Choose the letter of the diagram in Figure 31 that best describes the type of shift that would occur in each situation for the market listed on the left, ceteris paribus. Figure 3.1 Shifts of Supply and Demand Steel: the government introduces environmental restrictions on the dumping of wastes from producing steel. Supply Curve Supply Curve (leftward) (rightward) Price Price Quantity Quantity (a) (b) Demand Curve Demand Curve (leftward) (rightward) Price Price Quantity Quantity (c) (d) Figure 3.1 Multiple Choice\fIn an economy where heating oil is the primary source of heat for most households, new supplies of natural gas, a substitute for heating oil, are discovered. Natural gas provides heat at a much lower cost. What is the most likely effect of these discoveries on the market price and quantity of heating oil produced? Price, Qua ntity 0 Increase, Decrease '3' Decrease, Increase O No change, No change 0 Decrease, Decrease A market is said to be in equilibrium when Multiple Choice O The buying intentions of all consumers are realized. O The quantity demanded equals the quantity supplied. O The supply intentions of all sellers are realized. O Demand is fully satisfied at all alternative prices.Suppose a hurricane hits Alabama, causing widespread damage to houses and businesses. The governor of Alabama places price ceilings on all building materials to keep the prices reasonable. Which of the following is the most likely result? Multiple Choice O More people will be able to purchase building materials. O A faster recovery from the storm. O The supply of building materials to Alabama will increase. O Shortages of building materials and a slower recovery from the storm.The equilibrium price and quantity in Figure 3.2 are, respectively, $15 $12 $9 Dollars per Unit $6 $3 Do 0 10 20 30 40 50 Quantity Figure 3.2 Supply and Demand Multiple ChoiceFigure 3.2 Supply and Demand Multiple Choice O $9 and 30 units. O $12 and 40 units. O $6 and 20 units. O $12 and 20 units.Which determinant of demand changes in the personal computer market as more individuals become interested in "surfing the Internet"? Multiple Choice O Cost of factors of production. O Expectations. O Income. O Number of buyers.Choose the letter of the diagram in Figure 31 that best describes the type of shift that would occur in each situation for the market listed on the left, ceteris paribus. Figure 3.1 Shifts of Supply and Demand Designer clothes: consumer confidence in the economy improves. Supply Curve Supply Curve (leftward) (rightward) Price Price Quantity Quantity (a) (b) Demand Curve Demand Curve (leftward) (rightward) Price Price Quantity Quantity (c) (d) Figure 3.1 Multiple ChoiceFigure 3.1 Multiple Choice O A. O c. Screen capture . now O Screenshot taken B. Show in folder 7 O D. [ Copied to clipboardThe federal government placed an upper limit on human organ prices, which is called a Multiple Choice O Price floor. O Price ceiling. O Price support. O None of the choices are correct.If a price ceiling is to be effective, it should be set Mu iple Choice Below the equilibrium price, and it will create a market surplus. Above the equilibrium price, and it will create a market surplus. Above the equilibrium price, and it will create a market shortage. Below the equilibrium price, and it will create a market shortage. O O O O At the equilibrium price, there are Multiple Choice O Shortages. O No shortages or surpluses. O Surpluses. O Excess inventories.A change in demand means there has been a shift in the demand curve, and a change in quantity demanded Multiple Choice O Results from a change in price of other goods. O Means that price has changed and there is movement along the demand curve. O Also means demand has shifted. O Means a shortage or surplus will result from holding prices constant.Given the following diagram: So $15 $12 $9 Dollars per Unit $6 $3 Do 0 10 20 30 40 50 Quantity If the actual market price were fixed at $6 per unit in the above diagram Multiple ChoiceIf the actual market price were fixed at $6 per unit in the above diagram Multiple Choice O There would be a surplus of 40 units. O There would be a shortage of 40 units. O There would be a shortage of 20 units. O There would be a surplus of 20 units.A buyer is said to have a demand for a good only when Multiple Choice O An adequate supply of the good is available for purchase. O The buyer is both willing and able to purchase the good. Screen capture . now O The buyer is not willing to buy the good and does not have enough income to purchase the good. Screenshot taken Show in folder O The buyer has the income but the good is not preferred. O Copied to clipboardA change in demand means there has been a shift in the demand curve, and a change in quantity demanded Multiple Choice O Also means demand has shifted. O Results from a change in price of other goods. O Means that price has changed and there is movement along the demand curve. O Means a shortage or surplus will result from holding prices constant.Supply and Demand In. GRAPH SETTINGS Reset Price (per unit) Supply Demand Do 0 Quantity (per unit of time) New Equilibrium Update The market is in equilibrium Market price0 Quantity (per unlt of time) Q3 The market is in equilibrium. Market price will not change. Suppose that the price of a complementary good (ski resort lift tickets) increases. Instructions: Use the interactive to model the effect of this change. What is the net effect on equilibrium price? to select v What is the net effect on equilibrium quantity? (Click to select v Peanut butter and jelly are complements. A decrease in the price of one will result in Multiple Choice O A decrease in the demand for the other. O An increase in the quantity demanded of the other. Screen capture . now O A decrease in the quantity demanded of the other. Screenshot taken Show in folder O An increase in the demand for the other. Suppose that the price of a complementary good (ski resort lift tickets) in Instructions: Use the interactive to model the effect of this change What is the nut effect on equilibrium price? [(Glick to select): What is the Copied to clipboardIn. GRAPH SETTINGS Reset Price (per unit) Supply Ao Demand Do 0 Quantity (per unit of time) New Equilibrium Update The market is in equilibrium. Market price will not change.0 Quantity (per unlt of time) son The market is in equilibrium. Market price will not change. Suppose that there is an increase in demand for this type of housing. Instructions: Use the interactive above to model this shock. Does demand shift inward or outward? (Click to select v At the original equilibrium price does this lead to a surplus or shortage? (Click to select v Tickets to a sporting event go on sale and sell out almost Instantly. This suggests that Mu iple Choice There is a surplus of tickets. The tickets must be very expensive. There are too many tickets to the event. The price for the tickets Is below the equilibrium price. 0 O O O Refer to Table 3.1 to answer the following question Table 3.1 Individual Demand and Supply Schedules Quantity Demanded by Price Alejandro Ben Carl Market $8.00 8 4 2 6.00 12 4 4 4.00 20 4 6 2.00 22 4 6 Quantity Supplied by Price Avery Brandon Cassandra $8 . 00 60 4 6 $6.00 42 4 4 $4.00 24 4 2 Screen capture . now $2.00 6 4 Screenshot taken Show in folder In Table 3.1, if the price is $2, the market will O Multiple Choice [ Copied to clipboardIn Table 3.1, if the price is $2, the market will Multiple Choice O Experience a surplus of 30 units. O Experience a shortage of 22 units. O Be in equilibrium. O Experience a surplus of 56 units.Suppose a city facing a shortage of rental apartments eliminates rent controls. Which of the following is most likely to occur? C3'an increase in the demand for apartments and a decrease in the number of apartment units supplied. CZ'a decrease in the demand for apartments and an increase in the number of apartment units supplied. C3'a decrease in rents and a decrease in the number of apartment units supplied. C3'an increase in rents and an increase in the number of apartment units supplied