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ECS1501-25-EX10C

ECS1501-25-EX10C

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Which of the graphs illustrates what may happen in the market for jellybeans if the cost of producing jellybeans falls?

100%

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Which of the diagrams shows a perfectly inelastic demand curve?

Which of the following is likely to occur if a market is not in equilibrium?

The demand curve and the supply curve will shift to bring the market to equilibrium.

The price will adjust to bring the market to equilibrium.

100%

The demand curve will shift to bring the market to equilibrium.

The supply curve will shift to bring the market to equilibrium.

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Pepsi and Coke are considered substitute goods. Because of this, one would predict that if the price of Pepsi increases, we would see

the demand curve for Pepsi shift to the right.

the demand curve for Coke shift to the right.

no change in the demand for Coke.

the demand curve for Coke shift to the left.

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The introduction of price controls in the market for red berets led to the quantity of red berets demanded exceeding the quantity of red berets supplied. This price control must be a

If the price of a complement in production increases then

the supply of the related good will increase.

100%

the demand for the related good will decrease.

the supply of the related good will decrease.

the demand for the related good will increase.

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If the percentage change in the quantity demanded of a good is greater than the percentage change in income and in the same direction, then this good will have an income elasticity _____1, and it is a( n) _____ good.

When the price of erasers increases from R1,50 to R2,50, the quantity demanded of pencils is unchanged. The cross elasticity of demand between erasers and pencils is __________, because erasers and pencils ___________.

0; are inferior goods

0; are unrelated

100%

1; are substitutes

½; are complements

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Assume that maize is an input in the production of beef sausages but not in the production of pork sausages. Further, beef and pork sausages are substitutes in consumption. A decrease in the price of maize will _____ the supply of beef sausages and _____ the demand for pork sausages.