a Argentina's president has ordered a price freeze on all food products, including milk The results are predictable Market demand will spill over retailers who cannot satisfy the demand for these food items at those prices Customers will stand in long lines hoping to buy milk at the frozen price This is a case of C A Price floor, producing an ES Qs Qd B Price ceiling, producing an ED Qs Qd C Price ceiling, producing an ED Qd Qs D Price floor, producing an ES Qd Qs b New York City businesses struggled after the minimum wage was raised Six months after the $15 minimum wage went into effect, business owners say that the increased labor costs have forced them to cut staff and personnel This is a case of C A Price ceiling, producing an ED Qd Qs B Price ceiling, producing an ED Qs Qd C Price floor, producing an ES Qd Qs D Price floor, producing an ES Qs Qd c Turtles in Latin America are soon to be extinct if we do not find a way to stop predatory behavior The main problem is not so much the unscrupulous people who kill them, but the uneducated consumers who purchase turtle eggs In an attempt to protect this animal and to discourage consumption, some governments set a price of $30, way above the current market price of $18 per dozen turtle eggs This is a case of A A Price floor, producing an ES Qs Qd B Price ceiling, producing an ED Qd Qs C Price ceiling, producing an ED Qs Qd D Price floor, producing an ES Qd Qs d On June 18, legislators in Berlin voted to freeze rents, joining a growing club of European cities implementing rent controls Any landlord who attempts to increase prices before or after the proposal will be fined with E500,000 On average, a one bedroom apartment renting rate is E2,000 The proposal hopes to keep an average rent to E1,700 This is case of D A Price ceiling, producing an ES Qs Qd B Price floor, producing an ES Qd Qs C Price floor, producing an ED Qd Qs D Price ceiling, producing an ED Qd Qs Price Price D Q1 Q2 O Q 2 Q1 Quantity Quantity Graph (1) Graph (2) Price 51 Price 52 S1 PA D Q Q2 Q 2 Q Quantity Quantity Graph (3) Graph (4) Instructions Write A, B, C, D, or E d Which graph represents a tax to producers D A Graph (1) B Graph (2) C Graph (3) D Graph (4) E Graphs (2) and (3) e Higher prices and quantities traded results from B A Graph (1) B Graph (2) C Graph (3) D Graph (4) E Graphs (2) and (3) f Lower prices and quantities traded results from A A Graph (1) B Graph (2) C Graph (3) D Graph (4) E Graphs (1) and (3) g Lower prices and higher quantities traded results from C A Graph (1) B Graph (2) C Graph (3) D Graph (4)Price Price o Q Q, o Q7 Qy Quantity Quantity Graph (1) Graph (2) Price S, Price S, o o Q, 0 Q Q Quantity Quantity Graph (3) Graph (4) Instructions Write A, B, C, D, or E a Which graph represents an expectation of higher prices in the near future B A Graph (1) B Graph (2) C Graph (3) D Graph (4) E Graphs (1) and (4) b Which graph represents an expectation of lower prices in the near future A A Graph (1) B Graph (2) C Graph (3) D Graph (4) E Graphs (2) and (3) c Which graph represents a subsidy to consumers B A Graph (1) B Graph (2) C Graph (3) D Graph (4) E Graphs (2) and (3) d Which graph represents a higher price of a complement A A Graph (1) B Graph (2) C Graph (3) D Graph (4) Match the real cases with the S D factors This is the market of milk in France On April 2019, the EU removed milk taxes to importers (tariffs) that had been in place for 30 years Due to the economic 51 lower taxes D1 lower i downturn in France, milk demand decreased by 30 The final effect on the market of milk in france would be This is the market of milk in France On April 2019, the EU removed milk taxes to importers (tariffs) that had been in place for 30 years India, a large producer of milk S1 lower taxes S2 new te in the world, increased milk exports to France thanks to large investments ($140m) in dairy facilities The US Department of Agriculture estimated that the total US potato output in 2020 would be 6 1 lower than in 2019 The expectation of fewer potatoes set off panic alarms among large fast food chains The average American eats 30 pounds of S1 poor technology D1 hi French fries per year, but consumers in the US are concerned about the unhealthy factors associated with French fries Big and small retail bike stores are concerned about the possible effects of the 512 higher taxes D12 higher following news Bikes and bike parts from China and Europe will be taxed with an additional 25 (tariff) Families with children are more conscious on the health benefits of exercising and the government is expanding the bike ride zones 82 of the avocados in U S come from Mexico, 18 come from California Last ST e e year, a drought in California produced a reduction in the supply of avocados in the US market by 40 At the same time, consumers are recognizing the beneficial healthy fats in avocados, such as reduction of risk of cancer and heart disease Instructions Write A, B, C, D or E a Suppose Venezuela (fourth producer of oil in the world) announced that it will decrease oil production in the near future In addition, China and India are experiencing an economic recession and their demand for oil has decreased The factors affecting this oil market are B A D1 expectations of higher prices in the future, D2 lower income B D1 expectations of lower prices in the future, D2 lower income C S1 expectations of lower prices in the future, D2 lower income D S1 poor technology, D2 lower preferences E S1 Lower prices of input, S2 expectations of higher prices in the future b Suppose Venezuela (fourth producer of ail in the world) announced that it will decrease oil production in the near future In addition, China and India are experiencing an economic recession and their demand for oil has decreased Given these events, the final effect in market equilibrium P and Q of oil would be A A Qand P decreases B Qincreases, P unknown C P increases, Q unknown D Q and P increases Instructions Write A, B, C, or D a Arent control in Omaha, Nebraska, will be set in place, this will produce D A increase the quantity supplied of rental housing B decrease the quantity demanded of rental housing C cause the quantity supplied to exceed the quantity demanded by renters D cause the quantity demanded to exceed the quantity supplied of rental housing b The US government announced a tax break (reduction of taxes) on imported leather At the same time, leather jackets have increased in popularity among teens and young adult population The factor(s) affecting the market of leather jackets is (are) A A 81 Lower prices of inputs in the production of leather jackets D1 higher preferences B S1 Lower taxes D1 higher income C S1 Higher taxes, D1 higher leather jacket prices D D1 Lower taxes, D2 higher preferences c The US government announced a tax break (reduction of taxes) on imported leather At the same time, leather jackets have increased in popularity among teens and young adult population The final effect in the market of leather jackets is P A the equilibrium price to be indeterminate from the information given, but the equilibrium quantity to fall B the equilibrium price to be indeterminate from the information given, but the equilibrium quantity to rise C the equilibrium price and quantity to be indeterminate from the information given D the equilibrium price and quantity to rise from the information given Recent rains increase the demand for kayaks, as paddlers want to take advantage of the exciting river conditions on the Oconee River At the same time, new plastics technology makes kayaks less expensive to make a The factors affecting this market are A D1 Higher preferences and S1 Lower prices of input 8 D1 Higher income and D2 higher preferences c D1 Higher preferences and S1 New technology p D1 Lower prices of complements and S1 Lower prices of input S1 New technology and S2 Lower prices of input b As a result, one should expect E A the equilibrium price to fall, but the equilibrium quantity to be indeterminate from the information given 8 the equilibrium price to be indeterminate from the information given, but the equilibrium quantity to fall c the equilibrium price to be indeterminate from the information given, but the equilibrium quantity to rise D the equilibrium price to rise, but the equilibrium quantity to be indeterminate from the information given t the equilibrium price and quantity to be indeterminate from the information given An infestation of banana spiders might reduce the harvest of bananas The U S Surgeon General has stated that there are numerous health benefits from eating bananas c The factors affecting this market are A A S1 Poor technology and D2 higher preferences 8 D1 Expectations of higher prices in the future and D2 higher preferences c D1 Expectations of lower prices in the future and D2 lower preferences D D1 Lower prices of complements and S1 poor technology E $1 Poor technology and S2 Lower prices of input d As a result, one should expect D A the equilibrium price to be indeterminate from the information given, but the equilibrium quantity to fall 8 the equilibrium price to be indeterminate from the information given, but the equilibrium quantity to rise c the equilibrium price to rise, but the equilibrium quantity to be indeterminate from the information given p the equilibrium price to fall, but the equilibrium quantity to be indeterminate from the information given t the equilibrium price and quantity to rise from the information given The graph below shows the market for pineapples Market for Pineapples Price (dollars per pound) $4 00 $3 50 $3 00 $2 50 $2 00 $1 50 $1 00 $0 50 D 0 10 20 30 40 50 60 Quantity (tons) a What could be a possible explanation for the shift from D to D17 A A Decreases in wealth and income B Decreases in the price of oranges Increase in the cost of production of pineapples D Expectations of bad weather in Haiti, the main supplier of pineapples in the market, with possible higher prices in the future E Higher taxes paid by consumers b PO 230 c Qo 30 tons of pineapple d P1 150 e Q1 20 tons of pineapple f If current market equilibrium is at S and D1, and P $1 50, Qs 20 and Qd 40 g At P $1 50, there is an Ed (ED or ES) of 20 tons of pineapples The graph below depicts the market for oranges at a local farmers' market 1 0 09 08 0 7 0 6 05 04 Price (dollars) 03 02 01 F 00 b 50 70 9 110 130 150 170 190 Quantity (pounds) Instructions Enter your answers as a whole number a If a producer tries to sell oranges at a price of $0 80 per pound, the producers will only be able to sell 90 b At a price of $0 80, the producer will try to sell 150 oranges At a price of $0 80, there would be an ES of 60 units d If a producer tries to sell oranges at a price of $0 40 per pound, the consumers will only be able to buy 73 e At a price of $0 40, the consumers will demand 150 oranges f At a price of $0 40, there would be an ED of 7 units g The market equilibrium price is 060 The market equilibrium quantity is 110 oranges oranges D Guestion 1 The graph below depicts the market for oranges at a local farmers' market 0 8pts 1 0 09 08 07 06 05 Price (dol 04 03 02 01 00 570 90 110 130 150 170 190 Quantity (pounds) Instructions Enter your answers as a whole number Ifa producer tries to sell oranges at a price of $0 80 per pound, the producers will only be able to sell 90 oranges b At a price of $0 80, the producer will try to sell 150 oranges

Question

a  Argentina's president has ordered a price freeze on all food products, including milk  The results are predictable  Market demand will spill over retailers who cannot satisfy the demand for these food items at those prices  Customers will stand in long lines hoping to buy milk at the frozen price  This is a case of  C A  Price floor, producing an ES   Qs   Qd  B  Price ceiling, producing an ED   Qs   Qd  C  Price ceiling, producing an ED   Qd   Qs  D  Price floor, producing an ES   Qd   Qs  b  New York City businesses struggled after the minimum wage was raised  Six months after the $15 minimum wage went into effect, business owners say that the increased labor costs have forced them to cut staff and personnel  This is a case of  C A  Price ceiling, producing an ED   Qd   Qs  B  Price ceiling, producing an ED   Qs   Qd  C  Price floor, producing an ES   Qd   Qs  D  Price floor, producing an ES   Qs   Qd  c  Turtles in Latin America are soon to be extinct if we do not find a way to stop predatory behavior  The main problem is not so much the unscrupulous people who kill them, but the uneducated consumers who purchase turtle eggs  In an attempt to protect this animal and to discourage consumption, some governments set a price of $30, way above the current market price of $18 per dozen turtle eggs  This is a case of  A A  Price floor, producing an ES   Qs   Qd  B  Price ceiling, producing an ED   Qd   Qs  C  Price ceiling, producing an ED   Qs   Qd  D  Price floor, producing an ES   Qd   Qs  d  On June 18, legislators in Berlin voted to freeze rents, joining a growing club of European cities implementing rent controls  Any landlord who attempts to increase prices before or after the proposal will be fined with E500,000  On average, a one bedroom apartment renting rate is E2,000  The proposal hopes to keep an average rent to E1,700  This is case of  D A  Price ceiling, producing an ES   Qs   Qd  B  Price floor, producing an ES   Qd   Qs  C  Price floor, producing an ED   Qd   Qs  D  Price ceiling, producing an ED   Qd   Qs Price Price D Q1  Q2 O Q 2  Q1 Quantity Quantity Graph (1) Graph (2) Price 51 Price 52 S1 PA D Q   Q2 Q 2  Q Quantity Quantity Graph (3) Graph (4) Instructions  Write A, B, C, D, or E d  Which graph represents a tax to producers  D A  Graph (1) B  Graph (2) C  Graph (3) D  Graph (4) E  Graphs (2) and (3) e  Higher prices and quantities traded results from  B A  Graph (1) B  Graph (2) C  Graph (3) D  Graph (4) E  Graphs (2) and (3) f  Lower prices and quantities traded results from  A A  Graph (1) B  Graph (2) C  Graph (3) D  Graph (4) E  Graphs (1) and (3) g  Lower prices and higher quantities traded results from  C A  Graph (1) B  Graph (2) C  Graph (3) D  Graph (4)Price Price o Q  Q, o Q7 Qy Quantity Quantity Graph (1) Graph (2) Price S, Price S, o o  Q, 0 Q  Q Quantity Quantity Graph (3) Graph (4) Instructions  Write A, B, C, D, or E a  Which graph represents an expectation of higher prices in the near future  B A  Graph (1) B  Graph (2) C  Graph (3) D  Graph (4) E  Graphs (1) and (4) b  Which graph represents an expectation of lower prices in the near future  A A  Graph (1) B  Graph (2) C  Graph (3) D  Graph (4) E  Graphs (2) and (3) c  Which graph represents a subsidy to consumers  B A  Graph (1) B  Graph (2) C  Graph (3) D  Graph (4) E  Graphs (2) and (3) d  Which graph represents a higher price of a complement  A A  Graph (1) B  Graph (2) C  Graph (3) D  Graph (4) Match the real cases with the S D factors  This is the market of milk in France  On April 2019, the EU removed milk taxes to importers (tariffs) that had been in place for 30 years  Due to the economic 51  lower taxes  D1  lower i downturn in France, milk demand decreased by 30   The final effect on the market of milk in france would be       This is the market of milk in France  On April 2019, the EU removed milk taxes to importers (tariffs) that had been in place for 30 years  India, a large producer of milk S1  lower taxes  S2  new te in the world, increased milk exports to France thanks to large investments ($140m) in dairy facilities  The US Department of Agriculture estimated that the total US potato output in 2020 would be 6 1  lower than in 2019  The expectation of fewer potatoes set off panic alarms among large fast food chains The average American eats 30 pounds of S1  poor technology  D1  hi French fries per year, but consumers in the US are concerned about the unhealthy factors associated with French fries  Big and small retail bike stores are concerned about the possible effects of the 512 higher taxes  D12 higher following news  Bikes and bike parts from China and Europe will be taxed with an additional 25  (tariff)  Families with children are more conscious on the health benefits of exercising and the government is expanding the bike ride zones  82  of the avocados in U S  come from Mexico, 18  come from California  Last ST e e year, a drought in California produced a reduction in the supply of avocados in the US market by 40   At the same time, consumers are recognizing the beneficial healthy fats in avocados, such as reduction of risk of cancer and heart disease  Instructions  Write A, B, C, D or E  a  Suppose Venezuela (fourth producer of oil in the world) announced that it will decrease oil production in the near future  In addition, China and India are experiencing an economic recession and their demand for oil has decreased  The factors affecting this oil market are B A  D1  expectations of higher prices in the future, D2  lower income B  D1  expectations of lower prices in the future, D2  lower income C  S1  expectations of lower prices in the future, D2  lower income D  S1  poor technology, D2  lower preferences E  S1  Lower prices of input, S2  expectations of higher prices in the future b  Suppose Venezuela (fourth producer of ail in the world) announced that it will decrease oil production in the near future  In addition, China and India are experiencing an economic recession and their demand for oil has decreased  Given these events, the final effect in market equilibrium P and Q of oil would be  A A  Qand P decreases  B  Qincreases, P unknown  C  P increases, Q unknown  D  Q and P increases  Instructions  Write A, B, C, or D  a  Arent control in Omaha, Nebraska, will be set in place, this will produce  D A  increase the quantity supplied of rental housing  B  decrease the quantity demanded of rental housing  C  cause the quantity supplied to exceed the quantity demanded by renters  D  cause the quantity demanded to exceed the quantity supplied of rental housing  b  The US government announced a tax break (reduction of taxes) on imported leather  At the same time, leather jackets have increased in popularity among teens and young adult population  The factor(s) affecting the market of leather jackets is (are)  A A  81  Lower prices of inputs in the production of leather jackets  D1  higher preferences B  S1  Lower taxes  D1  higher income C  S1  Higher taxes, D1  higher leather jacket prices D  D1  Lower taxes, D2  higher preferences c  The US government announced a tax break (reduction of taxes) on imported leather  At the same time, leather jackets have increased in popularity among teens and young adult population  The final effect in the market of leather jackets is  P A  the equilibrium price to be indeterminate from the information given, but the equilibrium quantity to fall  B  the equilibrium price to be indeterminate from the information given, but the equilibrium quantity to rise  C  the equilibrium price and quantity to be indeterminate from the information given  D  the equilibrium price and quantity to rise from the information given  Recent rains increase the demand for kayaks, as paddlers want to take advantage of the exciting river conditions on the Oconee River  At the same time, new plastics technology makes kayaks less expensive to make  a  The factors affecting this market are  A  D1  Higher preferences and S1  Lower prices of input  8  D1  Higher income and D2  higher preferences  c  D1  Higher preferences and S1  New technology  p  D1  Lower prices of complements and S1  Lower prices of input    S1  New technology and S2  Lower prices of input  b  As a result, one should expect  E A  the equilibrium price to fall, but the equilibrium quantity to be indeterminate from the information given  8  the equilibrium price to be indeterminate from the information given, but the equilibrium quantity to fall  c  the equilibrium price to be indeterminate from the information given, but the equilibrium quantity to rise  D  the equilibrium price to rise, but the equilibrium quantity to be indeterminate from the information given  t  the equilibrium price and quantity to be indeterminate from the information given  An infestation of banana spiders might reduce the harvest of bananas  The U S  Surgeon General has stated that there are numerous health benefits from eating bananas  c  The factors affecting this market are  A A  S1  Poor technology and D2  higher preferences  8  D1  Expectations of higher prices in the future and D2  higher preferences  c  D1  Expectations of lower prices in the future and D2  lower preferences  D  D1  Lower prices of complements and S1  poor technology  E  $1  Poor technology and S2  Lower prices of input  d  As a result, one should expect  D A  the equilibrium price to be indeterminate from the information given, but the equilibrium quantity to fall  8  the equilibrium price to be indeterminate from the information given, but the equilibrium quantity to rise  c  the equilibrium price to rise, but the equilibrium quantity to be indeterminate from the information given  p  the equilibrium price to fall, but the equilibrium quantity to be indeterminate from the information given  t  the equilibrium price and quantity to rise from the information given  The graph below shows the market for pineapples  Market for Pineapples Price (dollars per pound) $4 00 $3 50   $3 00   $2 50   $2 00   $1 50 $1 00   $0 50 D 0 10 20 30 40 50 60 Quantity (tons) a  What could be a possible explanation for the shift from D to D17  A A  Decreases in wealth and income  B  Decreases in the price of oranges    Increase in the cost of production of pineapples  D  Expectations of bad weather in Haiti, the main supplier of pineapples in the market, with possible higher prices in the future  E  Higher taxes paid by consumers  b PO  230 c Qo  30 tons of pineapple d P1  150 e Q1  20 tons of pineapple f  If current market equilibrium is at S and D1, and P   $1 50, Qs   20 and Qd   40 g  At P   $1 50, there is an Ed (ED or ES) of 20 tons of pineapples  The graph below depicts the market for oranges at a local farmers' market  1 0 09 08 0 7 0 6 05 04 Price (dollars) 03 02 01 F 00 b 50 70 9 110 130 150 170 190 Quantity (pounds) Instructions  Enter your answers as a whole number  a  If a producer tries to sell oranges at a price of $0 80 per pound, the producers will only be able to sell 90 b  At a price of $0 80, the producer will try to sell 150 oranges    At a price of $0 80, there would be an ES of 60 units  d  If a producer tries to sell oranges at a price of $0 40 per pound, the consumers will only be able to buy 73 e  At a price of $0 40, the consumers will demand   150 oranges  f  At a price of $0 40, there would be an ED of 7  units  g  The market equilibrium price is 060   The market equilibrium quantity is   110 oranges  oranges  D Guestion 1 The graph below depicts the market for oranges at a local farmers' market  0 8pts 1 0 09 08 07 06 05 Price (dol 04 03 02 01 00 570 90 110 130 150 170 190 Quantity (pounds) Instructions  Enter your answers as a whole number   Ifa producer tries to sell oranges at a price of $0 80 per pound, the producers will only be able to sell 90 oranges  b  At a price of $0 80, the producer will try to sell   150 oranges

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a. Argentina's president has ordered a price freeze on all food products, including milk. The results are predictable. Market demand will spill over retailers who

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