econ quest

the price of the tennis ball does not change

Assume the market for tennis balls is perfectly competitive. When one tennis ball producer exits the market,

All of the above are correct

"other things equal, when the price of a good rises, the quantity demanded of the good falls and when the price falls the quantity demanded rises" this relationship between price and quantity demanded

increases today

Elena loves orange juice. she reads in the news that 20 percent of the florida orange crop was destroyed by late spring frost. economists predict that the price of oranges will rise by 50% by the end of the year. as a result elena's demand for orange juice _____

an increase in the demand for the good

If a good is normal, then an increase in income will result in

Both the equilibrium price and quantity would decrease.

If mac and cheese is an inferior good, what would happen to the equilibrium price and quantity of mac and cheese if consumers' income rises?

A. fall now

Recent forest fires in the western states are expected to cause the price of lumber to rise in the next six months. As a result, we can expect the supply of lumber to

surplus to exist and market prices of roses to decrease

Suppose roses are currently selling for $40 per dozen, but the equilibrium price of roses is $30 per dozen. We would expect a

a decrease in the price of wool and a decrease in the price of raw cotton

Which of the following events would unambiguously cause a decrease in the equilibrium price of cotton shirts?

decrease in the demand for batteries

a higher price for batteries would result in a

Decreases and supply does not change, when demand does not change and supply decreases, and when both supply and demand decrease

equilibrium quantity must decrease when demand

increase in the demand for muffins

if muffins and bagels are substitutes, a higher price for bagels would result in a

Point C to Point D

refer to figure 4-26) Which of the following movements would illustrate the effect in the market for bullet proof vests of an increase in the price of Kelvar

9 units

suppose yasmine and mercedes are the only two consumers in the market. When the market price falls from $12 to $6, the quantity demanded increases by (refer to figure 4-4 on test)

be willing and able to produce more jewelry than before at each possible price

suppose you make jewelry. if the price of gold falls, then we would expect you to

B. When the price of leather belts rose, leather belt sellers increase their quantity supplied of leather belts.

which of the following demonstrates law of supply? A. when car production technology improved, car producers increased their supply of cars B. when the price of leather belts rose, leather belt sellers increase their quantity supplied of leather belts C when ketchup prices rose, ketchup sellers decreased their quantity supplied of ketchup D. When sweater producers expected sweater prices to rise in the near future, they decreased their current supply of sweaters

inferior good

you lose your job and, as a result, you buy more frozen pizzas. For you, frozen pizza are an