Which of the given will make supply of the firms

Assignment Help Microeconomics
Reference no: EM13452160

1. Which of the following will, ceteris paribus, will cause an increase in the supply of whole wheat cereal?

a. an increase in the price of cereal
b. a decrease in the price of wheat
c. poor weather that reduces the wheat crop
d. an increase in consumer preferences for whole wheat cereal

2. Fern's Floral Shop found that when they offered a free vase with every bouquet of flowers, they sold more flowers.  This is because ___.

a. flowers and vases are substitutes
b. flowers and vases are complements
c. flowers are a normal good
d. flowers are an inferior good

3. The substitution effect says that ___.

a. as your income increases, you buy more expensive goods
b. if the price of one good decreases, the demand for the other good decreases
c. as the price increases, you substitute the relatively cheaper good in place of the relatively more expensive good
d. as the price increases, your purchasing power falls

4. Consider the market for oranges. Suppose, ceteris paribus, that freezing temperatures have destroyed ½ of the crop. Which of the following best describes the above situation?

a. Demand rises.
b. Demand falls.
c. Supply rises.
d. Supply falls.

5. Which of the following will make the supply of a firm's product more elastic?

a. An increase in the number of substitutes available to consumers.
b. Spending on this product uses up only a very small percentage of most consumer's incomes.
c. The producers have time to adjust to changes in the market.
d. Most producers view this product as a necessity

Reference no: EM13452160

Questions Cloud

Write the definitions for marginal rate of substitution mrs : give the definitions for marginal rate of substitution mrs and the price ratio. then explain them in your own words
Which of the following tend to be non-differential in the : which of the following tend to be non-differential in the short term since they cannot be changed but are more likely
Describe the terms marginal utility and diminishing : 1. what assumptions about preferences imply that indifference curves have the bowed-in shape they are assumed to
Which of the following aspects of a company would not be : 1. which of the following aspects of a company would not be considered a critical success factor for a company that
Which of the given will make supply of the firms : 1. which of the following will ceteris paribus will cause an increase in the supply of whole wheat cereal?a.
Is there a difference in approach to valuation by us gaap : the main purpose of this module is to review the balance sheet in more detail.is there a difference in approach to
Distinguish among the three fungal phyla zygomycota : differentiate among the three fungal phyla zygomycota ascomycota and basidiomycota on the basis of their reproduction
Write the justifications given in favor of more government : the role of governments in the economy is one of the most debated issues in economics. similarly one of the most
Examine the benefits and weaknesses of traditional abc in : -analyze the benefits and weaknesses of traditional abc in determining accurate overhead costs over a time-driven abc

Reviews

Write a Review

 

Microeconomics Questions & Answers

  Scotti the engineer is contemplating the acquisition of a

scotti the engineer is contemplating the acquisition of a 2010 sports car. the negotiated price of the car is 36750

  The role of multinational corporations in business

About the role of Multinational Corporations in Business, Government and Society. the role of ethics in the global arena, the influence of governmental regulation, the roles of consumer, employee and environmental protection and how good corporat..

  Searching for useful sources

Q1. It is important to use relevant, accurate, and reliable sources in a research paper. What do you need to consider when searching for useful sources? How do you know when sources are reliable? What are some warning signs that indicate you s..

  Determine the substitution and output effects on labor

The technology of a company making high end, solid gold bracelets in Soho (NYC) is explained through the production function;

  Buyers are willing to purchase five widgets at 10 four at

the widget market is competitive and includes no transaction costs. suppliers are willing to sell five widgets at 30

  Analyze the potential downfalls of any team effort

Describe a company you would like to start and determine which form of ownership would be most appropriate given your current financial status. Explain your rationale.

  If the goal of the transit authority was to maximize total

If the goal of the transit authority was to maximize total revenues, what is the new price it should set? Also, what would the total revenue raised in this new price scheme?

  Graphing the supply and demand curves

Assume you are an aid to a government official planning on some recently proposed excise tax on welfare of her constituents.

  Resource market and producer market in a circular flow model

Differentiate between the resource market and producer market in a circular flow model. Determine the way that businesses and households both sellers and buyers in this model also find the flows in the circular flow model?

  Develop production from the opportunity

Demonstrate that the expression on the right in fact represents the sum of the series on the left, Draw an appropriate cash flow diagram and indicate the formulas and factors used to evaluate the cash flow diagram

  What would the impact be to the average citizen

The purpose of taxes is to generate revenue to allow government to provide services to citizens that they cannot easily provide on their own. If the government chose to reduce taxes by eliminating some tax services

  Fnd ethical problem in this situation what steps must you

your boss has asked you to assist him after normal work hours with shredding some documents. the division vice

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd