Choose the correct answers.
0365 Email Pages 11 0/ 1 point Media Comment Deadweight loss Save exists at market equilibrium. O occurs with price ceilings, but not with price floors. exists when the market is in a state of Pareto efficiency. does not reflect inefficiency in a market. )is present when marginal benefit and marginal cost are not equal. X (no answer) 12 0 / 1 point When there is a shortage of a good, we can conclude that12 0/ 1 point When there is a shortage of a good, we can conclude that X the price is above the equilibrium price. the price will fall. quantity demanded is less than quantity supplied. O the market is operating efficiently. the current price is below the equilibrium price. 12O 13 0 / 1 point Pages History The Surgeon General announces that eating an apple a day really does keep the doctor away. That is, there Media Comment are significant health benefits associated with eating apples. In response to this announcement, it is expected that Save Studio the equilibrium price will fall and the quantity will rise. ? Help O the supply curve will shift to the right. O both the equilibrium price and quantity will rise. O the demand curve will shift to the left. O the equilibrium price will rise and the quantity will fall. X (no answer)0365 Email O Pages 14 0 / 1 point History Media Comment Att The price at which quantity supplied and quantity demand are equal Save Studio represents and under-allocation of resources to the production of the good. O represents an over-allocation of resources to the production of the good. Help is called the market clearing price. O represents inefficiency in the market. O is generally established by the government in a market economy. X (no answer)Pages ry 15 0/ 1 point Media C If a decrease in the price of Good A causes a decrease in the demand for Good B, we can conclude that Save dio they are substitutes. elp the quantity supplied for B will increase. O they are inferior goods. the price of B will increase. X they are complements.Inbox 0365 Email 16 0/ 1 point Pages According to the law of demand, if the price of smartphones increased, ceteris paribus, Media Comment Attach File History the quantity demanded of smartphones would decrease. Save Studio the demand for smartphones would increase. the quantity demanded of smartphones would not change. Help X the demand for smartphones would decrease. tity demanded of smartphones would increase.calendar People Office 365 All of the following will cause a change in supply except Add a Comment: Inbox 0365 Email an increase in the number of producers in the market. O Pages a change in production technology. Media Comment Attach File History a change in the cost of inputs into production. Save a change in consumer income. Studio O government regulation, taxes, and subsidies. Help X (no answer)Help False 20 0/ 1 point A decrease in the price of a good X has no effect on the combinations of goods a consumer can purchase. decreases the number of combinations of goods a consumer can buy. O has no effect on the total utility of the consumer. K O increases the total utility of the consumer
