please answer
8) Let consider a vacation in the Bahamas as a normal good. What will happen to the equilibrium prices and quantities when income rises? 4 Points The demand curve will shift to the right, lowering both the equilibrium price and equilibrium quantity. The demand curve will shift to the left, raising both the equilibrium price and equilibrium quantity. The demand curve will shift to the right, raising both the equilibrium price and equilibrium quantity. The demand curve will shift to the left, lowering both the equilibrium price and equilibrium quantity. 9) Which of the following describes a market condition with equilibrium price decrease and equilibrium quantity increased. 4 Points The increase in the cost of the production causing the Supply curve to shift to the left OThe decrease in the cost of the production causing the Supply curve to shift to the right OThe increase in the cost of the production causing the Supply curve to shift to the right O The decrease in the cost of the production causing the Supply curve to shift to the left 10) Suppose that the Atlanta mayor claims that the wages of police officers are too high. Yet, the department has ten police officer's positions open and no applicants for the jobs. Is the mayor's claim legitimate? Why or why not? 4 Points No, there is a surplus of police officers. Thus, the wage currently paid to police officers must be above the market equilibrium wage; the wages are too high Yes, there is a shortage of police officers. Thus, the wage currently paid to police officers must be above the market equilibrium wage; the wages are too high Yes, there is a surplus of police officers. Thus, the wage currently paid to police officers must be below the market equilibrium wage; the wages are not too high. ONo, there is a shortage of police officers. Thus, the wage currently paid to police officers must be below the market equilibrium wage; the wages are not too high. 11) The market price of soybeans is $18.00 per bushel. What will happen if the government decides to set soybeans price to no more than$16.00 per bushel? 4 Points The price ceiling will be ineffective, and the market will remain in equilibrium. There will be a shortage of Soybeans. The demand must eventually decrease so that the market will come into equilibrium at $17. O Supply must eventually increase so that the market will come into equilibrium at $17. 12) A situation where the quantity demanded for product X drop to zero if the price rises implies that 4 Points price elasticity of demand for product X is inelastic. price elasticity of demand for product X is perfectly inelastic. price elasticity of demand for product X is perfectly elastic. price elasticity of demand for product X is elastic. 13) Assuming that at $95,000, the quantity demanded for Range Rover was 1,000 per week. An increase in the price from $95,000 to $100,000 leads to the fall of the quantity demand from 1,000 to 800 per week. Find the revenue and conclude about the price elasticity of demand for Range Rover. 4 Points O price elasticity of demand for Range Rover elastic. O price elasticity of demand for Range Rover is perfectly inelastic. Oprice elasticity of demand for Range Rover is perfectly elastic. price elasticity of demand for Range Rover is inelastic
