13 (1 point) Consider the market for soybeans illustrated in the figure below. Assume the market is initially in equilibrium at point A. Suppose harsh weather destroys a portion of the soybean crop. How does this affect the market? p. 5 per bushel Di O Qality of Sofa D Q. Quantity of Soybeans The soybean demand curve will shift to the left. The soybean supply curve will shift to the left. The soybean demand curve will shift to the right. The soybean supply curve will shift to the right. Question 14 (1 point) Consider the market for soybeans illustrated in the figure below. Assume the market is initially in equilibrium at point A. Then assume the government imposes a price floor of p2. How does this affect the market? p. 5 per bushel P P 8 Di Q Quatry of Soybea Main Content 8 Q: 9 D Q. Quantity of Soybeans The price floor results in a surplus of soybeans. The price floor is not binding and has no effect. The price floor results in a shortage of soybeans. The price floor results in an equilibrium where supply equals demand. Question 16 (1 point) An article in the Wall Street Journal recently discussed the market for gasoline in the United States during the summer of 2013. Compared with the previous summer (2012), the article stated that there will be "lower demand, as cars become more efficient." The demand and supply graph below. shows the market for gasoline in summer 2012. Use this graph to analyze the situation described in this article for the summer of 2013. How will this affect the figure for 2013? p. $ per Gallon P S D P2012 The demand curve will shift left. Q2012 D2012 Q. Quantity of Gasoline The demand curve will shift right. The supply curve will shift left. The supply curve will shift right. Question 18 (1 point) Consider the market for apartments in New York City illustrated in the figure below. Assume the market is initially in equilibriumf at point A. Suppose liability insurance premiums paid by landlords on their rental properties decrease. Suppose also that the price of houses increases, making home-ownership more expensive. How does this affect the market? p. Rest Di Q. Quantity of Apartments D Q. Quantity of Apartments The equilibrium price will increase and the equilibrium quantity will decrease. The equilibrium price could increase or decrease and the equilibrium quantity will increase. The equilibrium price could increase or decrease and the equilibrium quantity will decrease. The equilibrium price will increase and the equilibrium quantity will increase. Question 19 (1 point) An article in the Wall Street Journal recently discussed the market for gasoline in the United States during the summer of 2013. Compared with the previous summer (2012), the article stated that there will be "lower demand, as cars become more efficient." The demand and supply graph below shows the market for gasoline in summer 2012. Use this graph to analyze the situation described in this article for the summer of 2013. How will this affect the graph? p. 5 per Gallon P2012 S D3012 Q2012 Q. Quantity of Gasoline The equilibrium price will decrease and the equilibrium quantity will increase. The equilibrium price will increase and the equilibrium quantity will decrease. The equilibrium price will increase and the equilibrium quantity will increase. The equilibrium price will decrease and the equilibrium quantity will decrease. Question 20 (1 point) Consider the market for soybeans illustrated in the figure below. Assume the market is initially in equilibrium at point A. Suppose the price of peas increases (and that peas are a substitute for soybeans). How does this affect the market? p. 5 per bebel D Q. Quistity of Soybeaus 6 Di Q. Quantity of Soybeans The equilibrium price will increase and the equilibrium quantity will decrease. The equilibrium price will decrease and the equilibrium quantity will increase. The equilibrium price will decrease and the equilibrium quantity will decrease. The equilibrium price will increase and the equilibrium quantity will increase. Question 21 (1 point) Consider the market for apartments in New York City illustrated in the figure below. Assume the market is initially in equilibrium at point A. Suppose liability insurance premiums paid by landlords on their rental properties decrease. How does this affect the market? p. Rent E Si D 0 Quantity of Apartmen D Q Q. Quantity of Apartments The equilibrium price will increase and the equilibrium quantity will increase. The equilibrium price will decrease and the equilibrium quantity will increase. The equilibrium price will increase and the equilibrium quantity will decrease. The equilibrium price will decrease and the equilibrium quantity will decrease. 7:32 PM Question 22 (1 point) Consider the market for soybeans illustrated in the figure below. Assume the market is initially in equilibrium at point A. Suppose the price of peas increases (and that peas are a substitute for soybeans) and that harsh weather destroys a portion of the soybean crop. How does this affect the market? p. 5 per bushel D Main Content QQity of Soybea 7:11 PM Di Q Q. Quantity of Soybeans The equilibrium price will increase and the equilibrium quantity will increase. The equilibrium price will increase and the equilibrium quantity will decrease. The equilibrium price will increase and the equilibrium quantity could increase or decrease. The equilibrium price will decrease and the equilibrium quantity could increase or decrease. Main Content The COVID pandemic of 2020 resulted in people spending more time at home. Tastes and preferences for home improvements changed as a result. Many of those spending more time at home developed stronger preferences for maintenance of their homes. At the same time, some of those laid off from their prior jobs as a result of COVID began supplying their labor as home repair workers. The demand and supply graph below shows the market for home improvement projects in 2019. Use this graph to analyze the effects of the COVID pandemic of 2020. How will COVID affect the market for home improvement projects? p. S per project S19 P 7:33 PM Q19 Q20 Quantity of Home Improvement Projects The equilibrium price will decrease and the equilibrium quantity could increase or decrease. The equilibrium quantity will decrease and the equilibrium price could increase or decrease. The equilibrium price will increase and the equilibrium quantity could increase or decrease. The equilibrium quantity will increase and the equilibrium price could increase or decrease. Question 24 (1 point) The COVID pandemic of 2020-resulted in people spending more time at home. Tastes and preferences for home improvements changed as a result. Many of those spending more time at home developed stronger preferences for maintenance of their homes. At the same time, some of those laid off from their prior jobs as a result of COVID began supplying their labor as home repair workers. The demand and supply graph below shows the market for home improvement projects in 2019. Use this graph to analyze the effects of the COVID pandemic of 2020. How will COVID affect the market for home improvement projects? p. S per project S19 Pis 7:33PM Q19 Q20 Quantity of Home Improvement Projects The demand curve will shift to the left and the supply curve will shift to the right. The demand curve and the supply curve will shift to the right. The demand curve and the supply curve will shift to the left. The demand curve will shift to the right and the supply curve will shift to the left