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What is the effect on the equilibrium price and equilibrium quantity of orange juice if the price of apple juice decreases and the wage rate paid to orange grove workers increases​? The equilibrium price of orange juice ​______ and the equilibrium quantity​ ______.

When demand decreases and supply decreases​, the equilibrium quantity of theater tickets decreases and the equilibrium price of a theater ticket rises, falls, or remains the same.

After a severe bout of foreclosures and defaults on home​ loans, banks made it harder for people to borrow. The demand for homes​ ______, the supply of homes​ ______, and the price of homes​ ______.

decreases; does not​ change; falls The new demand curve is left of the original demand curvelong dash—a decrease in demand. And the change in the quantity supplied is a​ decrease, shown by a movement along the supply curve from the original equilibrium point 1 to the new equilibrium point 2.

Steel output set for historic drop Steel producers expect to cut output by 10 percent in 2009 in response to cancelled orders from construction companies and car and household appliance producers The quantity of steel demanded​ ______ and the quantity of steel supplied​ ______. The equilibrium price​ _______.

The cancellation of orders decreases the demand for steel. The supply of steel does not change. does not​ change; decreases; falls - When the demand for steel​ decreases, the demand curve shifts leftward from D0 to D1. A movement occurs down along the supply curvelong dash—a decrease in the quantity supplied. There is no movement along the demand curve. The quantity of steel demanded does not change. The price falls from​ $600 a metric tonne to​ $540 a metric tonne.

The table shows the demand and supply schedules for boxes of chocolates on an average week. The price of chocolates is​ $17.00 a box. The quantity supplied​ ______, the quantity demanded ​ ______ and the price​ ______ until the​ ______ is eliminated.

decreases; increases;​ falls; surplus - When the price of a box of chocolate is​ $17.00, the quantity of chocolates supplied is​ 1,600 boxes a week and the quantity of chocolates demanded is​ 1,200 boxes a week. The quantity supplied is greater than the quantity​ demanded, and a surplus exists. The arrows in the graph show that the surplus is eliminated as the quantity supplied decreases and the quantity demanded increases. The price falls to​ $15.00 a​ box, which is the equilibrium price. At the equilibrium​ price, the shortage is​ eliminated, and the equilibrium quantity is​ 1,400 boxes a week.

If after heavy rain and low​ production, the weather improves and coffee growers enjoy bumper​ crops, the price of coffee​ _______ .

falls because the supply of coffee increases and the demand for coffee remains unchanged - When coffee growers enjoy bumper​ crops, the supply of coffee increases. The demand for coffee does not change. When supply increases with no change in​ demand, the price of coffee falls.

​"As more people buy computers​, the demand for Internet service increase and the price of Internet service decreases​, which decreases the supply of Internet service." This statement is​ ______ because​ ______.

false; a decrease in demand for bicycle helmets does not increase the price of a bicycle helmet and an increase in the price of a bicycle helmet does not increase the supply of bicycle helmets - When the demand for bicycle helmets decreases​, the demand curve for bicycle helmets shifts leftward and the price of a bicycle helmet will fall. As the price of a bicycle helmet decreases​, there is a movement along the supply curve. There is a change in the quantity of bicycle helmets supplied along the supply curve. But there is no change in the supply of bicycle helmets.

What is the effect on the equilibrium price and equilibrium quantity of magazines if magazines become less popular and productivity decreases in the printing industry​? The equilibrium price of magazines ​______ and the equilibrium quantity​ ______.

rises, falls, or remains the same; decreases - Tastes​ or, as economists call​ them, preferences influence demand. So when magazines become lessless ​popular, demand decreases. Productivity is output per unit of input. An increase in productivity lowers costs and increases supply. Technological change increases productivity and increases supply. A decrease in productivity has the opposite effect and decreases supply. So when productivity decreases in the printing industry ​, supply decreases. When demand decreases and supply decreases​, the equilibrium quantity of magazines decreases and the equilibrium price of a magazine rises, falls, or remains the same.

During​ Valentine's week, people buy more boxes of chocolates than in a normal week and chocolatiers offer their chocolates in special red boxes which cost more to produce than the everyday box. The graph shows the market for boxes of chocolates during a normal week. Draw a curve to show the effect when more people buy boxes of chocolates during​ Valentine's week. Label it 1. Draw a curve to show the effect of chocolatiers offering their chocolates in special red boxes. Label it 2. Draw a point to show the new equilibrium price and new equilibrium quantity. Given the information in the news​ clip, during​ Valentine's week, the equilibrium price of a box of chocolates​ ______ and the equilibrium quantity​ ______.

the equilibrium quantity increases. Both the increase in demand and the decrease in supply raise the​ price, so the equilibrium price rises. rises; increases because demand increases by more than supply decreases - During​ Valentine's week, the demand for chocolates increases and the increase in the cost of a fancy box decreases the supply of chocolates. The increase in the demand raises the equilibrium price and the decrease in supply raises the price further. The change in the equilibrium quantity depends on the magnitude of the shifts of the demand and supply curves. The news clip tells us that during​ Valentine's week, more people buy​ chocolates, which means that the equilibrium quantity increases. The equilibrium quantity increases if the change in demand is greater than the change in supply.