"Rent controls, government farm programs, and other price ceilings and price floors are bad." This is an example of a O A. positive statement. The statement is concerned with what is. O B. normative statement. The statement is concerned with what should be. OC. normative statement. The statement is concerned with what is. O D. positive statement. The statement is concerned with what should be.
Q: The demand curve is also the O A) total benefit curve. O B) marginal cost curve. C) total cost…
A: Demand curve is negatively sloped showing inverse relationship between price and quantity demanded.
Q: Price gouging laws are an example of a) a price ceiling. O b) rules for keeping market prices low…
A: As we know that price is set by the market force demand and supply interaction whic is called…
Q: In the supply and demand model, what happens when regulations increase the cost of production?…
A: The model that depicts quantities of goods and services being demanded and supplied by producers to…
Q: Suppose that the price of basketball tickets at your college is determined by market forces.…
A: Disclaimer = As you posted multipart questions we are supposed to solve only the first 3 questions.…
Q: Which of the following is a nomative statement? O When the price of gasoline falls, profits for the…
A: There are two types of economies are categorised based on the decision is made in the market and…
Q: Which of the following must remnain the same while defining the Law of Supply? a. Price of other…
A: Law of supply states that price of a good directly varies with its quantity supplied, ceteris…
Q: The figure shows the market for college education. The efficient quantity of education is Price and…
A: MB- Marginal benefit shows marginal private benefit MSB- Marginal social benefit Good with…
Q: In the markets for factors of production Select one: O a. households provide firms with profit. O b.…
A: Market for factor of production indicates the transaction of money and production factor such as…
Q: Zach is a physics student who is considering taking an extra course in history. An incentive that…
A: The economics as a study is used to determine how the allocation of the resources are done in the…
Q: a)Draw the supply curve with the slopey our choice (individual or market demand). Choose a price…
A: "Supply curve for a commodity represents a positive relationship between price and quantity supplied…
Q: Which of the following is not a scarce resource? Select one: O a. Labor, when the unemployment rate…
A: A resource is a scare resource when its availability is not unlimited or is not available in…
Q: Use the figure below to answer the following question. $5 S3 S2 2 4 6 8 10 12 14 16 18 20 Quantity…
A: The supply of corn to shift from s1 to s2 is based on the increasing or decreasing factors affecting…
Q: In the market for newspapers in your town the salaries of journalists go up and there is a big news…
A: Journalists are an input in the production of newspapers; their salary will increase will cause the…
Q: Suppose that Congress caps executive pay at a level below the equilibrium. The quantity of…
A: The demand curve depicts the quantity demanded at each price level, keeping other factors of demand…
Q: Eesource X is necessary to the production of good Y. If the price of resource X falls, the…
A: Resource X is used for the production of good Y. Fall in the price of resource X leads to fall in…
Q: Potatoes are farmed using labor and machinery (farm equipment). They're often eaten with butter or…
A: Inferior goods are those goods which have inverse relationship with income and demand . but demand…
Q: whiskey are initially in equilibrium (i.e., supply equals demand in each case). Assume f
A: i) With good harvest, the supply of sugar cane will increase. Sugar cane market: Due to increase in…
Q: What is cost a measure of? Select one: O a. the seller's willingness to buy O b. the seller's…
A: The law of demand illustrates the relationship between price and quantity demanded of a good. The…
Q: Which of the following is true of resource markets? O a. Factors of production are bought and sold…
A: The market is a location where the transaction of services and commodities takes place.
Q: Assume that the farmer and the rancher can switch between producing meat and producing potatoes at a…
A: Comparative advantage arises when the individual can produces good at lower opportunity cost than…
Q: Which of the following is an example of allocative inefficiency? O A. Consumers place positive value…
A: Allocative efficiency is where the marginal cost of producing an additional good is equal to the…
Q: Choose the incorrect statement from the following: tion Select one: O a. Producer surplus is the…
A: Producer Surplus refers to the difference in the price at which a seller is willing to provide a…
Q: Note: Line segments will automatically connect the points. Remember to plot from left to right. ?…
A: The market supply is the sum of all the individual quantities supplied at each price level.
Q: You publish a magazine for calculator collectors. To produce and distribute this magazine, you use a…
A: When the price of labor falls then the cost of production falls. This implies firm can increase…
Q: Assume that the markets for sugar cane, rum and whiskey are initially in equilibrium (i.e., supply…
A: please find the answer below
Q: Assume that the markets for sugar cane, rum, and whiskey are initially in equilibrium (i.e., supply…
A: ANSWER STEP-1 With good harvest, the supply of sugar cane will increase:- Sugar cane market: Due to…
Q: mathxl.com/Student/PlayerHomework.aspx?homeworkld=616379615&questionld=18&flushed=false&cld=6801150&…
A:
Q: Which one of the following statements is incorrect? Governments set maximum prices: O A. To boost…
A: When a government tends to set the price of a good or service at a legal limit with the primary aim…
Q: Which of the following is a market-oriented mission statement? "We manufacture shoes." O b. "We are…
A: A market orientated organisation looks at the market and its target audience first, before any…
Q: In a market economy, O demand determines supply and supply, in turn, determines prices O supply…
A: Demand is the total quantity of goods and services for which the consumers are will to buy at…
Q: When might the supply curve for microwave ovens shift? Select one: O a. Only if the price of steel…
A: The equilibrium price and quantity of a good sold in the market are determined by the forces of…
Q: The market system automatically corrects a surplus condition in a competitive market by: a) Raising…
A: The equilibrium is a state in which economic forces like supply and demand are balanced and the…
Q: The government imposes a $3 per-can tax on cans of Twip. Consumers will most likely see the prices…
A: Answer: Correct answer: option 3 (rise, but by less than $3) Explanation: Any tax imposed by the…
Q: Suppose the incomes of buyers in a market for a particular normal good decrease and there is also a…
A: 1 A reduction in the income of consumers will decrease the demand for normal good and the demand…
Q: Tools MC Productive eff Profit maximiz ATC Allocative effi Demand MR Quantity b. In which of these…
A: Profit maximization is where Marginal revenue equals marginal cost. Product efficiency occurs at…
Q: For a seller, which of the following is NOT positively related? O The price of the good and the…
A: Keeping everything the equivalent on the off chance that the cost of production rises, the profit of…
Q: An individual transferable quota (TO) is a limit that is assigned to an individual who to transfer…
A: An individual transferable quota (ITQ) is imposed by the government on individuals or firms.
Q: A В F D Bread Refer to the figure above, an economy is at full employment and then workers in the…
A: Production possibility frontier (PPF) shows the combination of two products or goods which can be…
Q: Consider the market for pizzas, Suppose that the price- of pizzas decreases; which statement below…
A: Marginal cost is the cost incurred by the producer in producing one more unit of a good or service.…
Q: If there is a shortage of a good, how will the market mechanism adjust to achieve equilibrium? O a.…
A: Self-adjusting mechanism:- A method which can return the economy to "ordinary" after a disruption…
Q: d) Assume instead there is an increase in the price of tin, a major input in producing gadgets.…
A: The input price would make a direct impact on the supply of a good. An increase in input price will…
Q: (This question refers to the MRU video 'Price Floors: The Minimum Wage') A price floor is a price:…
A: Price floor refers to the legal minimum price that can be charged for a good or service.
Q: O the price of the good itself is not a factor. O the price of the good itself is a factor. O the…
A: As per the law of demand, price has an indirect relationship with quantity demanded.
Q: A tax placed on buyers of airline tickets will the price received by sellers of airline tickets and…
A: (Since you have asked multiple questions, we will solve the first question for you. If you want any…
Q: Which one of the following statements is correct? O A. A rise in the price of a good will cause the…
A: Supply of the good is defined as the total quantity of the good supplied by all the producers in an…
Q: Suppose Albert's town raised the price of bus tickets to $1 per trip (while the price of burgers…
A: The opportunity cost is the money value of the next best alternative that is foregone while making…
Q: Producers are willing to increase production at higher prices to increase profit. Select one: O a.…
A: In economics, a market economy is the one where market demand and market supply determines the…
Q: There is a movement along the same supply curve due to changes in Oa Price of factors Ob. All of the…
A: Supply is the quantity of goods supplied by producers at the given price. There is a positive…
Q: In the short run, how responsive is the quantity supplied to price changes? Select one: Oa. not very…
A: Price elasticity of supply measures the responsiveness in quantity supplied of a commodity to a…
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- PLEASE ITS MICRO ECONOMICS!! HELP ME ANSER THOSE TWO MULTIPLE CHOICES! If the producers of a good demand a price that is too high (higher than the equilibrium price), this generates a) a shortage of the good followed by a gradual decrease in the price of the good. b) a surplus of the property followed by a gradual decrease in the price of the property. C) a surplus of the property followed by a gradual increase in the price of the property. d a shortage of the good followed by a gradual increase in the price of the good. If the producers of a good demand a price that is too high (higher than the equilibrium price), this generates a) a shortage of the good followed by a gradual decrease in the price of the good. a surplus of the property followed by a gradual decrease in the price of the property. a surplus of the property followed by a gradual increase in the price of the property. d) a shortage of the good followed by a gradual increase in the price of the good.It's not C. Can you explain which is the correct answer. a) that the opportunity cost of bicycles increases, while that of computers is constant. b) combinations of bicycles and computers that society can produce by using its resources efficiently. c)that the opportunity cost of computers increases, while that of bicycles is constant. d) that society's demand for bicycles is greater than its demand for computers.Supply chain shortages have limited the number of microchips available to car manufacturersin the US. Since every new car needs microchips to control it, we can think of a limit on thenumber of microchips as a quota on the production of new cars. If this quota is binding,which of the following may be a market consequence of a production quota on new cars in theUS market? Do not worry about the underlying facts; only whether the explanations makeeconomic sense given our model. (Select one or more) (a) The quantity supplied of new cars will rise to meet the quota.(b) The quantity supplied of new cars will fall to meet the quota.(c) The quantity supplied is unaffected by a binding quota.(d) The price of new cars will rise until there is no excess demand.(e) The price of new cars will fall until there is no excess demand.(f) Consumer surplus will increase as a result of the quota.(g) Consumer surplus will decrease as a result of the quota.(h) Consumer surplus will be unaffected by the…
- Explain the disequilibrium in the market due to surplus situation? Also explain the surplus situation using self-explanatory figures?a) Suppose that in the production of computer software, the marginal rate of technical substitution between engineers and marketer is 5 for IBM and 3 for Microsoft. Explain why this outcome violates the condition for efficiency in production and how a voluntary exchange could make both companies better off. b) Ignoring rationing problems and black markets, under rent control (or any price ceiling that produces a shortage) the price paid by consumers equals the marginal cost of producing the good. Does this mean the output level is efficient? Explain. c) What does the contract curve in an Edgeworth production box signify? Why do competitive markets generate equilibriums that lie on the contract curve?Let’s assume that a severe hurricane destroys many shrimp farms along the Gulf Coast of Louisiana. The impact on the market for farmed shrimp will be a shift to the left of: Group of answer choices the demand curve, as consumers try to economize because of the shortage. the supply curve and a rightward shift of the demand curve, resulting in a higher equilibrium price. the supply curve. both the supply and demand curves.
- Consider the market for rubber. suppose a massive forest fire causes 50% of the world’s supply of rubber to be destroyed. First, depict what happens in the market for rubber. Then, depict what happens in the market for tires (where rubber is an input). Last, depict what happens in the market for cars, where tires are an input. What happened to the price of cars? Now, suppose that in order combat this event, the government announces that starting in three months (i.e. in the future), the government will give a $1000 rebate on purchases of new cars (i.e. the price of cars will decrease in the future). What happens in the market for new cars today? What happens in the market for used cars today? Finally, what is the net effect of everything that occurred on new/used cars equilibrium price and quantity (Hint: for one of these market’s variables, the net effect will be ambiguous)?It is widely believed that land-use regulations, such as zoning laws that restrict real estatedevelopment, raise the marginal cost of housing, thereby reducing market supply. Jackson(2016) for example shows that increased land-use regulations reduce residential permittingby 4-8 percent. By reducing supply, land-use restrictions likely put upward pressure onhousing price; all else being equal, Zabel & Dalton (2011) find that increasing the minimumlot size required per dwelling by one acre raises house prices by about nine percent. By how much do think a nine percent increase in housing price impacts consumerwelfare? Provide a range based on the price elasticities cited above. Please show allof your work, including math and diagrams. Given your estimates, what would consumers be WTP for to avoid a one acreincrease in the minimum lot size?12. The price in the market which is resulted from the interaction of supply and demand is called : Choose one answer : O. Economic development O. Traditional economics O. Political economy O. All of the above .
- If it is not possible to increase the output of one good without decreasing the output of the other, when there are only two goods, thenthis situation would describe a point on a production possibilities frontier for the producer.the outcome can be described as efficient.there is no unemployment of resources.All of these outcomes are correct."Any social planner who implements efficient outcomes will produce the same output in a given market as the competitive market would." In addition to the conditions of the first welfare theorem, which of the following have to hold in order for the statement in quotes to be true? O a. Consumer tastes are quasilinear. O b. Consumer tastes are homothetic. O c. Production frontiers are homothetic. O d.Both (a) and (c). O e. Both (b) and (c). Of. None of the above.Fill in the Blank Question Suppose that when the price of apples is 25 cents each, there are to formers who each supply 600 apples per day, and 2 famers who each suppy 1,000 apples per day. Thus, when the price of apples is 25 cents, the market supply of apples it per doy. Need help? Review these concept resources. [I. Read About the Concept Rate your confidence to submit your answer. Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.