Lecture Exam As Prices Rise Other Things Being Equal Essay Example
The Print feature requires scripting to function. This means that either your browser does not support scripting or you have disabled it. To print this page, you need to highlight the text and select Print from the File menu. Student CHAPTER 1 Name: Student [email protected] Email: Summary of Results 100% Correct out of 8 Scored items: 8 Correct: 100% 0 Incorrect: 0%
Site Title: Economics UOP custom CW Book UOP-custom course for Economics Title: Book Case Author: Location Chapter 1 > Lecture Exam Questions on Site: Date/Time August 6, 2010 at 6:50 PM (EDT) Submitted: More information about scoring 1. According to the law of demand: As prices rise, ceteris paribus Your quantity demanded decreases. Answer: 2. In response to news reports that taking aspirins daily can reduce an individual's risk of a heart a
...ttack, there will most likely be Your an increase in the demand for aspirins. Answer: 3. The number of pizzas this restaurant sells per week increases from 500 to 700.
The increase in the price of pizza could be a cause. Answer: 4. The law of supply is consistent with an increase in the quantity supplied of calculators as their price rises, ceteris paribus 5. If the income of video game players increases, it is predicted that both equilibrium price and quantity will increase in the market for videotapes, assuming video game cartridges are a normal good. Answer: 6. A significant portion of Florida's orange crop was destroyed due to a freeze; apples and oranges are substitute goods.
According to the principle of ceteris paribus, the price of apples and oranges will both increase (Answer: 7). Additionally, an excess
demand for a product acts as a signal for increased resource allocation towards its production (Answer: 8). Moreover, assuming ceteris paribus, if a portion of the lettuce crop is destroyed while consumer income simultaneously decreases, the market for lettuce would experience changes in equilibrium price and quantity. These changes could result in an increase, decrease, or remaining unchanged (Answer: same) equilibrium price and a decrease in equilibrium quantity. This text is protected by copyright with all rights reserved by Pearson Education. For more information, please refer to the Legal Notice and Privacy Policy (Copyright © 1995 - 2010 Pearson Education. All rights reserved. Legal Notice | Privacy Policy | Permissions).
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