Suppose the supply of good X is given by Qsx = 10 + 2Px. How many units of good X are produced if the price of good X is 20?

Q: The inverse of market demand is defined as 1/D(q)=(a-q)/b Select one: True False

A: In a market, a general demand function is represented in terms of quantity, such that: D(q)=a-bp

Q: Of the below, which is NOT true?    The Supply curve is ALWAYS upward sloping  Producers prefer…

A: Supply shows the total production of commodities and services by the firms and aggregate production…

Q: Assume a market for a normal good is currently in equilibrium. If the expected price of the good is…

A: Introduction: When the government imposes taxes on the firms, the supply curve of the firm shifts…

Q: Assuming that fish and chips are complementary products, if the price of fish rises, then the demand…

A: Complementary goods are the ones which have to be used together by people. In this question, fish…

Q: The supply curve will shift to the right if there is: a change in consumer preferences for the good…

A: A supply curve is a graphical representation that describes the relationship between the cost of…

Q: Of the following, which situation would cause the shift of the supply curve from S1 to S2? D P1 P2…

A: A shift in supply curve may cause due to various such as change in number of firms, raw material,…

Q: When economists say the demand for a product has increased, they mean the demand curve has shifted…

A: Demand refers to the ability and choice of a consumer to buy a particular good.

Q: If two goods are complements, a decline in the price of one will cause an increase in the demand for…

A: The cross elasticity shows the response of the change in the price of one commodity on the demand of…

Q: Two goods are said to be substitutes if an increase in income results in a decrease in demand. True…

A: A normal good is one whose consumption increases when income increases. The demand curve for a…

Q: Good A (an inferior good) and Good B (a normal good) are viewed by consumers to be substitute…

A: The answer is - (Option B) Decrease in both equilibrium price and quantity

Q: The first law of demand implies that when the price of good X increases the result will be…

A: The demand theory in the Microeconomics is part of the consumer theory. The consumer theory in the…

Q: demand increases, at the new equilibrium: a) the price of the good decreases and the amount…

A:

Q: A decrease in the current price of a good would increase the demand for the good. increase the…

A: Demand for a good refers to consumer's desire to purchase that good and their willingness to pay for…

Q: Suppose that the market for lima beans is in equilibrium. Then, both the supply and demand curves…

A: The curve that depicts various quantities of goods and services being demanded by individuals at…

Q: Good X is a normal good. If the average income of those who buy good X rises, resulting in a(n) in…

A: Normal good: All those goods are considered as the normal good demand for whom rises as the income…

Q: For a particular good, a 10 percent increase in price causes a 13 percent decrease in quantity…

A: In a market, the use of price elasticity is very broad as it can be used to make various types of…

Q: when the price of a good increases, the quantity supplied of the good also increases. This is the…

A: Law of diminishing return:- Law of diminishing return states that increase in a factor of production…

Q: As the price of good X rises from $10 to $12, the quantity demanded of good Y rises from 100 units…

A: The cross-price elasticity of demand is a concept that measures the responsiveness in the quantity…

Q: Resource X is necessary to the production of good Y. If the price of resource X rises, the…

A: Opposing economic variables gravitate towards their natural condition, resulting in economic…

Q: The diagram below shows the market for Good X. Which of the following could cause the shift in the…

A: Demand curve shows the relationship between price and quantity demanded. And as this relationship is…

Q: If goods A and B are substitutes, an increase in the price of good B O increase the demand for good…

A: Answer: option d (decrease the demand for good B and increase the demand for good A) Explanation:…

Q: Suppose the supply function for good X is given by: QSx = -30+2PX - 4PY How much of good X is…

A: (1) Provided with the supply function of good X QsX = -30 + 2PX – 4PY. Production of good X when the…

Q: . According to the law of demand, when all other factors are held constant, the higher the price,…

A: Answer: Correct option: False (B) Explanation: Law of demand: According to the law of demand there…

Q: Let the demand and supply functions for a given commodity be Q = a - ßp Q=-y+ p where (a, B, 8, y>…

A: Here the supply curve is the curve depicting how much production of manufacturing goods is being…

Q: A market is in equilibrium when supply is equal to demand. the price is adjusting upward. the…

A: Owing to the equal operation of opposing forces, equilibrium is formally defined as a state of rest…

Q: Which of the following would shift the supply curve for a commodity to the right? An increase in the…

A: Answer for Q#1 A market supply curve shows various combinations of price and quantity supplied.…

Q: Two goods are substitutes if a decrease in the price of one good. This will lead to: Select one: a.…

A: Substitute goods are those goods that fully fill the need for other goods, the change in the price…

Q: Which of the following would cause an increase in the equilibrium price of a good?    a. Fewer…

A: Demand: It refers to the quantity of a commodity that consumer is willing and able to purchase at…

Q: When the price of one good affect the demand for another good, then the goods are likely to be…

A: The demand for a good gets affected by its price and other determinants such as price of related…

Q: When an economist states the supply of a product has decreased, he or she has concluded that a) A…

A: In an economy, a producer is one who has the responsibility to maintain the availability of output…

Q: Which of the following will not shift the supply curve to the left? a) an increase in wages paid to…

A: In economics, the law of supply establishes that prices and quantity supplied are positively related…

Q: Two goods are complements if a decrease in the price of one good. This will lead to: Select one: a.…

A: The prices of complementary or substitute goods also shift the demand curve.

Q: In the following question you are asked to determine, other things equal, the effects of a given…

A: The demand curve is a downward sloping curve indicating a negative relationship between the price…

Q: When MRS is constant, then this means that Good X and Y are Substitutes. True / False

A: Marginal rate of substitution denotes the slope of the indifference curve and is defined as the rate…

Q: Given the supply and demand functions of good p = x + 2xs + 12 p = -x3 – 4xp + 68 Calculate the…

A: Given, p=xs2+2xs+12p=-xD2-4xD+68

Q: Assume that the price of product X rises by 13 percent and the quantity supplied of X rises by 15…

A: The markets are the place where the buyers of various goods and services tend to meet and interact…

Q: When demand of a commodity is greater than its supply at a given price then it is known as

A: # In a market the market equilibrium occurs at the point where the demand and the supply are equal.…

Q: If the demand curve for a good is a vertical line at Q = 1, then a decrease in the price of that…

A: Demand curve represent the quantity demanded in the graphical format.

Q: If the cost of producing Good A falls, this will cause      A) an increase in the market price of…

A: In a market, the cost of producing any good influence the market equilibrium due to change in the…

Q: The Demand for a good always increase with the increase in the prices of other goods True/False

A: A good can be a substitute for the other good or it can be a complementary good for the other type…

Q: Consider the following demand and supply functions. D(x) = 62 – 0.9x, S(x) = 0.4x + 52.9, 0 < x <…

A: Equilibrium point: Economic harmony is a circumstance wherein monetary powers, for example, organic…

Q: A simple supply curve shows a relationship between the Multiple Choice price of a good and the…

A: Supply curve is upward sloping for a good.

Q: The fresh fruit market and frozen dinner market are currently in equilibrium. Fresh fruit is a…

A: A normal good is also known as a necessary good. These are the goods that have higher demand when…

Q: Suppose cowboy boots and leather vests are complements. If the price of cowboy boots increases…

A: Supply curve shifts left if supply side factors experience a negative shock, like increase in input…

Q: Demand curves have a negative slope. Why? a. firms tend to produce less of a good that is more…

A: Demand curve depicts the inverse relationship between price and quantity demanded, keeping other…

Q: If two goods are substitutes, a decline in the price of one will cause an increase in the demand for…

A: There are different types of goods based on their use, consumer preference &amp; taste, and…