chapter 3 homework

chapter 3 homework - 1. Refer to the above table. An...

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Unformatted text preview: 1. Refer to the above table. An increase in price from $20 per unit to $25 per unit shows which of the following? A) A shift in the demand schedule from 1,600 units per year to 1,400 units per year B) A shift in the supply schedule from 1,200 units per year to 1,500 units per year C) An increase in quantity supplied of 300 units per year D) A decrease in quantity demanded of 300 units per year 2. Refer to the above diagram illustrating the market for corn. If the price in this market were to be fixed at $4 per bushel, the part of the line marked A would represent a: A) Surplus of 8,000 bushels B) Shortage of 8,000 bushels C) Surplus of 7,000 bushels D) Shortage of 7,000 bushels 3. Refer to the above diagram, which shows three supply curves for corn. Which of the following would cause the change in the supply of corn illustrated by the shift from S1 to S3? A) A decrease in the price of fertilizer B) An increase in the price of irrigation equipment C) An increase in consumer incomes D) A change in consumer tastes in favor of cornbread 4. Refer to the above diagram, which shows three supply curves for corn. Which of the following would cause Refer to the above diagram, which shows three supply curves for corn....
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This note was uploaded on 02/10/2010 for the course ECON 201 taught by Professor Smith during the Spring '10 term at Bowling Green.

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chapter 3 homework - 1. Refer to the above table. An...

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