question 1 Not yet answered Points out of l 00 l\" Flag question Question 2 Not yet answered PDIrltS out of l on \\7' Flag question A competitive market is one in which Select one. C a. C b, decisions are made by a small number of flrms and individuals Cor government makes most decisions about what Will be produced. there is a large number of buyers and sellers. 0 d. private individuals own the factors of production. Analyze the following diagram: Price At a prlce of $16, quantity demanded is 51015 20 25 30 35 40 45 Quantity Select one- Q a. 5, 35, demand O b 20, 40; supply 0 c. 5, 35; supply C d, 5, 30: supply , quantity supplied is : therefore excess has occurred Frank has plotted the following points on a supply curve graph from the supply schedule for golf shoe market. Which of the following supply curves accurately reects Frank's supply schedule? Golfshoes mm (mm) I Quantity Suwanee {Ms-nos) Both the x and y axis is quantity and price are in thousands. The three colored sloping lines are as follows: The orange line starts at 100,1 and ends at 350.7. The yellow line starts at 50,1 and ends at 195.7. The silver line starts at 100,1 and ends at 375, 7.) Golf Shoes Price (5) Quantity Supplied $55 1 $75 2 $100 3 $120 4 $135 5 $155 6 $195 7 Select one: Q a. The orange line. 0 1). None ofthe lines. 0 c. The silver line 0 d. The yellow line' Good weather and heavy winter rain increases the supply of agricultural products, This means that at any given price, a higher quantity will be supplied. Conversely, a drought would shift the Select one: Q a. demand curve to the rights 0 b. supply curve to the right. 0 0. supply curve to the left. 0 d, demand curve to the left, How would you need to shift the supply and demand curves in a market to result in a situation where equilibrium quantity increases while the equilibrium price change is indeterminate? Select one: 0 a. Either supply ordemand must increase. 0 b. Supply must decrease while demand increases. 0 0. Supply must increase while demand decreases. Q d. Both supply and demand must increase. if an increase in the price of Nike shoes increases the demand for Adidas shoes, this means that Select one: Q a. Nike shoes and Adidas shoes are inferior goods. 0 b. Nike shoes and Adidas shoes are substitutes. O 0. Nike shoes and Adidas shoes are normal goods. 0 (1, Nike shoes and Adidas shoes are complements if Pepsi goes on sale, what will happen to the demand for Coca-Cola? Select one: 0 a. Demand for Coca-Cola will decrease. O b. Demand for Coca-Cola will stay the same. 0 0. Demand for Coca-Cola will increase by a large percentage. 0 d. Demand for Coca-Cola will increase by a small percentage. In 1973 Arab countries imposed an oil embargo on the United States and other developed countries in the aftermath of the Yom Kippur war. At the same time improved infrastructure and increased income was altering consumer preferences in favor of automobiles over public transportation. If you were drawing a supply and demand graph to illustrate the change in the gasoline market in 1973-1974, what would you say has happened to the supply and demand curves and the equilibrium price and quantity during this time period? Select one: O a. The supply of gasoline will decrease shifting the curve to the left while the demand curve shifts to the right. As a result the equilibrium quantity will increase but it is impossible to pinpoint the equilibrium price change. O b. The demand for gasoline will decrease shifting the curve to the left while the supply curve shifts to the right. As a result the equilibrium quantity will increase but it is impossible to pinpoint the equilibrium price change. O c. The demand for gasoline will decrease shifting the curve to the left while the supply curve also shifts to the left. As a result the equilibrium price will increase but it is impossible to pinpoint the equilibrium quantity change. O d. The supply of gasoline will decrease shifting the curve to the left while the demand curve shifts to the right. As a result the equilibrium price will increase but it is impossible to pinpoint the equilibrium quantity change. In general, supply curves Select one: O a. have a negative slope O b. slope downward from left to right. O c. slope upward from left to right. O d. have a slope of zero Suppose Congress passes legislation that offers subsidies to orange farmers. The impact on the market for orange juice will be a rightward shift of Select one: O a. both the supply and demand curves. O b. Neither the demand nor the supply O c. the demand curve. O d. the supply curve.A decrease in the quantity supplied can result from Select one: Q a. a decrease in cost of production. 0 b. improvements in technology 0 0. increased demand. 0 d. adecrease in price. Ademand curve shows the graphical relationship between quantity demanded and Select one: 0 a. price. 0 b. costs. 0 c. quantity produced. 0 d. demand A free market is described by which of the following statements? Select one: O a. The government does not set or influence market prices in any way. O b. Decisions are centralized O c. Inputs are free to sellers. O d. The price of outputs is controlled by the government.A supply curve is a graphical illustration of the relationship between quantity supplied and Select one: Q a. cost of production 0 b. demand. 0 c. price. 0 d. quantity demanded. According to the law of demand, assuming other factors are held constant Select one: Oa. Ob. Oc. Od. As the price of milk increases, the quantity of milk demanded will increase. As the demand for milk increases, the supply of milk also increases As the demand for milk increases, the price of milk will also increase. As the price of milk decreases, the quantity of milk demanded will increase. According to the law of supply, assuming other factors are held constant Select one: Q a. as the price of milk decreases, the quantity of milk supplied will decrease. O b. as the price of milk increases, the quantity of milk supplied will decrease. O c. as the price of milk increases, the quantity of milk purchased by consumers will decrease. 0 d. as the supply for milk increases, the price of milk will also increase. Market for Used Cars Prlcos($] 5'; H ' 12:: 2323 3:33 3.3:: 5332 6233 7'22: \"332 Quant'm Demanded According to this graph, what happens to quantity demanded if the price ofa used car increases from $5000 to $7000? Select one: Q a. The quantity demanded drops to 3,100 cars. 0 b. The quantity demanded drops to 1000 cars. 0 c. The quantity demanded rises to 3,100 cars. 0 d. The quantity demanded increases to 1.000 cars. \"\"\"m'\" 3 Analyze the following diagram: Not yet answered Points our ol 5} 20 ($2.20 per gallon' 420 rnilllon gallons) \"10 52 00 (32,00 per gallon, 460 million gallons) V Flag 51 30 ($1 80 per gallon, 500 mlllion gallons) question ' 5150 ($1 60 per gallon, 550 million gallons) 51 40 51,20 51 00 (51,40 per gallon, 600 million gallons) ($1.20 per gallon, 700 million gallons) Price (5 per gallon) ($100 per gallon, 800 mllllon gallons) 300 400 500 600 700 800 900 Quantity of Gasoline (millions of gallons) If price was $1.40 per gallon and increased to $2.00 per gallon, how does quantity of gasoline demanded change? Select one: Q a. 550 million gallons lo 460 million gallons 0 b. 460 million gallons to 600 million gallons 0 c. 460 million gallons (0 700 millions gallons 0 d. 600 million gallons lo 460 million gallons \fCocoa nibs from Nigeria last year was supplied at $9 per 10 pounds. This year the demand has increased and that same supply of Nigerian cocoa nibs is priced at $12 per 10 pounds. What will most likely happen to supply of Nigerian cocoa nibs this year? Select one: Q a. the supply will increase 0 b. There will be a decrease in quantity supplied. 0 c. The supply curve will shift to the lefl. Q d. There will be an increase in quantity supplied. Market for Computer Chips 525: CC Price 553 CC 53 CC 155 175 193 212 233 253 272 193 313 Quant tySupp ed Considering the graph for microchips, if prices decrease from $200 to $150, suppliers will want to Select one: Q a. produce nearly 70 fewer microchips. O b. produce 270 microchips O c. produce almost 70 more microchips. Q d. produce half as many microchips. Decreased competition because of fewer producers in a market will cause Select one: Q a. less demand in that market. 0 b. lower prices due to decreased supply. 0 c. higherdemand for the product. 0 d. higher prices due to an decrease in the quantity supplied at every price. Excess demand occurs when the actual price in some market is the equilibrium price. Select one: 0 a. Excess demand is not linked to price but to quantity 0 b. equal to O 0. above 0 d. below Excess demand will result in suppliers prices, which encourages consumers to buy Select one: Q a. raising prices; more 0 b. lowering prices;less O c. lowering; more 0 d. raising priceszless Excess supply will result in suppliers prices, which encourages consumers to be willing and able to purchase Select one: 0 a. lowering: less O b. raising; more 0 0. raising: less 0 dc lowering; more