Which of the following would cause a movement from point B to point A? B P' - - - . - L- - - - D Q Q quantity Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. a An increase in price b A decrease in price. C A decrease in the demand d An increase in the demandThe following table shows the demand schedule for a good. If the law of demand applies, then the quantity Q1 would be Price [Quantity Demanded Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. a 0 b 100 c 200 d 400 Given the following diagram, if the actual market price were fixed at $3 per unit in the diagram $15 $12 $9 $6 Dollars per Unit $3 0 10 20 30 40 Quantity 50 0 10 20 30 40 Quantity Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. a There would be a surplus of 10 units. b There would be a surplus of 40 units. There would be a shortage of 50 units. d There would be a shortage of 40 units. 50 Which of the following would not shift the supply curve of kitchen knives? Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. a An increase in the price of kitchen knives. b A decrease in the number of sellers of kitchen knives. C An increase in the price of steel, an input into the production of kitchen knives. d An improvement in the technology that is used to produce kitchen knives.The following shows the demand curve for sweaters. Starting from demand curve D1 at point A, determine whether the following events will cause us to move to the other points. Price (S) Quantity of sweaters Drag and drop options on the right-hand side and submit. For keyboard navigation... SHOW MORE Sweaters fall out of fashion. = | E There is a shortage of wool. =| C The winter is particularly long and cold this year. = D Il w Sweater vendors offer a sale. The following shows the supply curve for sweaters. Starting from S1 at point A, determine whether the following events will cause us to move to points B, C, D or E. Price (S) C Quantity of sweaters Drag and drop options on the right-hand side and submit. For keyboard navigation... SHOW MORE The price of wool increases. =i C Demand for sweaters decreases. =| B Number of sweater supplier increases. = | E I o Demand for sweaters increases. For each of the following changes in demand or supply, indicate the resulting change in equilibrium price and equilibrium quantity. 1. Demand increases; supply remains constant. Equilibrium price | Write your response here. .. (increases or decreases) and equilibrium quantity (increases or decreases). 2. Demand decreases; supply remains constant. Equilibrium price | Write your response here... (increases or decreases) and equilibrium quantity | Write your response here... (increases or decreases). 3. Supply increases; demand remains constant. Equilibrium price (increases or decreases) and equilibrium quantity | Write your response here... (increases or decreases). 4. Supply decreases; demand remains constant. Equilibrium price | Write your response here... (increases or decreases) and equilibrium quantity (increases or decreases). The following figure shows the market demand and supply for corn. Starting at equilibrium P1 and Q1 with demand curve D1 and supply curve S1, match each event with the new equilibrium point in the figure. Price ($) B C A D D 3 D1Q, Quantity Drag and drop options on the right-hand side and submit. For keyboard navigation... SHOW MORE v Adrought hits corn-growing regions. =| C A global recession reduces the incomes of consumers in poor countries who rely on corn as a staple food = B (assuming corn is a normal good) A new hybrid variety of corn seed causes a 15 percent = A increase in the yield of corn per acre. An advertising campaign by the beef producers' association highlights the health benefits of corn-fed = D beef. Consider a market that is in equilibrium. If the market experiences both an increase in demand and a decrease in supply: Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. a the equilibrium price and quantity will rise. b the equilibrium quantity will rise, but the change in the equilibrium price cannot be predicted. c the equilibrium price will rise, but the change in the equilibrium quantity cannot be predicted. d the equilibrium price and quantity will fall.Suppose the graph shown depicts the demand for a normal good. A shift from B to A might be caused by: Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. C D1 D2 Q Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. a an increase in the price of a substitute. b a decrease in the price of a complement. C an increase in the price of a complement. d an increase in the good's price.Suppose that the demand function for apples is given as Q4 = 800 - 40P}, and the supply function is given as Qg =-400 + 40P, where Py, is the price paid by the buyer and P; is the price received by the seller. The equilibrium quantity and price in this market can be found as: Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. a P.=15Q,=200 b P.=40,Q.=0 P.=15Q,=600 d P=35,Q.=550 Suppose that the demand function for apples is given as Qd = 800 - 40Pb, and the supply function is given as Qs =-400 + 40Ps, where Ph is the price paid by the buyer and Ps is the price received by the seller. At a price of 18, the market will face Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. a shortage of 240 units. b surplus of 320 units surplus of 240 units d shortage of 80 units