5 1 point Consider two consumers of bottles of a well known brand of beer. Dan and Tony. Dan and Tony walk into a bar and have a conversation before ordering their bottles of beer. Dan says he is willing to pay $12.00 for his first bottle of beer; Tony says he is willing to pay $11.00 for his first bottle of beer. They notice that at the bar, the well known brand of beer is available for $10.00 per bottle. How many bottles of beer are sold by the bar to Dan and/or Tony? O 3 2 O 06 1 point In a market we know that 2 things have happened that move the market from one equilibrium to another, new equilibrium. Those two things are that demand decreased and supply decreased. As a result of these changes we know, for sure, that quantity in the market will fall. price in the market will fall. quantity in the market will rise. price in the market will increase.7 1 point If we consider a supply and demand model where the equilibrium price is $7.44 then which of the following is true? O Some established manufacturers will leave or exit the industry. If the observed market price is $8.00 then we would expect to see more buyers wishing to buy and fewer sellers wishing to sell than we expect at equilibrium If the observed market price is $6.00 then we would expect to see more buyers wishing to buy and fewer sellers wishing to sell than we expect at equilibrium O If the observed, market price is $7.44 we can expect to see drastic changes because neither buyers nor sellers are happy.8 1 point We know that in a market there was in increase in the number of consumers in a market. Maybe we are talking about the market for Ravens Clothing, if the Ravens attract a lot of new fans who want to spend money on Ravens Gear then there would be more consumers in the market. As a result of this, we would say in a demand and supply modelling framework that O Both the supply and demand of Ravens gear increased meaning that price rose and quantity fell. Demand did not change, but the supply of Ravens gear has increased. Demand increased, the quantity supplied decreased, and price rose. O Demand increased, the quantity supplied increased, and price rose.9 1 point A supply curve is a graphical illustration of the relationship between price, shown on the vertical axis, and , shown on the horizontal axis. O quantity demanded. O labor costs of producing the good. quantity demand10 1 point If new manufacturers enter the computer industry, then (ceterius paribus) O The demand for computers will decrease. The supply curve shifts to the left and/or upwards. The demand for computers will increase since everyone wants to learn about data analytics. The supply curve shifts to the right and/or downwards.11 1 point Any given demand or supply curve is based on the "ceterius paribus" or "all else equal" assumption. Whatever you call it, this assumption means that O only the prices of two inputs to production can change as we move along a supply function. O the given demand or supply curve tells about the relationship between price and quantity when nothing else changes. That is the curve is fixed unless something other than price changes. O only consumer incomes can change along a demand function. O demand will increase and supply will decrease if the Orioles make it to the MLB Playoffs during 2023.12 1 point Please match the question below with the best answer. Price changes and quantity changes in consumer demand move in opposite directions, other things equal. A consumer benefit to a transaction when the consumer values the V good at more than its purchase price. Price changes and quantity changes in supply move in the same direction, other things equal A producer benefit to a transaction when the producer would have sold the good for less than the price. V13 1 point Consider two consumers of bottles of a well known brand of beer. Dan and Tony. Dan and Tony walk into a bar and have a conversation before ordering their bottles of beer. Dan says he is willing to pay $12.00 for his first bottle of beer; Tony says he is willing to pay $11.00 for his first bottle of beer. They notice that at the bar, the well known brand of beer is available for $10.00 per bottle. What is the total consumer surplus enjoyed by Dan and/or Tony? O $3. Dan has a consumer surplus of $2 and Tony has a consumer surplus of $1. O Since no transactions occur there is no consumer surplus. O $4. Dan has a consumer surplus of $5 and Tony has a consumer surplus of -$1.14 1 point The figure below labelled Figure: Price Ceiling Market for Good X shows a market equilibrium at a price of $5.25. A well meaning government authority decides that $5.25 is too high of a price and passes a rule that says the price cannot exceed $4.75. We assume there are no transactions that violate the law, that is that the good is only sold at $4.75, Which of the statements below is the best explanation. Figure: Price Ceiling Market for Good X PJ S1 $5.25- $4.75_ D. 155 198222 Qx At the mandated price there are 198 units demanded and 198 units supplied meaning there is no shortage or surplus. O At the mandated price there are 222 units demanded and 155 units supplied leading to a shortage of (222-155) units. While the market wants to raise price, the price will not rise because of the law. O At the mandated price there are 222 units demanded and 198 units supplied leading to a shortage of (222-198) units. While the market wants to raise price, the price will not rise because of the law.15 1 point I am conducting a market experiment. I interview four people and ask them what is the maximum price they would pay for a cup of coffee. I find out that the four prices given are: $4.25, $3.50, $3.25, and $3.00. Based on this information i can conclude that if the coffee is sold at a price of $3.15, then there will be cups of coffee sold. O 4 N 3 O'_ no'nt 5? In the gu re below labelled Figure: Demand Change we see two demand curves for a good or service. At a price of $4.61 the quantity demanded on D1 is _ and the quantity.r demanded on D2 is Figure pK Demand Change $4.61 _ a: n.) (20): \\l g c; o 700:0 2,?00 2.000 2,000 2.?00 D 5'00 17 1 point The picture is one of my favorite pictures of all time. Yes a bear was staying where damage could result. The bear was encouraged to re-locate; but those attempts failed and a decision was made to help the relocation effort by tranquilizing the bear. It was successful and the bear was safely relocated. In the picture what type of animal is seen falling safely from a tree into a cushion? O A bear. O A cat. A dog. OO A pony.18 1 point The figure below labelled Figure: Price Ceiling Market for Good X shows a market equilibrium at a price of $5.25. A well meaning government authority decides that $5.25 is too high of a price and passes a rule that says the price cannot exceed $4.75. In light of the government action, there are units exchanged in the market. Figure: Price Ceiling Market for Good X S1 $5.25 $4.75 D1 155 198222 Qx 155 OOO 198 222 (222-198)19 1 point Suppose there are widespread press reports about the dangers of contracting mad cow disease; by consuming beef imported into the U.S. from Canada, the likely economic effects are given by which response below? Note that beef from Canada would be less attractive to consumers in the US. Also note that beef produced in the US would be more attractive and probably people that bought beef from Canada would now buy beef from the US. O An increase in the quantity supplied of beef from Canada into the U.S. a reduction in demand for beef imported into the US from Canada and an increase in the demand for beef produced in the U.S. No change in the price of beef in the U.S. O a reduction in demand for beef produced in the U.S. and an increase in the demand for beef imported from Canada