102 pts If a production possibilities frontier is bowed outward, then it means Group of answer choices opportunity costs are increasing. resources are equally suited to producing either good. opportunity costs are constant. the economy is not using its resources efficiently. Flag question: Question 11 Question 112 pts If the price of coffee decreases, the substitution effect due to the price change will cause Group of answer choices an increase in the demand for soda, a substitute for coffee. an increase in the quantity of coffee demanded. an increase in the demand for coffee. a decrease in the demand for creamer, a complement for coffee. Flag question: Question 12 Question 122 pts If the price of milk increases, then it causes Group of answer choices an increase in quantity demanded of milk. a decrease in quantity demanded of milk. an increase in demand for milk. a decrease in demand for milk. Flag question: Question 13 Question 132 pts Which of the following causes a shift to the left of a supply curve? Select all that apply. Group of answer choices a decrease in the product's own price the expectation that future price will decrease an increase in the price of a substitute in production a decrease in input prices an increase in the product's own price the expectation that future price will increase an increase in input prices a decrease in the price of a substitute in production Flag question: Question 14 Question 142 pts If there is a shortage in the market for peanuts, then it means Group of answer choices the quantity of peanuts demanded is greater than the quantity of peanuts supplied. the quantity of peanuts supplied is greater than the quantity of peanuts demanded. the current price is above equilibrium price. there is a tendency for price to fall. Flag question: Question 15 Question 152 pts Suppose that there is an increase in the price of fertilizer, an input when growing grapes. What will happen to equilibrium in the market for grapes? Group of answer choices The equilibrium price will increase and the equilibrium quantity will decrease. The equilibrium price and equilibrium quantity will both decrease. The equilibrium price and equilibrium quantity will both increase. The equilibrium price will decrease and the equilibrium quantity will increase. Flag question: Question 16 Question 162 pts Suppose that people like to consume grapes and cheese together (they are complements), and the price of cheese decreases. What will happen to equilibrium in the market for grapes? Group of answer choices The equilibrium price and equilibrium quantity will both decrease. The equilibrium price and equilibrium quantity will both increase. The equilibrium price will decrease and the equilibrium quantity will increase. The equilibrium price will increase and the equilibrium quantity will decrease. Flag question: Question 17 Question 172 pts Suppose there is an increase in demand for avocados due to changes in consumer tastes, and also there is an increase in the supply of avocados due to favorable growing conditions. What will happen to equilibrium in the market for avocados? Group of answer choices Equilibrium quantity will decrease and the effect on equilibrium price will be indeterminate. Equilibrium price will decrease and the effect on equilibrium quantity will be indeterminate. Equilibrium price will increase and the effect on equilibrium quantity will be indeterminate. Equilibrium quantity will increase and the effect on equilibrium price will be indeterminate. Flag question: Question 18 Question 182 pts What does a supply curve represent? Group of answer choices what consumers are willing to pay for a good or service what producers actually receive for a good or service what consumers actually pay for a good or service what producers are willing to accept for a good or service