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KIC000044 - Asslgmnt HWCh3-2 Stuart.“ Instructor knlthoom...

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Unformatted text preview: Asslgmnt: HWCh3-2 Stuart.“ Instructor: knlthoom alkofiihi Date: lOlr 1/09 Course: Eco 2301-05 Thu: 1:33 PM Book: Husband/O'Brien: Microeconomics 2e Ii?) Hurricane Katrina damaged a large portion of oil refining and pipeline capacity in the Gulf coast states. In ' the market for gasoline, cjglfA- the supply curve shified to the left resulting in an increase in the equilibrium price. C) B- the demand curve shifted to the right resulting in an increase in the equilibrium price if} C- the demand curve shifted to the lefi resulting in a decrease in the equilibrium price. 013- the supply curve shified to the right resulting in an increase in the equilibrium price. a"1‘3“ Which of the following would cause the equilibrium price to decrease and the equilibrium quantity of whi ’ bread to increase? QA- An increase in the price of flour. 03- An increase in the price of rye bread, a substitute for white bread. LHC- A decrease in the price of flour. 39- An increase in the price of butter, a complement for white bread. 14"; k An article in the Wall Street Journal in early 2001 noted two developments in the market for laser eye surgery. The first development concerned side effects from the surgery, including blurred vision. The second development was that the companies renting eye - surgery machinery to doctors had reduced their charges. In the market for laser eye surgeries, these two developments GA decreased demand and increased supply resulting in an increase in both the equilibrium quantity an: the equilibrium price of laser eye surgeries. (:2 5- decreased demand and decreased supply, resulting in a decrease in the equilibrium quantity and an increase in the equilibrium price of laser eye surgeries. if) C- decreased demand and increased supply, resulting in a decrease in both the equilibrium price and th equilibrium quantity of laser eye surgeries. r599- decreased demand and increased supply, resulting in a decrease in the equilibrium price and an uncertain effect on the equilibrium quantity of laser eye surgeries. [5, A decrease in the demand for eggs due to changes in consumer tastes. accompanied by a decrease in the supply of eggs as a result of an outbreak of Avian flu, will result in (-3“- a decrease in the equilibrium quantity of eggs; the equilibrium price may increase or decrease. i , B- a decrease in the equilibrium quantity of eggs and no change in the equilibrium price. : j= (7- a decrease in the equilibrium price of eggs and no change in the equilibrium quantity. i I D- a decrease in the equilibrium price of eg; the equilibrium quantity may increase or decrease. ...
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