Who is likely to be in favor of a price ceiling on a good? Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. a All consumers of that good The consumers of the good who can still purchase it after the ceiling is imposed All producers of the good d The producers of the good who can still sell it after the ceiling is imposed Which of the following statements about the effects of a government setting maximum prices is true? Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. a A maximum price will always cause a surplus of a good to be produced. b A maximum price will always cause a shortage of a good to be produced. C A maximum price will cause a surplus of a good to be produced only if the maximum price is above the equilibrium price. d A maximum price will cause a shortage of a good to be produced only if the maximum price is below the equilibrium price.If population increases in a city with effective rent controls (and nothing else changes), which of the following describes what will happen in the market for rental housing? Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. a An increase in the number of rental housing units available, but no change in rent. b An increase in quantity supplied and quantity demanded. C An increase in supply, but no change in quantity demanded. d An increase in demand, but no change in quantity supplied.You are running a small business and are thinking about ways to increase your profits. Assume you are facing an elastic demand. Would you raise or lower your prices? Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. a Raise because revenues would increase b Lower because revenues would increase C Raise because revenues and costs would decrease d Lower because revenues would increase and costs would decrease I do not know because | cannot tell how much costs would change in relationship to revenues. A change in supply will have a (greater, lesser, the same) effect on quantity for a relatively more elastic demand curve than a relatively less elastic one. Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. a A greater b A lesser C The sameIndicate which of the following will cause a movement along a demand curve. Which will shift the demand curve to the left? Which will shift the demand curve to the right? Will demand increase or decrease? Drag and drop options on the right-hand side and submit. For keyboard navigation... SHOW MORE ~ A movement along a demand curve, no change in An increase in the price of the good demand Shift the demand curve to the right and an increase An increase in income for a normal good in demand Shift the demand curve to the left and a decrease in A decrease in the price of a substitute good demand. (If the good is normal.) Shift the demand curve to the left and a decrease in Expectations of falling income in the near future demand. Shift the demand curve to the right and an increase Expectations of rising prices in the near future in demand now. What is the equilibrium quantity? (Please answer millions per year) Quantities Quantities Prices Demanded Supplied (thousands) (millions per year) (millions per year) $8 2.75 1.25 $10 2.50 1.50 $12 2.25 1.75 $14 2.00 2.00 $16 1.75 2.25 $18 1.50 2.50 $20 1.25 2.75 Full text description Type your numeric answer and submit 2.0Suppose the supply and demand schedules for Japanese cars in the U.S. Quantities Quantities are as follows: ST DI TS (thousands) (millions per year) (millions per year) What is the equilibrium price? (Please answer in the thousands) $8 2.75 1.25 $10 2.50 1.50 $12 225 1975 $14 2.00 2.00 $16 575 225 $18 1.50 2.50 $20 1:25 275 Full text description Type your numeric answer and submit Assume that the price in a market is currently below the equilibrium price. Explain exactly why that situation will change by putting the steps in the correct order. Drag and drop options into correct order and submit. For keyboard navigation... SHOW MORE There is a shortage since quantity demanded is greater than quantity supplied Some buyers are willing to pay more for a good and sellers can raise prices while still selling all of their supply Prices begin to rise Quantity demanded begins to decrease and quantity supplied increases The shortage becomes smaller The steps repeat until there is a new equilibrium A new equilibrium is reached with a larger quantity exchanged and a higher price s} A country is currently producing bricks and spatulas using all of their resources and satisfying the wants of their economy. If the country has a change in preferences and wants more spatulas, which of the following is true? Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. a Theyare no longer economically efficient because they are not allocatively efficient b Theyare no longer economically efficient because they are not technically efficient The country will have a smaller marginal return from bricks d The country will have an increasing marginal cost of bricks A firm may produce chairs or tables. If the firm is using all of its resources to produce tables and a new technology makes it easier to produce chairs, but the firm continues to produce only tables, which of the following is true? Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. a Thefirmis no longer technically efficient b The firm will experience diminishing marginal returns Anew point on the production possibilities frontier curve will be reached The firm is still technically efficient, but the marginal cost of tables increases Consider the following production possibilities frontier. If the economy is currently at point A and producing missiles or automobiles are the only choices, which of the following statements is true? 100 7 90 - . ....... 80 - 70 50 Automobiles 50 40 30 - 20 10 -. ...... 20 40 60 80 100 Missiles Full text description Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. a Point A in an unobtainable point b The economy's resources are fully employedAutomobile 0 20 40 60 80 100 Missiles Full text description Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. a PointAinanunobtainable point b Theeconomy's resources are fully employed '4l The opportunity cost of producing 50 additional automobiles is zero missiles d The opportunity cost of producing 50 additional missiles is approximately 50 automobiles If the economy is producing at a point inside the production possibilities frontier, which of the following must be true? Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. a All resources are employed b The economy is as well off as it can be given its limited resources C That point is unobtainable d More of both goods can be producedGrant started a business this year. He earned $200,000 in revenues and had $150,000 in business expenses. His other alternative would have been to go back to his old job, where he earned $70,000. Taking account of all of his costs, what are Grant's "true" profits from his business? Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. a $200,000 b $150,000 -$70,000 d $50,000 -$20,000 Maria has three choices of what to do for the next hour. She prefers to watch TV. Her next choice would be to go for a walk and her third preference would be to study. Maria watches TV. In this scenario, what is Maria's opportunity cost? Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. a The money she would have earned if she were working for pay during the hour. Going for a walk. Going forawalk and studying. d Studying. e Thereis no opportunity cost since she chose her favorite activity