ECON - Chapter 2

suppose that the supply curve within the textbook market shifts to the left. which of the following is a possible reasoning for the shift

an increase in the printing cost

all of the following except one would increase the amount of a federation-issued phaser that buyers would like to purchase. which is the exception?

an increased price in the cost of steel; a component in Phaser production

the price of a ticket to a "76ers game is set at $25 . at about 5 minutes before the game is about to start, there are still 10,000 tickets left. it follows that

the equilibrium price is less than $25

if the demand for diamonds is considered inelastic, then

the percent change in the price of diamonds is greater than the percent change in the quantity demanded of diamonds

which of the following would not cause the market supply of phones to change

a reduction in the demand for cell phones causes the price to fall

jean-luc loves his earl gray tea and his nautical books. if the price of earl tea increases to 25% and jean-luc decreases his consumption of nautical books by 10%, then the two goods are

complements

suppose you are in charge of pricing at best buy and you wish to increase revenues from your emachines is estimated to be E=1.17. Based on this information you would

decrease the price of an emachine

The wage rate paid by Walkman producers falls and at the same time, the price of raw materials used in the production of Walkman rises. Therefore, the supply curve of Walkman's will surely shift left

false

the market for any good or service is the physical location of where exchange happens

false

if prices rises and total revenue rises, then the price elasticity of demand over that range,

inelastic

at a price of $50.00 per doll, most stores cannot keep the miraculous ladybug dolls in stock because consumers buy them all as soon as shipments arrive. this implies that there

is an excess demand for ladybug dolls, and the price must rise for equilibrium to be reached

suppose that narnia, one unit of labor can produce either 20 tons of turkish delights or 40 tons of snow while in middle earth, one unit of labor can produce either 8 tons of turkish delights or 2 tons of snow. given this information which of the following statements is true

middle earth has a comparative advantage in producing turkish delights but not snow

the price of greek-style yogurt, a complement to honey, increases

price decreases; quantity decreases

there has been a technological advancement in bee smokers (honey bee calming device used to produce honey)

price decreases; quantity increases

At the same time: (a) a highly read consumer report on the benefit of honey increases consumer preferences; and, (b) the cost of honey harvesting equipment rises.

price increases; quantity ?

consumer incomes increase and honey is considered a luxury good

price increases; quantity increases

the price of maple syrup, a substitute, increases

price increases; quantity increases

price elasticity of demand is always negative

true

the price of a good or service will fall if there is a surplus at the current price

true