Aplia for Essentials of Economics 7e - 1 semester
7th Edition
ISBN: 9781285854762
Author: Mankiw
Publisher: CENGAGE L
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Question
Chapter 4, Problem 5QCMC
To determine
Market for inferior goods.
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If the economy goes into a recession and incomesfall, what happens in the markets for inferior goods?a. Prices and quantities both rise.b. Prices and quantities both fall.c. Prices rise and quantities fall.d. Prices fall and quantities rise.
Good X and good Y are substitutes. If the price of good Y increases, then the
a.
Demand for good X will decrease.
b.
Demand for good X will increase.
c.
Quantity demanded of good Y will increase.
d.
Market price of good X will decrease.
What would happen to the equilibrium price and quantity of macaroni and cheese if consumers' income fall and macaroni and cheese is an inferior good?
a. both the equilibrium price and quantity would increase
b. both the equilibrium price and quantity would decrease
c. the equilibrium price would increase, and the equilibrium quantity would decrease.
d. the equilibrium price would decrease, and the equilibrium quantity would increae.
Chapter 4 Solutions
Aplia for Essentials of Economics 7e - 1 semester
Ch. 4.1 - Prob. 1QQCh. 4.2 - Prob. 2QQCh. 4.3 - Prob. 3QQCh. 4.4 - Prob. 4QQCh. 4 - Prob. 1QRCh. 4 - Prob. 2QRCh. 4 - Prob. 3QRCh. 4 - Prob. 4QRCh. 4 - Prob. 5QRCh. 4 - Prob. 6QR
Ch. 4 - Prob. 7QRCh. 4 - Prob. 8QRCh. 4 - Prob. 9QRCh. 4 - Prob. 1QCMCCh. 4 - Prob. 2QCMCCh. 4 - Prob. 3QCMCCh. 4 - Prob. 4QCMCCh. 4 - Prob. 5QCMCCh. 4 - Prob. 6QCMCCh. 4 - Prob. 1PACh. 4 - Prob. 2PACh. 4 - Consider the market for minivans. For each of the...Ch. 4 - Prob. 4PACh. 4 - Prob. 5PACh. 4 - Prob. 6PACh. 4 - Prob. 7PACh. 4 - Prob. 8PACh. 4 - Prob. 9PACh. 4 - Prob. 10PACh. 4 - Prob. 11PA
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- A drought reduces the supply of coffee and, at the same time, a new study reveals that coffee helps increase brain activity and make people smarter. What would happen to the price and quantity of coffee as a result? Select one: a. Price will increase, but quantity can increase, decrease or remain the same b. Price will decrease, but quantity can increase, decrease or remain the same c. Quantity will increase, but price can increase, decrease or remain the same d. Quantity will decrease, but price can increase, decrease or remain the same e. Price and quantity will both remain the samearrow_forwardIf peas and beans are substitute goods, an increase in the cost of production of peas will most likely result in a. an increase in demand for beans and a decrease in supply of peas. b. an increase in demand for beans and a decrease in the quantity demanded of peas. c. an increase in the quantity supplied of beans, and a decrease in the supply of peas.arrow_forwardOC.C d. B QUESTION 31 We say that a good is an inferior good if a. the quantity demanded for the good rises when the price falls. b. the demand for the good rises when income falls OC. the demand for the good rises when the price falls d. the demand for the good rises when income rises QUESTION 32 DOOarrow_forward
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