Microeconomics ch3 review questions

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What effect will each of the following have on the supply of auto tires? D. The expectation that the equilibrium price of auto tires will be lower in the future than currently

Increase

What effect will each of the following have on the supply of auto tires? E. A decline in the price of large tires used for semi-trucks and earth-hauling rigs, a substitute in production. (with no change in the price of auto tires)

Increase

What effect will each of the following have on the supply of auto tires? G. The granting of a 50-cent-per-unit subsidy for each auto tire produced

Increase

What effect will each of the following have on the demand for small cars such as the Mini Cooper and Fiat 500? E. The price of gasoline substantially drops

Cannot be determined

What effect will each of the following have on the demand for small cars such as the Mini Cooper and Fiat 500? D. Consumers anticipate that the price of small autos will greatly come down in the near future:

Decrease

What effect will each of the following have on the supply of auto tires? B. A decline in the number of firms in the tire industry

Decrease

What effect will each of the following have on the supply of auto tires? C. An increase in the prices of rubber used in the production of tires

Decrease

What effect will each of the following have on the supply of auto tires? F. The levying of a per-unit tax on each auto tire sold

Decrease

True or False: A "change in quantity demand" is a shift of the entire demand curve to the right or to the left.

False

What effect will each of the following have on the demand for small cars such as the Mini Cooper and Fiat 500? A. Small cars become more fashionable

Increase

What effect will each of the following have on the demand for small cars such as the Mini Cooper and Fiat 500? B. The price of large automobiles rises (with the price of small autos remaining the same).

Increase

What effect will each of the following have on the demand for small cars such as the Mini Cooper and Fiat 500? C. Income declines and small autos are an inferior good

Increase

What effect will each of the following have on the supply of auto tires? A. A technological advance in the methods of producing tires

Increase


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