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Sugar and honey are viewed as substitutes for each other

Customer Question

Sugar and honey are viewed as substitutes for each other in many
cooking applications. If the price of sugar rises, we would expect
a. the demand for honey to increase
b. the demand for honey to decrease
c. the quantity demanded for honey to decrease
d. the price of honey to decrease
e. the quantity demanded of honey to increase

Which of the following will cause the demand curve for a good to shift to
the left?
a. an increase in the price of the good
b. a decrease in the price of the good
c. a decrease in the price of a complementary good
d. an expectation of a future price decline
e. an increase inthe price of a substitute good

Which of the following would be most likely to increase the demand for
downtown parking in a large city?
a. improved bus service to the downtown area
b. lower downtown parking fees
c. more downtown parking lots
d. more freeways leading to the downtown area
e. a major employer moves to the suburbs

Producers are willing and able to offer greater quantities for sale at higher
prices because
a. they have the incentive to pay the increasing opportunity cost of
resources to attract them from alternative uses
b. they will decrease their profits by expanding production at higher
prices
c. the government orders them to do so
d. lower prices attract new firms, which have higher costs of production
e. they hire superior quality, higher-priced resources as production
expands

When the supply of a product increases, this implies that
a. more will be purchased at the same price
b. the price of the product first declined
c. demand for the good must have increased
d. producers will be willing to accept a lower price for each unit sold
e. producers will offer less for sale at each possible price

Which of the following causes the supply of leather jackets to decrease?
a. an increase in the price of leather jackets
b. an increase in the price of leather
c. a decrease in the price of zippers
d. an increase in the number of motorcycles
e. a decrease in consumer income

Assume that corn and soybeans are alternatives which could be grown by
most farmers. A rise in the price of corn will
a. increase the supply of corn
b. increase the supply of soybeans
c. decrease the supply of soybeans
d. decrease the supply of corn
e. have no impact on the supplies of corn and soybeans

A surplus of shoes will cause
a. a decrease in the supply of shoes
b. a decrease in the demand for shoes
c. both a decrease in the supply of shoes and an increase in the demand
for shoes
d. a decrease in the price of shoes, through a shift in either the supply
curve or the demand curve
e. a decrease in the price of shoes

Which of the following would cause both the equilibrium price and the
equilibrium quantity of cookies to decrease?
a. a rise in the price of milk ( a complement)
b. a rise in consumer incomes
c. a rise in the price of cookie dough
d. a drop in the price of cookie dough
e. a rise in the price of crackers ( a substitute)

The market for bubble gum is competitive with a current price of 50 cents
and quantity of 100,000 units. Which of the following events would lead
to a new equilibrium price of 40 cents and quantity of 80,000 units?
a. an increase in the price of other kinds of gum and candy
b. an increase in the price of the ingredients used to make bubble gum
c. a decrease in the number of young people in the population
d. an agreement by workers in the bubble gum industry to work for lower
wages
e. an improvement in bubble gum production technology

The market for bubble gum is competitive with a current price of 50 cents
and quantity of 100,000 units. Which of the following events would lead
to a new equilibrium price of 60 cents and quantity of 90,000 units?
a. an increase in the price of other kinds of gum and candy
b. an increase in the price of the ingredients used to make bubble gum
c. a decrease in the number of young people in the population
d. an agreement by workers in the bubble gum industry to work for lower
wages
e. an increase in income

If demand increases and supply decreases,
a. equilibrium price will fall and equilibrium quantity will rise
b. equilibrium price and quantity will both rise
c. equilibrium quantity will rise; equilibrium price will either rise or fall
d. equilibrium price will falll; equilibrium quantity will either rise or fall
e. equilibrium price will rise; equilibrium quantity will either rise, fall, or
remain unchanged

Suppose the current equilibrium price of pizza is $5. If the government
decides the price of pizza cannot rise above $4, the result of this policy
would be
a. a shortage
b. a surplus
c. that the market would remain in equilibrium but with a larger quantity
bought and sold than at $5
d. at the $4 price, the quantity sold would be greater than the quantity
bought
e. a shift of demand to the right

Firms would like to kknow the price elasticity of demand for their product
because it helps determine the effect of price changes on the firms'
a. property taxes
b. profits
c. quantity supplied
d. revenues
e. total costs

If an increase in the price of a product from $1 to $2 per unit leads to a
decrease in the quantity demanded from 100 to 80 units, then the value
of the price elasticity of demand is
a. elastic
b. inelastic
c. unit elastic
d. suggestive of an inferior good
e. equal to -20

If the value of the price elasticity of demand is -0.2, this means that a
a. 20 percent decrease in price causes a 1 percent increase in quantity
demanded
b. 0.2 percent decrease in price causes a 1 percent increase in quantity
demanded
c. 5 percent decrease in price causes a 1 percent increase in quantity
demanded
d. 0.2 percent decrease in price causes 0.2 percent increase in quantity
demanded
e. 100 percent decrease in price causes a 200 percent increase in quantity
demanded

When quantity is measured in gallons, the price elasticity of demand for
milk will be __________ the price elasticity when quantity is measured in
quarts.
a. the same as
b. four times
c. one quarter
d. two times
e. less than

John spends exactly the same dollar amount on candy bars each week,
regardless of their price. John's demand curve for candy bars is
a. upward-sloping
b. backward-bending
c. perfectly inelastic
d. perfectly elastic
e. unit elastic

Which of the following will cause demand to be relatively elastic?
a. there are a few subsitutes
b. the time interval is relatively long
c. the good ins considered a necessity
d. the good involves a relatively small portion of the consumers' budget
e. the time interval is relatively short

If New York City officials expect that an increase in bus fares will raise
mass transit revenues, they must think that the demand for bus travel is
a. elastic
b. unit elastic
c. inelastic
d. perfectly inelastic
e. -10
Submitted: 10 years ago.
Category: Homework
Expert:  Sarder Hasnut replied 10 years ago.

Sugar and honey are viewed as substitutes for each other in many cooking applications. If the price of sugar rises, we would expect
a. the demand for honey to increase
b. the demand for honey to decrease
c. the quantity demanded for honey to decrease
d. the price of honey to decrease
e. the quantity demanded of honey to increase
Ans: A

Which of the following will cause the demand curve for a good to shift to the left?
a. an increase in the price of the good
b. a decrease in the price of the good
c. a decrease in the price of a complementary good
d. an expectation of a future price decline
e. an increase inthe price of a substitute good
ANS: D

Which of the following would be most likely to increase the demand for downtown parking in a large city?
a. improved bus service to the downtown area
b. lower downtown parking fees
c. more downtown parking lots
d. more freeways leading to the downtown area
e. a major employer moves to the suburbs
ANS:D

Producers are willing and able to offer greater quantities for sale at higher prices because
a. they have the incentive to pay the increasing opportunity cost of
resources to attract them from alternative uses
b. they will decrease their profits by expanding production at higher prices
c. the government orders them to do so
d. lower prices attract new firms, which have higher costs of production
e. they hire superior quality, higher-priced resources as production expands
ANS:A

When the supply of a product increases, this implies that
a. more will be purchased at the same price
b. the price of the product first declined
c. demand for the good must have increased
d. producers will be willing to accept a lower price for each unit sold
e. producers will offer less for sale at each possible price
ANS: D

Which of the following causes the supply of leather jackets to decrease?
a. an increase in the price of leather jackets
b. an increase in the price of leather
c. a decrease in the price of zippers
d. an increase in the number of motorcycles
e. a decrease in consumer income
ANS:B

Assume that corn and soybeans are alternatives which could be grown by most farmers. A rise in the price of corn will
a. increase the supply of corn
b. increase the supply of soybeans
c. decrease the supply of soybeans
d. decrease the supply of corn
e. have no impact on the supplies of corn and soybeans
ANS:A

A surplus of shoes will cause
a. a decrease in the supply of shoes
b. a decrease in the demand for shoes
c. both a decrease in the supply of shoes and an increase in the demand for shoes
d. a decrease in the price of shoes, through a shift in either the supply curve or the demand curve
e. a decrease in the price of shoes
Ans: E

If New York City officials expect that an increase in bus fares will raise mass transit revenues, they must think that the demand for bus travel is
a. elastic
b. unit elastic
c. inelastic
d. perfectly inelastic
e. -10
ANS:C

John spends exactly the same dollar amount on candy bars each week, regardless of their price. John's demand curve for candy bars is
a. upward-sloping
b. backward-bending
c. perfectly inelastic
d. perfectly elastic
e. unit elastic
ANS:C

Which of the following will cause demand to be relatively elastic?
a. there are a few substitutes
b. the time interval is relatively long
c. the good ins considered a necessity
d. the good involves a relatively small portion of the consumers' budget
e. the time interval is relatively short
ANS:A

If the value of the price elasticity of demand is -0.2, this means that a

a. 20 percent decrease in price causes a 1 percent increase in quantity demanded
b. 0.2 percent decrease in price causes a 1 percent increase in quantity demanded
c. 5 percent decrease in price causes a 1 percent increase in quantity demanded
d. 0.2 percent decrease in price causes 0.2 percent increase in quantity demanded
e. 100 percent decrease in price causes a 200 percent increase in quantity demanded
ANS:C
If an increase in the price of a product from $1 to $2 per unit leads to a decrease in the quantity demanded from 100 to 80 units, then the value of the price elasticity of demand is
a. elastic
b. inelastic
c. unit elastic
d. suggestive of an inferior good
e. equal to -20
ANS:B

Which of the following would cause both the equilibrium price and the equilibrium quantity of cookies to decrease?
a. a rise in the price of milk ( a complement)
b. a rise in consumer incomes
c. a rise in the price of cookie dough
d. a drop in the price of cookie dough
e. a rise in the price of crackers ( a substitute)
ANS:A

The market for bubble gum is competitive with a current price of 50 cents and quantity of 100,000 units. Which of the following events would lead to a new equilibrium price of 40 cents and quantity of 80,000 units?
a. an increase in the price of other kinds of gum and candy
b. an increase in the price of the ingredients used to make bubble gum
c. a decrease in the number of young people in the population
d. an agreement by workers in the bubble gum industry to work for lower wages
e. an improvement in bubble gum production technology
ANS:A

The market for bubble gum is competitive with a current price of 50 cents and quantity of 100,000 units. Which of the following events would lead to a new equilibrium price of 60 cents and quantity of 90,000 units?
a. an increase in the price of other kinds of gum and candy
b. an increase in the price of the ingredients used to make bubble gum
c. a decrease in the number of young people in the population
d. an agreement by workers in the bubble gum industry to work for lower wages
e. an increase in income
ANS:B

If demand increases and supply decreases,
a. equilibrium price will fall and equilibrium quantity will rise
b. equilibrium price and quantity will both rise
c. equilibrium quantity will rise; equilibrium price will either rise or fall
d. equilibrium price will falll; equilibrium quantity will either rise or fall
e. equilibrium price will rise; equilibrium quantity will either rise, fall, or remain unchanged
ANS:E

When quantity is measured in gallons, the price elasticity of demand for milk will be __________ the price elasticity when quantity is measured in quarts.
a. the same as
b. four times
c. one quarter
d. two times
e. less than
ANS:A

Firms would like to kknow the price elasticity of demand for their product because it helps determine the effect of price changes on the firms'
a. property taxes
b. profits
c. quantity supplied
d. revenues
e. total costs
ANS:D

Suppose the current equilibrium price of pizza is $5. If the government decides the price of pizza cannot rise above $4, the result of this policy would be
a. a shortage
b. a surplus
c. that the market would remain in equilibrium but with a larger quantity bought and sold than at $5
d. at the $4 price, the quantity sold would be greater than the quantity bought
e. a shift of demand to the right
ANS:A

Expert:  skywalker replied 10 years ago.

1)b
2)d
3)d
4)a
5)d
6)b
7)a
8)d
9)d
10)c
11)b
12)e
13)a
14)b
15)b
16)c
17)a
18)c
19)b
20)c

skywalker, Tutor
Category: Homework
Satisfied Customers: 263
Experience: Experienced math,economics,accounting,,finance teacher and tutor for 8 years graduated best schools
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