econ help

When a professional sports team goes from worst to first what happens in the market for its souvenir apparel?

a) The market demand curve shifts to the right. shift reflect an increase in the quanitiy demanded of the teams souvenairs

You go to Starbucks and see that the price of your favorite tall vanilla latte has risen by 25 cents and that, additionally, all sizes of vanilla lattes are now more expensive. As a result of this price increase, you would expect to see a:

all in the quantity demanded of vanilla lattes. An increase in the price of a good, a 25-cent price increase in tall vanilla lattes, leads to a reduction in the quantity demanded, law of demand which states that as price of goods increase, quantity demanded decreases.

variable

A factor that can change

Difference between shift in supply/demand and change in quantity supplied/demanded

Change in supply is a shift of the curve left or right change in quantity supply is moving along the curve

In March 2019, airlines around the world grounded their Boeing 737 Max aircraft after two of them crashed. What would we expect to happen in the market for this aircraft?

The demand for Boeing 737 Max aircraft would decrease.

The market for yogurt is initially in equilibrium. Yogurt producers sucessssfully advertise to encourage yogurt consumption. At the same time, yogurt producers exit the market. Standard demand and supply analysis tells us that the:

This option acknowledges that the increased advertising has likely led to an increase in demand for yogurt, which would generally lead to a higher quantity consumed.

fixed cost

a cost that does not change, no matter how much of a good is produced

Which situation might exhibit both network and congestion effects?

a free, open-air concert by the world's most popular band

Rising marginal cost imply

d) an upward-sloping supply curve. When marginal costs increase as the quantity of production or output increases.

You're a seller of lawn mowers. When the price of lawn mowers increases, the:

quantity of lawn mowers supplied increases. when the price of lawn mowers increases, sellers (producers) are incentivized to supply more lawn mowers to the market, leading to an increase in the quantity of lawn mowers supplied. This is a fundamental concept in supply and demand analysis in economics.

labor market

the market in which households sell their labor as workers to business firms or other employers