Suppose that typically you pay $10 for an Uber ride to work. Today, you take the same trip, but find that the price has risen to $12.Which of the following options could result in the price change above? (select all that apply)
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Suppose that typically you pay $10 for an Uber ride to work. Today, you take the same trip, but find that the
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- For each of the statements below, select the option that best describes what would happen to the equilibrium price and quantity in the market (noted in italics). Price up, quantity down e. Price down, quantity uncertain Price up, quantity up f. Price up, quantity uncertain Price down, quantity down g. Price uncertain, quantity up Price down, quantity up h. Price uncertain, quantity down ____ 1. Banana consumers experience a decrease in their income (assume bananas are an inferior good). ____ 2. Shoe manufacturers experience an increase in the price of raw materials such as leather and rubber. ____ 3. U.S. consumers of jelly (to make PB&J sandwiches) witness an increase in the price of peanut butter caused by an increase in supply. ____ 4. Consumer enthusiasm for vacations increases air travel at the same time jet fuel costs are…Consider the above market. Which of the following is true? Question 36 options: At a price of $750 a surplus of 15 units exists. No surplus exists at a price of $600. A shortage of 15 units exists at a price of $450. At a price of $150, a shortage of 35 units will exist. All of the Above None of the Above Previous PageNext PageWhich of the following graphs best describes the expected changes in the market for flights from Oakland to Mauai if consumers' airlines cut back the number of daily flights while at the same time the state of Hawaii does not allow tourists from leaving their hotel rooms for the first two weeks of their stay due to concerns over COVID-19?
- Which of the following is an example of price gouging? Question 7 options: selling World Series tickets for $300 a convenience store tripling its price of a bottle of water during a water shortage having to pay above a seller's original asking price for a home Increasing the price of lawn mowers in the spring and summerThe law of supply states that there is an inverse relationship between price and quantity supplied. In other words, at higher prices, sellers will be less willing to bring the good to market. Group of answer choices True FalseTo simplify analysis in economics, supply curves are often drawn as: Multiple choice question. vertical lines. sloping lines. horizontal lines. inverted U-shaped curves.
- Consider the above market. Which of the following is true? Question 36 options: At a price of $750 a surplus of 15 units exists. No surplus exists at a price of $600. A shortage of 15 units exists at a price of $450. At a price of $150, a shortage of 35 units will exist. All of the Above None of the AbovePeople can buy houses which are in the process of being built. What would happen to demand for such houses if it was discovered that an asteroid was definitely going to hit the earth next week and wipe out all life on the planet? Which of the five reasons do you use to justify your answer.If orange juice is considered a normal good, then an increase in income in Ventura will have the following effect on orange juice in Ventura: Group of answer choices: a decrease in the demand. an increase in the demand. an increase in the supply. no change in the demand.
- Some have argued that higher cigarette prices do not deter smoking. While there are many arguments both for and against this view, some find the following argument to be the most persuasive of all: “The laws of supply and demand indicate that higher prices are ineffective in reducing smoking. In particular, higher cigarette prices will reduce the demand for cigarettes. This reduction in demand will push the equilibrium price back down to its original level. Since the equilibrium price will remain unchanged, smokers will consume the same number of cigarettes.”Do you agree or disagree with this view? Disagree - the reduction in demand will push the equilibrium price below its original level. Disagree - this confuses a change in demand with a change in quantity demanded. Agree - the price increase will ultimately leave cigarette consumption unchanged. Disagree - higher cigarette prices will actually increase the demand for cigarettes.Some have argued that higher cigarette prices do not deter smoking. While there are many arguments both for and against this view, some find the following argument to be the most persuasive of all: “The laws of supply and demand indicate that higher prices are ineffective in reducing smoking. In particular, higher cigarette prices will reduce the demand for cigarettes. This reduction in demand will push the equilibrium price back down to its original level. Since the equilibrium price will remain unchanged, smokers will consume the same number of cigarettes.” Do you agree or disagree with this view?A survey by Namibian statistics agency indicated that kapana is Namibian favourite. For each of the following, graphically indicate the possible effects on demand, supply or both as well as equilibrium quantity of kapana. (a) a severe drought in Namibia causes farmers to reduce the number of cattle in their herds by a third-quarter of their stock . These farmers supply need that is used for kapana meat . (b) a new report by the veterinary council of Namibia reveals that kapana does in fact have significant health benefits (C) the discovery of cheaper animal feed by Neudamm Bush-to-feed that lower the price of cattle (d) New technology that lower cattles cost of producing
