Which of the following statements is FALSE O A) Markets reallocate resources to better uses B) A low price is a signal that it is not expensive to produce the good C) A high price serves as an incentive for strangers to cooperate D) A high price is an incentive for suppliers to produce less of a good
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- Suppose a firm's patent expires. In this case, the market price of the good/service will _____ and the quantity sold will _____. Question 26 options: a increase; increase b increase; decrease c decrease; increase d decrease; decreaseThe intersection of the supply curve and the demand curve gives the ceteris paribus the price of resources (inputs) the income of consumers the state of technology the equilibrium price Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.Predict the impact on each market. Use + and – to indicate whether there will be an increase or decrease in demand (D), supply (S), equilibrium price (P) and equilibrium quantity (Q). If there is no change, use N, and if the change cannot be predicted, use U for uncertain. Market Event D S P Q Canadian Early frost destroys a large percentage of the grape crop Wood-burning stoves The price of heating oil and natural gas triples Cell phones Technological advances reduce the costs of producing cell phones Gold Large gold deposits are discovered Fast foods The public show great concern over high sodium and cholesterol in fast foods; also, there is an increase in the minimum wage. Bicycles There is increasing concern by consumers about physical fitness; also, the price gasoline falls.
- Which of the following will affect natural resources pricing? a. Whether the resource is finite or renewable. b. Whether substitutes are available. c. Whether technical advances decrease the resources’ marginal extraction costs. d. All of the above.A supply curve does all the following, except uses the Ceteris Paribus assumption. holds constant time, place, income, cost of inputs, cost of substitutes, and suppliers’ expectations about future prices. shows quantity producers are willing and able to supply at each price. shows consumers’ marginal benefit for each unit produced. shows suppliers’ marginal cost of each unit produced.An economist estimates the value of a nature preserve by calculating the price premium people pay for houses located adjacent to the preserve. This is an example of what type of economic valuation? a. Hedonic pricing b. Replacement cost methods c. Contingent valuation d. Travel cost models e. Defensive expenditures
- What are the sources of Winner-Take-All Markets? A)Market aspect Production cloning (supply side): Whereby services are reproduced. Network economies (demand side): Whereby more consumers use it, making it the product or service norm. Lock-in Through Learning or investment: Technologies used early attract more investment. B)Human aspect Major decisions by those who hold leverage. Natual limits on the size of the agenda. Habit formation or acquired taste: Such as brand loyalties, and favored news anchors. Status goods and positional concerns. Special gifts and occasions. Avoidance of regret. Concentrated Purchasing Power. C)Answer A and B. D)Market aspect Neoliberal modes of governance directing the tastes to a market fundamental ideals. Desires set by resource extraction linked to the fossil fuel economy. Human aspect Status symbols set by social media. Popular ideals linked to the celebrity culture.There is an increase in the number of adverts highlighting the dangers of consuming artificial sweeteners (as opposed to sugar). Which of the following is likely to occur in the market for sugar, as a result of this A An increase in both price and equilibrium quantity tradedB A decrease in price and an increase in equilibrium quantity tradedC A decrease in both price and equilibrium quantity tradedD An increase in price and a fall in equilibrium quantity tradedE None of the above is likely to result. At the market equilibrium (a) The quantity demanded is equal to quantity supplied (b) The total of consumer surplus and producer surplus is at a maximum (c) The marginal opportunity cost of the last unit traded of the good is equal or almost equal to its marginal benefit. (d) All the above. (e) None of the above.
- The market for concession tickets (C)! Consider the following simplified scenario. Imagine that the Australian national rugby union (for short, Rugby AU) has exclusive rights to organize the games played by the national team. Rugby AU decides that the next match, between the Wallabies and the All Blacks (i.e., the Australian and the New Zeeland national rugby teams), will be hosted at the Marvel Stadium in Melbourne. Rugby AU has no fixed costs for organizing the game, but it must pay a marginal cost MC of $20 per seat to the owners of the Marvel Stadium. Two types of tickets will be sold for the game: concession and full fare. Based on any official document that attests to their age, children and pensioners qualify to purchase concession tickets that offer a discounted price; everyone else pays the full fare. The demand for full-fare tickets is QF(P) = 120 – 2P. The demand for concession tickets is QC(P) = 80 – 2P. 1a) Calculate the inverse demand, write the profit maximizing…The seller of a popular product buys resources from a seller of a popular resource. If the price of the resource increases: ________________________ when analyzing a demand and supply diagram. Group of answer choices Demand would shift down Supply shifts to the left Supply would shift down Supply would shift up Demand shifts to the leftABC Company is engaged in the production of processed meats like tocino, chicken longganisa, pork longganisa, and siomai both chicken and pork. Their famous product is pork longganisa and it sells like a hot potato before the pandemic came. They are selling their products in their stall in the public market of Lipa. Their products are also available in their residence located in Brgy. Marawoy, Lipa City. Both locations are accessible to their suki, basically one of the reasons why their business is doing well. But because of the pandemic the sales of ABC Company were affected and slow down. On the first 5 months of the pandemic, the business is still earning profits but on the succeeding months, slowly they experience losses. Aside from the covid 19 pandemic, another factors that influence in the loss of the company is the price of the raw materials like pork and chicken. They have a total of 10 employees who are in charge in the production and in the stall. What solution would you…