Question 10 0 out of 05 points which of the following

This preview shows page 14 - 18 out of 99 pages.

Question 10 0 out of 0.5 points Which of the following would cause both the equilibrium price and equilibrium quantity of cotton (assume that cotton is a normal good) to increase?
Question 1 0 out of 0.5 points In 2004, hurricanes destroyed a large portion of Florida's orange and grapefruit crops. In the market for citrus fruit,
Question 2 0.5 out of 0.5 points An increase in the demand for lobster due to changes in consumer tastes, accompanied by a decrease in the supply of lobster as a result bad weather reducing the number of fishermen trapping lobster, will result in
may increase or decrease. Correct Answer: an increase in the equilibrium price of lobster; the equilibrium quantity may increase or decrease. Question 3 0 out of 0.5 points Which of the following statements is true?
Question 4 0.5 out of 0.5 points In January, buyers of gold expect that the price of gold will rise in February. What happens in the gold market in January, holding all else constant?
Question 5 0.5 out of 0.5 points Holding everything else constant, an increase in the price of MP3
Question 6 0 out of 0.5 points By drawing a demand curve with ________ on the vertical axis and ________ on the horizontal axis, economists assume that the most important determinant of the demand for a good is the ________ of the good.

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture