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- Draw graphs to show "People respond to incentives and disincentives" in relation to the demand curve and supply curve for good X.Classify the following goods as normal or inferior and provide a justification. (It might be easiest to create a table in Microsoft Excel and put the phrase in one column while the answer goes in the next column.) used cars (as opposed to new cars) home remodeling (versus doing nothing) vacation planning services (versus doing the planning oneself) new clothes (as opposed to used clothes) canned vegetables (as opposed to fresh vegetables)An improvement in production technology will: Multiple Choice increase equilibrium price. shift the demand curve to the left. shift the supply curve to the left. shift the supply curve to the right.
- Classifying a good as rival means A. that the good is produced in a competitive market. B. anyone who does not pay for the good cannot consume it. C. that there is a shortage of the good. D. that when one person consumes a unit of the good no one else can consume it.Susan and Katy share an apartment, which they have decided to decorate for the holidays. The figure below shows Susan’s and Katy’s individual demand for strands of lights, measured metres. If Susan and Katy were to individually decide how many metres of lights to purchase, how much would be purchased if the price of lights were $16 per metre. SOLUTION IS NOT 20 METRES 5 metres 10 metres 15 metres 20 metres None of these.Show that when all consumers and producers are price takers, a competitive equilibrium is always Pareto optimal.
- which statement is correct If a good is not being produced by sellers with the lowest cost, then the market reflects inefficiency in the allocation of resources. Welfare economics deals with how the allocation of resources affects economic well-being. The willingness to pay is a measure of how much the buyer values the good. The marginal seller is the seller who would leave the market first if the price were any higher.In the past Christmas season, the roast suckling pig market was impacted by a large number of buyers, while the Department of Agriculture closed several of the 110 factories for not having the plants in optimal conditions. This situation affects: Choose one: a. both curves b. the supply curve c. the demand curve d. the quantity demandedTRUE OR FALSE? An increase in price tends to make consumer buy less and sellers to sell more. A price decrease tends to cause the opposite reaction. An increase in income will shift the demand curve to the left on the graph. A decrease in income will shift the demand curve to the right. Shifts in either the demand curve alone or the supply curve alone cannot cause a change in the equilibrium point. It is only when both the demand curve and supply curve shift that the equilibrium point is changed.
