Question 1
2 out of 2 points
Correct
Figure 4-12
Firm A
Firm B
Refer to Figure 4-12. If these are the only two sellers in the market, then the market
quantity supplied at a price of $4 is
Selected Answer:
Correcta.
14 units.
Answers:
Correcta.
14 units.
b.
8 units.
c.
7 units.
d.
6 units.
Question 2
2 out of 2 points
Correct
Which of the following events could cause an increase in the supply of ceiling fans?
Selected Answer:
Correcta.
The number of sellers of ceiling fans increases.
Answers:
Correcta.
The number of sellers of ceiling fans increases.
b.
There is an increase in the price of air conditioners, and consumers regard air conditioners
and ceiling fans as substitutes.
c.
There is an increase in the price of the motor that powers ceiling fans.
d.
All of the above are correct.
Question 3
2 out of 2 points
Correct
Figure 4-5
Refer to Figure 4-5. Which of the following would cause the demand curve to shift from
Demand C to Demand A in the market for DVDs?
Selected Answer:
Correcta.
a change in consumer preferences toward watching movies in movie theaters rather than at
home
Answers:
Correcta.
a change in consumer preferences toward watching movies in movie theaters rather than at
home
b.
an expectation by buyers that their incomes will increase in the very near future
c.
a decrease in the price of DVD players
d.
an increase in the price of DVDs
Question 4
2 out of 2 points
Correct
If car manufacturers begin using new labor-saving technology on their assembly lines, we
would not expect
Selected Answer:
Correctb.
individual car manufacturers to move up and to the right along their individual supply
curves.
Answers:
a.
the firms’ costs to fall.
Correctb.
individual car manufacturers to move up and to the right along their individual supply
curves.
c.
a smaller quantity of labor to be used.
d.
the supply of cars to increase.
Question 5
2 out of 2 points
Correct
Figure 4-16
Refer to Figure 4-16. The shift from S to S’ in the market for peaches could be caused by
a(n)
Selected Answer:
Correcta.
decrease in the labor costs of the workers who pick peaches.
Answers:
Correcta.
decrease in the labor costs of the workers who pick peaches.
b.
decrease in the price of pears.
c.
increase in income.
d.
increase in the price of peaches.
Question 6
2 out of 2 points
Correct
Figure 4-5
Refer to Figure 4-5. Which of the following would cause the demand curve to shift from
Demand A to Demand B in the market for oranges in the United States?
Selected Answer:
Correctd.
an announcement by the FDA that oranges prevent heart disease
Answers:
a.
a technological advance that allows oranges to ripen faster
b.
a freeze in Florida
c.
a decrease in the price of apples
Correctd.
an announcement by the FDA that oranges prevent heart disease
Question 7
2 out of 2 points
Correct
Figure 4-16
Refer to Figure 4-16. The shift from S to S’ could be caused by an
