The discovery of a large new reserve of crude oil will shift the ____curve for gasoline, leading to a _______ equilibrium price for gasoline. Assume crude oil is an input in gasoline production Question 9 options: demand, higher All other answers are incorrect demand, lower Supply, higher
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The discovery of a large new reserve of crude oil will shift the ____curve for gasoline, leading to a _______
Question 9 options:
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All other answers are incorrect |
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demand, lower |
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Supply, higher |
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- Explain why each of the following statements is True, False, or Uncertain according to economic principles. Use diagrams where appropriate. It is the explanation that is important. A1-1. Since demand curves are downward sloping, we would never see an increase in price accompanied by an increase in the equilibrium quantity traded in a market. A1-2. An increase in consumer incomes will lead to an increase in the prices of all grocery store items. Please answer and write neatly please thank you.Which of the following statements explains a decrease in the market equilibrium price for laptops? Question 7 options: An increase in consumer disposable income when laptops are inferior goods. A change in consumer tastes and preferences making cell phones more attractive. Improved technology that makes it less expensive to produce laptops. An expected increase in the price of laptops in the future.In each of the following scenarios, the market is initially in equilibrium. Determine the impact each event would have on the given market. SELECT THE CORRECT ANSWER IN EACH SITUATION 1. New advances in recycling technology reduce the cost of producing paper made from recycled material. a. Which of the following will occur in the market for paper made from recycled material? -supply will decrease -supply will increase -demand will decrease -demand will increase b. Will the advancement in recycling technology result in a shortage or surplus of paper made from recycled material at the previous price? Will the price of paper made from recycled material rise or fall? -surplus, rise -shortage, rise -shortage, fall -surplus, fall 2. Suppose General Electric, one of the largest suppliers of light bulbs, decides to discontinue its production of light bulbs. a. Which of the following will occur in the market for light bulbs? -demand will increase -supply…
- The discovery of a large new reserve of crude oil willshift the _________ curve for gasoline, leading to a_________ equilibrium price.a. supply; higherb. supply; lowerc. demand; higherd. demand; lowerThe discovery of a large new reserve of crude oil will shift the ___ curve for gasoline, leading to a ___ equilibrium price.Volkswagen’s reputation among car buyers was shattered when the public discovered it was cheating on its emissions checks. What happened to equilibrium prices and quantities in the market for Audis, which is widely known to be a good substitute for Volkswagens also created in Germany? The equilibrium price Group of answer choices is ambiguous and the equilibrium quantity increases. increases and the equilibrium quantity increases. decreases and the equilibrium quantity increases. increases and the equilibrium quantity decreases.
- Use appropriate supply and demand diagrams to analyze the effects on the market equilibrium price and quantity traded of chicken, following: A fall in the price of fish which is a substitute for chicken.In each of the following scenarios, the market is initially in equilibrium. Determine the impact each event would have on the given market. a. New advances in recycling technology reduce the cost of producing paper made from recycled material. 1. Which of the following will occur in the market for paper made from recycled material? supply will decrease demand will increase supply will increase demand will decrease 2. Will the advancement in recycling technology result in a shortage or surplus of paper made from recycled material at the previous price? Will the price of paper made from recycled material rise or fall? surplus, rise shortage, fall shortage, rise surplus, fall b. Suppose General Electric, one of the largest suppliers of light bulbs, decides to discontinue its production of light bulbs. 1. Which of the following will occur in the market for light bulbs? demand will decrease demand will increase supply will increase supply will decrease…doctors report that cassava is good for weight loss and diabetes. in additon, there are improved weather conditions which is beneficial for agriculture. which of the following statements is true? a. the equilibrium price will increase but the impact on the equilibrium quantity traded is uncertain. b, both the equilibrim price and the quantity traded will increase c. the equilibrium quantity traded will increase but the impact on the equilibrium price is uncertain. d. both the equilibrium price and quantity will fall
- The concept of effective demand refers to Group of answer choices A) The desire to purchase real estate. B) The effect of consumer preferences on the single-family housingmarket. C) The desire to purchase real estate plus the necessary purchasingpower. D) The state of the market when supply and demand are in equilibrium.As a result of increased tensions in the Middle East, oil production is down by 1.21 million barrels per day – a 5 percent reduction in the world's supply of crude oil. Explain the likely impact of this event on the market for gasoline and the market for small cars.The gasoline market will have: higher equilibrium prices and lower equilibrium quantity. higher equilibrium prices and higher equilibrium quantity. lower equilibrium prices and higher equilibrium quantity. lower equilibrium prices and lower equilibrium quantity. The small car market will have: higher equilibrium prices and lower equilibrium quantity. higher equilibrium prices and higher equilibrium quantity. lower equilibrium prices and lower equilibrium quantity. lower equilibrium prices and higher equilibrium quantity.Assume we are looking at the gasoline market. How would a major increase in the supply of oil worldwide affect this market? Demand increases..a shortage developes..price declines..lower prices prevail Demand decreases..a surplus developes..price declines..lower prices prevail Supply increases..A surplus developes..price decreases..lower prices prevail Supply decreases..A shortage developes..price increases..higher prices prevail