-Gradebook / ECO/365T: Princi .. X M. Question 7 - Wk 2- Apply: Marl . X G Companies will be willing and x * Homework Help - 0&A from P - . ECO365 Wk 2 Apply - Market-F.. A ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fconnect.mheducation.com%252Fcon. Q Maps Phoenix Other bookmarks Wk 2 - Apply: Market Dynamics and Efficiency [due Day 7] @) Stead Help Save & Exit Submit Refer to the following graphs to answer the question below. 7 points - Back Quantity Graph cil Brigh (21 Quantity Quantity Graph 13 Graph (9) Select the graph that best shows the changes In demand and supply In the beef market If a new diet fad favoring beef consumption becomes hugely popular, while cattle producers see steeply rising costs of cattle feed. Multiple Choice O graph 14 O graph [2) O graph [3) O graph [4) 7 of 15 # Now > ck O 0 11:33Gradebook / ECO/365T: Principl . x M Question 8 - Wk 2 - Apply: Market G Companies will be-willing and al: x" * ECO365 Wk 2 Apply - Market Dy ! > A ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fconnect.mheducation.com%252Fcon. Q O Maps Phoenix Other bookmarks Wk 2 - Apply: Market Dynamics and Efficiency [due Day 7] ) Send Help Save & Exit Submit 8 Which of the following statements is correct? Multiple Choice paint O If supply decreases and demand Increases, equilibrium quantity Is Indeterminate. -Book O If supply increases and demand Increases, equilibrium price will rise. O If supply increases and demand Increases, equilibrium quantity wil fall O If supply increases and demand remains constant, equilibrium price will rise. 8 of 15 Next > ck O 0 11:34Gradebook / EC X M Question 9 - Wk G Companies will. X + . .C. G A ezto.mheducation.com/ext/map/index.ht.. Q O Maps Phoenix Other bookmarks Wk 2 - Apply: Market Dynamics and Efficiency [due - Served Help Save & Exit Submit 9 Use the figure below to answer the falla Ming question. The point at which the S and D curves Intersect Other bookmarks P. X eive your Assuming equilibrium price P,, consumer surplus is represented by areas olution Multiple Choice O a +b. O atb+c+d. O c + d O a +c . 9 of 15 : Nag > ck O 0 11:35Gradebook / EC X M Question 10 : W G Companies will. X + A ezto.mheducation.com/ext/map/index.ht... Q O Maps Phoenix Other bookmarks Wk 2 - Apply: Market Dynamics and Efficiency [due _ Served Help Save & Exit Submit 10 The minimum acceptable price for a product that producer Sam is willing to receive Is $15. The price he could get for the product In the market s $18. How much Is Sam's producer surplus? Other bookmarks Multiple Choice X - Back O eive your O $33 olution O $45 $270 10 of 15 # Nee > ck O 0 11:35Gradebook / EC X M Question 11 : WI G Companies will. X + . .C. G A ezto.mheducation.com/ext/map/index.ht... Q Maps Phoenix Other bookmarks Wk 2 - Apply: Market Dynamics and Efficiency [due - Served Help Save & Exit Submit 11 Refer to the figure. Market for Artichokes O Other bookmarks pants Tools A. X Price (dollars) eive your olution 50 100 150 250 O Quantity (pounds of artichokes) The graph represents the market for artichokes (In pounds per week] at a Midwest farmers' market. Suppose the equilibrium price of artichokes is $3 per pound and the equilibrium quantity is 100 pounds of artichokes per week. Using the graph determine how much economic surplus is generated in the market each week. Economic surplus: $ ck O V 0 11:36Gradebor X M Question X (G) Compari. X . 4. Extension X C. G A ezto.mheducation.com/ext/map/index.ht.. Q Maps Phoenix Other bookmarks Wk 2 - Apply: Market Dynamics and Efficiency [due - Served Help Save & Exit Submit Use the figure below to answer the following question. 12 Other bookmarks X Price eive your olution Quantity What Is the amount of deadweight loss after the government Imposes the excise tax on the market? Multiple Choice O $30 O $32 O $4 O $2 12 of 15 Nag > ck OV 0 11:37Gradebor X M Question X (G) Compari. X . . Extension X C. G A ezto.mheducation.com/ext/map/index.ht.. Q Maps Phoenix Other bookmarks Wk 2 - Apply: Market Dynamics and Efficiency [due _ Saved Help Save & Exit Submit 13 a. Which of the following situations exhib externality? Alan purchas w watch as a gift for his father. Other bookmarks Sean spends the ing his garage. Richard renovates a dilapidated historic home in the center of town. points b. When there Is a positive externality associated with the market X too little is produced O too much Is produced - Back O the socially of nal amount is produced. Governments may stimulate the economy to move toward the socially optimal output by eive your O taxing the product. O subsidizing the product. olution Implementing a price celling. 13 of 15 Not > ck 0 11:37Gradebor X M Question X (G) Compari. X |. 4. Extension X C. G A ezto.mheducation.com/ext/map/index.ht.. Q O Maps Phoenix Other bookmarks Wk 2 - Apply: Market Dynamics and Efficiency [due _ Served Help Save & Exit Submit 14 Which of the following Is an example of a negative externality (additional social cost)? Other bookmarks Multiple Choice X O an Increase in the value of land you own when a nearby development is completed eive your O the costs paid by a company to build an automated factory olution O falling property values In a neighborhood where a cdisreputable nightclub Is operating O the higher price you pay when you buy a heavily advertised product 14 of 15 Not > ck OV 0 11:38Gradebor X M Question X (G) Compari. X |. 4. Extension X C. G A ezto.mheducation.com/ext/map/index.ht... Q O Maps Phoenix Other bookmarks Wk 2 - Apply: Market Dynamics and Efficiency [due - Served Help Save & Exit Submit 15 The two main characteristics of a public good are Other bookmarks Multiple Choice pants X O production at constant marginal cost and rising demand. - Back eive your O nonexcludability and production at rising marginal cost. olution O monrivalry and nonexcludablity. O nonrivalry and large negative external ities. 15 of 15 ck OV 0 11:38