ECS1501: ASSIGNMENT 6 SEMESTER 2 2022
Suppose we observe that the equilibrium quantity of a good has increased significantly
in recent years, with little or no change in equilibrium price. The most likely explanation
is that supply and demand have both increased.
Note, that you will lose 50% of the mark for this question if you choose the incorrect
option.
If you are not sure about the answer and do not want to guess, choose the “Unsure”
option. You will neither receive marks for the question nor will you lose marks for
choosing this option.
a.
True
b.
False
c.
Unsure
When supply shifts to the right and demand stay constant, the equilibrium price
increases and the equilibrium quantity increases.
Note, that you will lose 50% of the mark for this question if you choose the incorrect
option.
If you are not sure about the answer and do not want to guess, choose the “Unsure”
option. You will neither receive marks for the question nor will you lose marks for
choosing this option.
True
False
Unsure
, Suppose that the wages of farm workers decrease at the same time that strawberries
experience a sudden burst of popularity. We conclude that both the price and the
quantity will decrease.
Note, that you will lose 50% of the mark for this question if you choose the incorrect
option.
If you are not sure about the answer and do not want to guess, choose the “Unsure”
option. You will neither receive marks for the question nor will you lose marks for
choosing this option.
True
False
Unsure
Two things occur simultaneously in the market for good A: 1. there is an increase in the
price of an important input in the production of good A and, 2. there is a decrease in the
price of a complement of good A. As a result, the equilibrium price of good A will either
increase, decrease, or stay the same, and the equilibrium quantity of good A will
increase.
Note, that you will lose 50% of the mark for this question if you choose the incorrect
option.
If you are not sure about the answer and do not want to guess, choose the “Unsure”
option. You will neither receive marks for the question nor will you lose marks for
choosing this option.
True
False
Unsure
Suppose we observe that the equilibrium quantity of a good has increased significantly
in recent years, with little or no change in equilibrium price. The most likely explanation
is that supply and demand have both increased.
Note, that you will lose 50% of the mark for this question if you choose the incorrect
option.
If you are not sure about the answer and do not want to guess, choose the “Unsure”
option. You will neither receive marks for the question nor will you lose marks for
choosing this option.
a.
True
b.
False
c.
Unsure
When supply shifts to the right and demand stay constant, the equilibrium price
increases and the equilibrium quantity increases.
Note, that you will lose 50% of the mark for this question if you choose the incorrect
option.
If you are not sure about the answer and do not want to guess, choose the “Unsure”
option. You will neither receive marks for the question nor will you lose marks for
choosing this option.
True
False
Unsure
, Suppose that the wages of farm workers decrease at the same time that strawberries
experience a sudden burst of popularity. We conclude that both the price and the
quantity will decrease.
Note, that you will lose 50% of the mark for this question if you choose the incorrect
option.
If you are not sure about the answer and do not want to guess, choose the “Unsure”
option. You will neither receive marks for the question nor will you lose marks for
choosing this option.
True
False
Unsure
Two things occur simultaneously in the market for good A: 1. there is an increase in the
price of an important input in the production of good A and, 2. there is a decrease in the
price of a complement of good A. As a result, the equilibrium price of good A will either
increase, decrease, or stay the same, and the equilibrium quantity of good A will
increase.
Note, that you will lose 50% of the mark for this question if you choose the incorrect
option.
If you are not sure about the answer and do not want to guess, choose the “Unsure”
option. You will neither receive marks for the question nor will you lose marks for
choosing this option.
True
False
Unsure
