In each of the following cases, determine how supply or demand shifts and how the equilibrium changes.  Select the correct answer in each blank space (_______)  a. Smartphones: Microchips used in smartphones become less costly to produce. As a result, the __________________( *Supply of and demand for, *Supply of,  or *Demand for)  smartphones increase(s), causing the equilibrium price to (*Rise, *Fall, or *Rise, fall or remain unchanged) and the equilibrium quantity to (*Rise, fall or remain unchanged, *Rise, *Fall)   b. ALS medical research funds: The ALS ice bucket challenge goes viral, leading to greater awareness of the benefits of and need for ALS research. As a result, the _____________ ( *Supply of and demand for, *Supply of,  or *Demand for)  ALS research increase(s), causing the equilibrium price (or opportunity cost) of such research to __________ (*Rise, fall or remain unchanged, *Rise, *Fall)  and the equilibrium quantity to __________ (*Rise, fall or remain unchanged, *Rise, *Fall)   .

Q: Demand and Supply Exercises Directions: Fill in the boxes (QD, QS, D, S, P, Q) in the next three…

A: Meaning of Demand and Supply: The term demand refers to the willingness of an individual to…

Q: Given the products and conditions below, indicate how the events affect the demand, supply,…

A: Since you have posted a question with multiple sub-parts, we will solve the first three sub-parts…

Q: Name the three cases when both the demand and supply increases at a certain period of time?

A: Generally in the given question The word supply means the ability of the consumers or the producer…

Q: The supply curve of some good is vertical. What will be the effects of a fall in demand for it?…

A: Supply curve represent the positive relationship between the existing price of a commodity and it's…

Q: How does the interaction of demand and supply keep a market in balance, at least approximately and…

A: Demand for a commodity is the desire backed by ability and willingness to pay the given price during…

Q: With the aid of supply and demand diagrams, show and explain how and why we would expect prices and…

A: Note: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question…

Q: If price of tomato sauce/ French fries falls what happens to equilibrium price and quantity of…

A: A product is considered to be in equilibrium quantity when there is no shortage or surplus on the…

Q: Using diagrams students should apply the theory of supply and demand to the assigned economy. a) Use…

A: We consider the product called Tafelspitz. Tafelspitz is Austrian national food dish and is very…

Q: Step 1 Analyze the effect of each scenario on the price of khaki pants. Consider the following…

A: We will solve for the first three scenarios only. Please resubmit the question separately with the…

Q: What is Microeconomics? What is the price elasticity of demand? What are the various methods of…

A: Economics is a study that has a broader scope and includes all the factors that affect the economic/…

Q: create your own scenario of the determinant of demand and determinant of supply.

A:

Q: Holding other things remaining the same, the law of supply specifies that _______________.     if…

A: Supply curve is upward sloping showing positive relationship between price and quantity supplied.

Q: Need help with supply and demand homework questions  a) In the 1964 movie, Goldfinger, James Bond…

A: In a market, any change in supply or demand of a specific good will have a significant impact on the…

Q: What is the effect of releasing onions from federal stores on the onion market? Following the…

A: A market is a place where the buyers and the sellers interact with each other and the exchange of…

Q: Which of the following events will increase the supply of sunscreen? If ________ and no other…

A: Given data, Change in supply  When the producers or output of the suppliers of a specific good or…

Q: How can we apply the supply and demand analysis to a competitive market? What is a real-life example…

A: The price mechanism or can be called as the law of demand and supply, is a model that states how…

Q: Consider the market for cheese.  If the price of milk increases, what will be the consequences?…

A: The lower prices of milk will lower the production cost for cheese, and cheese producers will…

Q: Which of the following statements is correct?     A. Supply will usually increase in response to an…

A: Supply of a service or good is number of its units that a producer or firm is willing and able to…

Q: Assume that the price of crisps rises while the equilibrium quantity falls. Explain in each of the…

A: In the free market, the equilibrium price and quantity is determined by the forces of demand and…

Q: In understanding and analyzing "demand," we focus on how much of a product the buyers are   Multiple…

A: Demand curve is negatively sloped showing inverse relationship between price and quantity demanded.

Q: Extensive medical research has concluded that using tobacco is harmful to your health. As a result,…

A: “Since you have asked multiple question, we will solve the first question for you. If youwant any…

Q: Do you agree or disagree with this view?

A: Since smoking is such a tough habit to break, demand for cigarettes is extremely inelastic.

Q: Assume that Figure shows the market for potatoes. Which of the following will most likely cause a…

A: The demand curve for a good shifts due to change in the factors affecting demand except the price of…

Q: For each of the following events, describe in words what happens to the supply, demand, quantity…

A: “Since you have posted a question with multiple sub-parts, we will solve first three subparts for…

Q: For each of the following scenarios, determine if there is an increase or a decrease in supply for…

A: Since you have asked a multi-part question, and according to the policy, we can only solve the first…

Q: Many changes are affecting the market for oil. Predict how each of the following events will affect…

A: Hi! Thank you for the question but as per the guidelines, we answer up to three parts at one time.…

Q: Most people demand goods and services much less than they want. True or False? Explain your answer.…

A: Answer 1.  The quantity of a commodity or service that consumers are willing and able to purchase at…

Q: Last, extend your analysis to the long run, a period of time long enough for new coffee growers to…

A: Over the long run in a perfectly competitive market — as a result of the course of entry and exit —…

Q: Write a brief summary on Demand, Supply, and Equilibrium in Markets for Goods and Services. Note:…

A: The quantity of an item or service that customers are willing and able to acquire at each price is…

Q: Which of the following are determinants of ? supply :Select one .a. income b. input prices c. tastes…

A: When consumer income rises (falls), or consumer tastes shift toward (away from) the good, or price…

Q: Consider the market supply of cereal. Complete the following table by indicating whether an event…

A: The market supply of any product is the entire output level of that specific product produced and…

Q: On the Appropriate diagram ,show what happens to the market for pizza if the price of tomatoes…

A: When there is a change in price of the good, it leads to movement along the demand or supply curve.…

Q: The law of demand states that as the price of a good or service increases, the quantity demanded…

A: The law of demand states that holding all else constant as the price of a good or service falls, the…

Q: TRUE or FALSE. If the statement is correct, write TRUE on your answer sheet. If the statement is…

A: "Since you have asked a question with multiple sub-parts, we will solve first three sub-parts for…

Q: Consider the demand for airplane tickets. Which of the following does not cause the demand for…

A: Taking each option one by one A. Decrease in number of consumers due to a pandemic This will shift…

Q: Q9. In a market-oriented economy, the amount of a good that is produced is primarily decided by the…

A: As per the equilibrium condition, the overall demand is determined by intersection of total…

Q: Which of the following demonstrates the law of demand?     a. When car production technology…

A: The law of demand is the relation between two variables - the price(P) and the quantity…

Q: Will the equilibrium price and quantity of ventilators increase or decrease if a new cost-saving…

A: Equilibrium is attained in the market at the point where the demand and supply intersect each other.

Q: Which of the following would most likely increase the demand for peanut butter?   a. the invention…

A: The law of demand states that, there is an inverse relation ship between the price and the quantity…

Q: In the new academic year, a school mandates that all students must take an Economics course.…

A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: The questions in parenthesis are the answer choices. Only 1 can be selected. In each of the…

A: a) When there is reduction in the cost of production of the microchips used in the smartphones, the…

Q: The law of demand is the first and primary law of economics. Do you agree? Explain the law of demand…

A: Yes, I agree. The law of demand is the first and primary law of economics.  The Law of demand states…