. Increase in quantity supplied H. v Paint is lasting longer, so that property owners need not repaint as often. C. supply shifts out H. v Because of severe hailstorms, many people need to repaint now. D. Supply shifts in v The hailstorms damaged several factories that make paint, forcing them to E. Increase in quantity demanded close down for several months. E. v The price of paint increases. F. Decrease in quantity supplied The price of input costs decrease for suppliers G. Quantity demanded decreases H. Demand shifts in I. Neither demand nor supply affected

In an analysis of the market for paint, an economist discovers the facts listed below. State whether each of these changes will affect supply or demand and how it is affected. E. v There have recently been some important cost-saving inventions in the technology for making paint. A. Demand shifts out B. Increase in quantity supplied H. v Paint is lasting longer, so that property owners need not repaint as often. C. supply shifts out H. v Because of severe hailstorms, many people need to repaint now. D. Supply shifts in v The hailstorms damaged several factories that make paint, forcing them to E. Increase in quantity demanded close down for several months. E. v The price of paint increases. F. Decrease in quantity supplied The price of input costs decrease for suppliers G. Quantity demanded decreases H. Demand shifts in I. Neither demand nor supply affected

Principles of Economics 2e
Principles of Economics 2e
2nd Edition
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:Steven A. Greenlaw; David Shapiro
Chapter3: Demand And Supply
Section: Chapter Questions
Problem 3SCQ: In an analysis of the market for paint, an economist discovers the facts listed below. State whether...
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In an analysis of the market for paint, an economist discovers the facts listed below. State whether each of these changes will affect supply or demand and how it is affected. E. v There have recently been some important cost-saving inventions in the technology for making paint. A. Demand shifts out B. Increase in quantity supplied H. v Paint is lasting longer, so that property owners need not repaint as often. C. supply shifts out H. v Because of severe hailstorms, many people need to repaint now. D. Supply shifts in v The hailstorms damaged several factories that make paint, forcing them to close down for several months. E. v The price of paint increases. E. Increase in quantity demanded F. Decrease in quantity supplied v The price of input costs decrease for suppliers G. Quantity demanded decreases H. Demand shifts in I. Neither demand nor supply affected
Transcribed Image Text:In an analysis of the market for paint, an economist discovers the facts listed below. State whether each of these changes will affect supply or demand and how it is affected. E. v There have recently been some important cost-saving inventions in the technology for making paint. A. Demand shifts out B. Increase in quantity supplied H. v Paint is lasting longer, so that property owners need not repaint as often. C. supply shifts out H. v Because of severe hailstorms, many people need to repaint now. D. Supply shifts in v The hailstorms damaged several factories that make paint, forcing them to close down for several months. E. v The price of paint increases. E. Increase in quantity demanded F. Decrease in quantity supplied v The price of input costs decrease for suppliers G. Quantity demanded decreases H. Demand shifts in I. Neither demand nor supply affected
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