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 summer

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 summer

Macroeconomics

13th Edition

ISBN:9781337617390

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter3: Supply And Demand: Theory

Section3.3: The Market: Putting Supply And Demand Together

Problem 1ST

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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)
Any consumer trying to decide whether to buy a given good or service will base the decision on his or her reservation price and the existing market price.When making this decision, the buyer's reservation price measures the marginal cost: the cost of production. marginal benefit: the value of the resources used in production. marginal benefit: the highest price that a buyer is willing to pay for a product. marginal cost: the lowest amount the buyer is willing to pay for a product. The market price measures the marginal cost: the amount that buyer will actually have to pay. marginal benefit: the value of the resources used in production. marginal cost: the cost of production. marginal cost: what the buyer is willing to pay. The consumer will purchase the good or service only if the buyer's reservation price is equal to or higher than the market price. lower than the market price. higher than the market price. equal to the market…
The maximum buyers are willing to pay for the n-th unit of the good (a) Is less than what they are willing to pay for the next unit of the good. (b) Represents the value of that unit of the good to the buyers and to society. (c) Has no relation to the value of this unit of the good to society. (d) Is always equal to the equilibrium price of the good. (e) None of the above.
To simplify analysis in economics, supply curves are often drawn as: Multiple choice question. vertical lines. sloping lines. horizontal lines. inverted U-shaped curves.
When a market is in equilibrium, which of the following is not correct Select one: a. the price determines which buyers and sellers participate in the market. b. those buyers who value the good more than the price choose to buy the good. c. those sellers whose costs are less than the price choose to produce and sell the good. d. the marginal cost of producing the last unit of the good is equal to consumers' marginal benefit from consuming the last unit e. the opportunity cost of producing the last unit of the good is equal to the absolute advantage of producing it.
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…
Implementation of carbon pricing in the gasoline market would cause ______ shift of the supply curve, leading to a ______ equilibrium quantity of gasoline and a ______ equilibrium price. A. an outward; lower; higher B. an outward; higher; lower C. an inward; lower; higher D. an inward; higher; lower
A price ____________ is established for the affordable housing market to help lower-income families; however, one of the unintended outcomes is __________________. Question 2 options: floor; rationing of such housing that can affect negatively those who need it the most. ceiling; rationing of such housing that can affect negatively those who need it the most. floor; eliminating the housing shortage that exists in the market. ceiling; eliminating the housing shortage that exists in the market
The market equilibrium for milk in your city can best be described as follows: Group of answer choices When the demand and supply of milk intersect, at a price where the quantity demanded and supplied of milk are the same When the market is balanced at the price that benefits milk buyers the most. The price and quantity at which milk producers will earn the highest profit. The difference between the quantity demanded for milk and the quantity supplied at the equilibrium price.
Holding all else constant, an increase in the price of a good would necessarily Group of answer choices increase the supply of the good. increase consumer surplus. decrease consumer surplus. decrease producer surplus. increase social welfare.
For each of the alternatives below, explain for each one whether it is true, false or uncertain, based on the following statement:"Flour is an inferior good. So, if per capita income falls":(a) the supply of flour will shift to the left.(b) the quantity of flour supply will fall.c) The demand for flour will shift to the right.d) The demand for flour will shift to the left.
If buyers expect the price of a good will be lower in the future, then? Group of answer choices the current demand for the good decreases the market will act to buy more goods now the current supply of the good increases because fewer people buy it. the current quantity demanded increases there is no impact on the demand for the good

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	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 summer