Suppose reports indicate that natto is the new health food, both for the body and themind. This report will cause the market demand for natto towhich will be eliminated as the market price of natto.constant.Select one:A. decrease; shortage; increasesB. increase; surplus; increasesOC. increase; shortage; increasesOD. decrease; surplus; increasesE. decrease; shortage; decreasesF. increase; shortage; decreasesOG. increase; surplus; decreasesOH. decrease; surplus; decreases_, resulting in a, everything else held

The law of demand is a fundamental principle in economics that describes the relationship between…

Suppose reports indicate that natto is the new health food, both for the body and the mind. This report will cause the market demand for natto to, resulting in a which will be eliminated as the market price of natto__________, everything else held constant. Select one: A. decrease; shortage; increases OB. increase; surplus; increases OC. increase; shortage; increases OD. decrease; surplus; increases E. decrease; shortage; decreases OF. increase; shortage; decreases OG. increase; surplus; decreases ⒸH. decrease; surplus; decreases

Suppose reports indicate that natto is the new health food, both for the body and the mind. This report will cause the market demand for natto to, resulting in a which will be eliminated as the market price of natto__________, everything else held constant. Select one: A. decrease; shortage; increases OB. increase; surplus; increases OC. increase; shortage; increases OD. decrease; surplus; increases E. decrease; shortage; decreases OF. increase; shortage; decreases OG. increase; surplus; decreases ⒸH. decrease; surplus; decreases

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter5: Elastic And Its Application

Section: Chapter Questions

Problem 10PA

See similar textbooks

Similar questions

. It is a hot day, and Bert is thirsty. Here is the value heplaces on each bottle of water:Value of first bottle $7Value of second bottle $5Value of third bottle $3Value of fourth bottle $1a. From this information, derive Bert’s demandschedule. Graph his demand curve for bottledwater.b. If the price of a bottle of water is $4, how manybottles does Bert buy? How much consumersurplus does Bert get from his purchases? ShowBert’s consumer surplus in your graph.c. If the price falls to $2, how does quantitydemanded change? How does Bert’s consumersurplus change? Show these changes in yourgraph.
Suppose that scientists find evidence that proves tattoos improve the body’s immune system. What would we expect to see? A. a decrease in the demand for tattoos B. no change in the demand for tattoos C. an increase in the demand for tattoos D. a decrease in the supply of tattoos
Kari requests two goods: X and Y. The utility function is given by: U(XY)=X-Y. Prices of X and Y is Px and Py, and budget is of m dollars. a) Deduce Karis demand for good X and Y b) Suggest price X and Y is showed by Px = 4 and Py = 2 and income, M, is 30. How much will she demand of X and Y? c) Karis wage is doubled. How does this affect her adjustment? Show graphically and mathematically d) is good X and Y normal or inferior goods?
When the price of goods X increases by 20% and the quantity of demand decreases by 30%, the demand for the goods is inelasticTrue or false?
Consider public policy aimed at smoking. a.Studies indicate that the price elasticity of demand for cigarettes is about 0.4. If a pack of cigarettes currently costs $2 and the government wants to reduce smoking by 20 percent, how much should it increase the price? If the government permanently increases the price of cigarettes, will the policy have a larger effect on smoking one year from now or five years from now? Studies also find that teenagers have a higher price elasticity than do adults. Why might this be true?
suppose the price of an item icreases by 10% that the quanity supplied of that same item decreases by 2%. what does the value tell you about the good in question?
PLEASE ITS URGENT! ANSWER RIGHT AWAY PLRASE PLEASEEE Following an event, the price of chocolate syrup for ice cream is falling. This will result in: a) An increase in the requested amount of chocolate syrup and an increase in the demand for cream Bombe B) A decrease in demand for chocolate syrup and ice cream c) An increase in the requested quantity of chocolate syrup and an increase in the quantity Asked for ice cream d) An increase in demand for chocolate syrup and ice cream
At any point on an ind ifference curve, the slope of thecurve measures the consumer'sa. income.b. wi l lingness to trade one good for the other,c. perception of the two goods as substitutes orcomplements,d. elasticity of demand.
Consider public policy aimed at smoking.a. Studies indicate that the price elasticity of demandfor cigarettes is about 0.4. If a pack of cigarettescurrently costs $5 and the government wantsto reduce smoking by 20 percent, by how muchshould it increase the price?b. If the government permanently increases theprice of cigarettes, will the policy have a largereffect on smoking one year from now or five yearsfrom now?c. Studies also find that teenagers have a higherprice elasticity of demand than adults. Why mightthis be true?
When and economist says the demand, for a product has increases, he or she mean that a) consumers are willing and able to purchase more at any given price. b) the demand curve has shifted to the left c) The product has become more scarce and consumers therefore want it more d)Consumers would be willing and able to pay less to recieve the same quantity. e)The price has decreased and consumers will therefore purhcase more of the product
Price Floors are set when there is a shortageSelect one:0a. FalseO b. True
Explain any 5 (five) factors that will lead to a decrease in supply of a good