A long hot summer has increased the demand for beer. At the same time a tax is placed on alcohol. What can we say about the equilibrium price and quantity of alcohol?

equilibrium prices rises; equilibrium quantity is unknown More test answers on https://studyhippo.com/consumer-econ/

What will happen to the equilibrium price and quantity of traditional camera film if traditional cameras become more expensive, digital cameras become cheaper, the cost of the resources needed to manufacture traditional film falls, and more firms decide to manufacture traditional film?

price will fall, and the effect on quantity is ambiguous More test answers on https://studyhippo.com/econ-practice-test-1/

when a market is not allowed to adjust to the equilibrium price and quantity traded, some economic…will be lost.

surplus More test answers on https://studyhippo.com/market-efficiency-2/

13) Music compact discs are normal goods. What will happen to the equilibrium price and quantity of music compact discs if musicians accept lower royalties, compact disc players become cheaper, more firms start producing music compact discs, and music lovers experience an increase in income? a. Price will fall, and the effect on quantity is ambiguous. b. Price will rise, and the effect on quantity is ambiguous. c. Quantity will fall, and the effect on price is ambiguous. d. Quantity will rise, and the effect on price is ambiguous.

d. Quantity will rise, and the effect on price is ambiguous. More test answers on https://studyhippo.com/econ-hw-4/

in the automobile industry, workers have just negotiated a new contract giving workers a large raise. There has also been an increase in the number of licensed drivers who are in the market for a new car. In the market for new automobiles, the effects tat there changes will have on the equilibrium price and quantity are:

price will increase, and quantity will decrease More test answers on https://studyhippo.com/economics-final-exam-7/

A surge in demand while supply remains constant results in an _____ in both equilibrium price and quantity.

increase More test answers on https://studyhippo.com/test-1-microeconomics-ch-3-only/

26. If a market is allowed to adjust freely to its equilibrium price and quantity, then an increase in demand will a. not affect producer surplus. b. reduce producer surplus. c. increase producer surplus. d. Any of the above are possible

c. More test answers on https://studyhippo.com/economics-2005-exam-2/

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Ruth Jones

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Kenneth Wheeler

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Killian Parsons

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Equilibrium Price And Quantity Principles Of Economics: Microeconomics

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