# Out of 25 points figure 3 4 refer to figure 3 4 if

• Homework Help
• 26
• 100% (13) 13 out of 13 people found this document helpful

This preview shows page 19 - 26 out of 26 pages.

Question 32 2.5 out of 2.5 points Figure 3-4 Refer to Figure 3-4. If the price is \$25, Selected Answer: there would be a surplus of 300 units. Answers: there would be a shortage of 200 units. there would be a shortage of
300 units. there would be a surplus of 300 units. there would be a surplus of 200 units. Question 33 2.5 out of 2.5 points Figure 3-7 Refer to Figure 3-7. Assume that the graphs in this figure represent the demand and supply curves for almonds. Which panel best describes what happens in this market when there is an increase in the productivity of almond harvesters?
Panel (b) Panel (c) Panel (d) Question 34 0 out of 2.5 points The supply curve for umbrellas
Question 35 2.5 out of 2.5 points Figure 3-7
Refer to Figure 3-7. Assume that the graphs in this figure represent the demand and supply curves for women's clothing. Which panel best describes what happens in this market when the wages of seamstresses rise?
Question 36 0 out of 2.5 points The following equations represent the demand and supply equations for
widgets. Q D = d - c∙ P Q S = -b + a∙ P What is the equilibrium quantity in the market of widgets? Selected Answer: Answers: Question 37 2.5 out of 2.5 points Figure 3-7
Refer to Figure 3-7. Assume that the graphs in this figure represent the demand and supply curves for used clothing, an inferior good. Which panel describes what happens in this market as a result of a decrease in income? Selected Answer: Panel (c) Answers: Panel (a) Panel (b) Panel (c) Panel (d)
Question 38 0 out of 2.5 points Figure 3-8
Refer to Figure 3-8. The graph in this figure illustrates an initial competitive equilibrium in the market for apples at the intersection of D 2 and S 1 (point C ). Which of the following changes would cause the equilibrium to change to point B ?
• • • 