Considering the demand side of a industry for a great, it is reasonable to expect that: i. demand also curves for a given great are identical in between consumers ii. demand also curves for a given great differ between consumers iii. an individual has similar demand curves for different products iv. an individual has various demand also curves for various goods

i
ii
iii
iv
i and iii
ii and iv

Suppose the industry demand also curve for a great is stood for by the straight equation Q = 60 - 0.75P. If the industry price were to boost from P = $20 to P = $40, then holding all other determinants constant:

the quantity demanded would decrease by 10 units and full expenditures on the good would certainly decrease by $400
the amount demanded would certainly decrease by 15 units and total expenditures on the good would certainly increase by $300
the quantity demanded would decrease by 30 systems and also full expenditures on the excellent would increase by $1200
the quantity demanded would boost by 20 units and also full expenditures on the excellent would decrease by $800
the amount demanded would certainly increase by 10 units and also full expenditures on the great would increase by $100
the quantity demanded would increase by 25 units and also total expenditures on the great would increase by $1000

A perfectly competitive firms supply curve for a good identifies the: i. minimum amount supplied at each price, holding all other factors continuous ii. firms minimum willingness to accept for each increpsychological unit of the excellent (e.g., the first unit, second unit, etc.), holding all other factors consistent iii. maximum amount offered at each price, holding all various other determinants constant iv. firms maximum willingness to accept for each increpsychological unit of the great (e.g., the first unit, second unit, etc.), holding all other factors constant

i and also ii
i and also iv
ii and iii
iii and iv

Considering the supply side of a sector for a good, if a firms supply curve were vertical, then:

the legislation of supply holds, and also quantity provided is completely insensitive to changes in price
the legislation of supply holds, and also quantity gave is very sensitive to changes in price
the regulation of supply stops working to hold, and quantity gave is completely insensitive to alters in price
the law of supply falls short to hold, and also quantity supplied is highly sensitive to changes in price
namong the above

The factors of supply are: i. factors other than price that will influence the quantity of a good or service a firm is willing and also able to purchase ii. factors that influence a producers maximum willingness-to-accept to create miscellaneous amounts of a great iii. components that affect a producers minimum willingness-to-accept to create various amounts of a good

i
ii
iii
i and also ii
i and iii

The sector supply curve for a good is derived by: i. horizontally summing the supply curves of the individual firms in the industry ii. vertically summing the supply curves of the individual firms in the sector iii. summing the amount offered by each firm at a given price and also then repeating this over the variety of prices

i
ii
iii
i and ii
i and also iii

If the level of innovation provided in the production of a good boosts, and also assuming the high quality of the excellent does not readjust, then: i. more output may be acquired through a provided amount of inputs compared to before the technological innovation ii. a given amount of output may be derived through fewer inputs compared to before the technical improvement iii. the firm will certainly rise its use of other inputs, such as the variety of employees it employs iv. sector demand also for the good will increase

i
ii
iii
iv
i and ii
i, ii, and also iii
i, ii, and iv
i, ii, iii, and also iv

Considering the industry for gasoline, which of the following would certainly cause an increase in market supply? i. a decrease in the price of gasoline ii. an improvement in oil extractivity and refining innovations iii. a rise in the wage prices passist to gasoline refinery workers iv. a decrease in the price of crude oil, a crucial input used to produce gasoline v. the imposition of a federal gasoline taxes aimed a decreasing the emission of greenhome gases

i
ii
iii
iv
v
ii and also iv
i, ii, and also iv
i, ii, iii, and iv
i, ii, iii, iv and v

Suppose a sector has two identical sellers. If each sellers supply function is given by P = 20 + Q, then the sector supply feature is:

P = 20 + 0.5Q
P = 20 + 2Q
P = 40 + Q
P = 40 + 2Q

From the sector framework debated in class and the readings, it may be concluded that in order for a good to be exadjusted in between a seller and a buyer, it need to be that:

buyer maximum willingness-to-pay is better than seller minimum willingness-to-accept
buyer maximum willingness-to-pay is higher than or equal to seller minimum willingness-to-accept
buyer minimum willingness-to-pay is greater than or equal to seller maximum willingness-to-accept
buyer minimum willingness-to-pay is higher than seller maximum willingness-to-accept

If the industry demand also function is offered by P = 80 - 0.3Q and also the industry supply is offered by P = 20 + 0.1Q, then the equilibrium price and quantity are:

P = $35 and also Q = 150
P = $65 and also Q = 150
P = $26 and also Q = 60
P = $28 and also Q = 80

Of concern are the affects of sustained summer droughts on the residential supply of wwarmth. Noting that wheat is a major ingredient in the manufacturing of breview and also that potatoes are a substitute for bcheck out, if the supply of wwarm declines then it is reasonable to expect:

the price of wheat to autumn, the supply of bcheck out to boost, and also the demand also for potatoes to increase
the price of wheat to autumn, the supply of bread to increase, and also the demand for potatoes to decrease
the price of wwarm to rise, the supply of bread to decrease, and the demand for potatoes to decrease
the price of wheat to climb, the supply of breview to decrease, and also the demand also for potatoes to increase
the price of wwarm to climb, the supply of breview to rise, and also the demand for potatoes to increase

the price of wheat to rise, the supply of breview to boost, and also the demand for potatoes to decrease

Suppose a perfectly competitive market is initially in equilibrium. If market demand also and also supply decrease all at once, then equilibrium:

price will increase, but the equilibrium amount might either increase, loss, or remain unchanged
amount will certainly climb, yet the equilibrium price might either increase, fall, or remajor unchanged
price will certainly fall, yet the equilibrium quantity might either climb, loss, or remajor unchanged
quantity will autumn, yet the equilibrium price may either climb, fall, or reprimary unchanged

Considering the demand side of a sector for a great, the customer surplus derived by an individual: i. is the difference between the maximum amount the customer is willing to pay on each unit and the minimum prices that producers are willing to accept ii. is the difference between the minimum amount the customer is willing to pay on each unit and the price he/she actually pays iii. is the difference between the maximum amount the consumer is willing to pay on each unit and also the price he/she actually pays iv.


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will certainly decrease if price increases

i
ii
iii
i and also iv
ii and also iv
iii and also iv

Suppose the market demand also for a great is described by the equation P = 120 - 2Q. If a readjust in market supply results in price decreasing from P0 = $80 to P1 = $70, then the resulting readjust in consumer excess is: