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Which of the following would cause both the equilibrium price

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Which of the following would cause both the equilibrium price and equilibrium quantity of barley (assume that barley is an inferior good) to increase? (Points : 1)
An increase in consumer income.
A drought that sharply reduces barley output.
A decrease in consumer income.
Unusually good weather that results in a bumper crop of barley.


2. George Gnat subscribes to a monthly pest control service for his home. Last week the owner of the service informed George that he will have to raise his monthly service fee because of increases in the price of gasoline used by his workers on their service trips. How is the market for pest control services affected by this? (Points : 1)
There is an increase in the supply of pest control services.
There is a decrease in the demand for pest control services.
There is a decrease in the quantity supplied of pest control services.
There is a decrease in the supply of pest control services.


3.
Figure 3-6





Refer to Figure 3-6. The graph in this figure illustrates an initial competitive equilibrium in the market for apples at the intersection of D1 and S1 (point A). If there is a shortage of apples how will the equilibrium point change? (Points : 1)
The equilibrium point will move from A to B.
The equilibrium point will move from A to C.
There will be no change in the equilibrium point.
The equilibrium point will move from A to E.


4. In 2002 Apple decided not to develop and sell a "tablet PC" - a laptop with a special screen that can convert handwriting into text. Which of the following is one reason why Apple chose not to develop a tablet PC? (Points : 1)
The technology was considered to complex for the average computer user.
Apple would not be able to produce enough tablet PC units to meet the demand for them.
The price of the tablet PC would have been too high to sell many units.
Microsoft had a patent on the technology used to make tablet PCs and was not willing to sell the rights to this technology to Apple.


5. If the price of automobiles were to increase, then (Points : 1)
the demand for gasoline would decrease.
the demand for gasoline would increase.
the supply of gasoline would increase.
the quantity demanded of gasoline would decrease.


6. Congress passed the Freedom to Farm Act in 1996. What was the purpose of this Act? (Points : 1)
To encourage more people to become farmers.
To grant free land to farmers in order to produce crops that were particularly scarce.
To phase out the use of price ceilings in agricultural markets.
To phase out price floors and return to a free market in agriculture.


7.
Table 4-2






Refer to Table 4-2. The table above lists the marginal cost of polo shirts by Marko's, a firm that specializes in producing men's clothing. If the price of polo shirts increases from $15 to $20 (Points : 1)
consumers will buy no polo shirts.
the marginal cost of producing the third polo shirt will increase to $20.
producer surplus will rise from $13 to $28.
there will be a surplus of polo shirts.


8. In 2004 New York City mayor Michael Bloomberg made a proposal concerning rent control in his city. What was Mayor Bloomberg's proposal? (Points : 1)
He proposed that rent control be abolished over a 20 year period.
He proposed that rent control be extended to all New York City apartments over a 20 year period.
He proposed that rent control be maintained on apartments that had been scheduled to be free from rent control.
He proposed that rents be increased by 50 percent on all apartments subject to rent control.


9. In cities with rent controls, the actual rents paid can be higher than the legal maximum. One explanation for this is (Points : 1)
rent control laws are so complicated that landlords and tenants may not be aware of what the legal price is.
landlords are allowed to charge more than the legal maximum on some apartments so long as they charge less on others.
because there is a shortage of apartments, tenants often are willing to pay rents higher than the law allows.
the legal penalty landlords face for charging more than the legal maximum rent is less than the revenue earned by charging their tenants more than the maximum rent.


10.
Figure 4-6





Figure 4-6 shows the market for apartments in Bay City. Recently, the government imposed a rent ceiling at R0.


Refer to Figure 4-6. What is the area that represents the producer surplus after the imposition of the ceiling? (Points : 1)
F + G
F
D + F + G
A + B + D + F + G




This is an economics class
Submitted: 2 years ago.
Category: Multiple Problems
Expert:  FiveStarLaw replied 2 years ago.

WebLaw :


I am happy to answer all of your questions but I would require them to be sent to me in small groups. 10 questions for one accept is way too many. As a subscriber, you can send each question individually and accept each answer individually at no additional cost beyond your monthly payment.

If this is satisfactory, please start your questions with "FOR WEBLAW" I will give it my immediate attention

Customer:

For Wblaw

Customer:

An increase in consumer income. A drought that sharply reduces barley output. A decrease in consumer income. Unusually good weather that results in a bumper crop of barley.

Customer:

George Gnat subscribes to a monthly pest control service for his home. Last week the owner of the service informed George that he will have to raise his monthly service fee because of increases in the price of gasoline used by his workers on their service trips. How is the market for pest control services affected by this? (Points : 1)
There is an increase in the supply of pest control services.
There is a decrease in the demand for pest control services.
There is a decrease in the quantity supplied of pest control services.
There is a decrease in the supply of pest control services.

Customer:

In 2002 Apple decided not to develop and sell a "tablet PC" - a laptop with a special screen that can convert handwriting into text. Which of the following is one reason why Apple chose not to develop a tablet PC? (Points : 1)
The technology was considered to complex for the average computer user.
Apple would not be able to produce enough tablet PC units to meet the demand for them.
The price of the tablet PC would have been too high to sell many units.
Microsoft had a patent on the technology used to make tablet PCs and was not willing to sell the rights to this technology to Apple.

Expert:  FiveStarLaw replied 2 years ago.

George Gnat subscribes to a monthly pest control service for his home. Last week the owner of the service informed George that he will have to raise his monthly service fee because of increases in the price of gasoline used by his workers on their service trips.


There is a decrease in the supply of pest control services.

 

 

 

In 2002 Apple decided not to develop and sell a "tablet PC" - a laptop with a special screen that can convert handwriting into text. Which of the following is one reason why Apple chose not to develop a tablet PC? (Points : 1)

Microsoft had a patent on the technology used to make tablet PCs and was not willing to sell the rights to this technology to Apple. ??

 

Customer: replied 2 years ago.
Which of the following would cause both the equilibrium price and equilibrium quantity of barley (assume that barley is an inferior good) to increase? (Points : 1)
An increase in consumer income.
A drought that sharply reduces barley output.
A decrease in consumer income.
Unusually good weather that results in a bumper crop of barley.
Expert:  FiveStarLaw replied 2 years ago.
Which of the following would cause both the equilibrium price and equilibrium quantity of barley (assume that barley is an inferior good) to increase? (Points : 1)

Unusually good weather that results in a bumper crop of barley.
FiveStarLaw, Doctoral Degree
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