journal article Show Eastern Economic Journal Vol. 16, No. 1 (Jan. - Mar., 1990) , pp. 21-32 (12 pages) Published By: Springer https://www.jstor.org/stable/40326220 Read and download Log in through your school or library Journal Information The Eastern Economic Journal, a quarterly publication of the Eastern Economic Association, was established in 1973. The EEJ publishes papers written from every perspective, in all areas of economics and is committed to free and open intellectual inquiry from diverse philosophical perspectives. Publisher Information Springer is one of the leading international scientific publishing companies, publishing over 1,200 journals and more than 3,000 new books annually, covering a wide range of subjects including biomedicine and the life sciences, clinical medicine, physics, engineering, mathematics, computer sciences, and economics. Rights & Usage This item is part of a JSTOR Collection. A normal good is a good for which demand increases when income increases the more substitutes available for a product the larger is its the price elasticity of demand if demand is price elastic a 1 percent decrease in the price leads to an increase in the quantity demanded that exceeds 1 percent which of the following is a microeconomic topic the reasons why Kathy buys less orange juice which of the following is not one of the factors that influences the supply of a product the price elasticity of demand measures the responsiveness o the quantity demanded to changes in its price toothpaste and toothbrushes are complements, so the _____ elasticity of demand is ______ when the demand for a good decreases, its equilibrium price ______ and equilibrium quantity _____ if two variables are positively related they move in the same direction over time goods whose income elasticities are negative are called a price makes it illegal to pay a lower price than the specified level, one example is the cross elasticity of demand between Coca- Cola and Pepsi- Cola is positive, that is, coke and pepsi are substitutes producers total revenue will decrease if the price rises and demand is elastic when supply decreases and demand does not change, the equilibrium quantity decreases and the price rises when a market is in equilibrium there is no shortage and no surplus at the equilibrium price the observation that the demand curve for grape jelly shifted rightward every time the price of peanut butter fell means that grape jelly and peanut butter are the "law of demand" states that changes in the quantity demanded of a good are inversely related to changes in its price the equilibrium price and quantity are found at the point where quantity supplied equals quantity demanded each point on a supply curve represents the lowest price for which a supplier can profitably sell another unit a nation produces at a point inside its PPF when it produces inefficiently which of the following correctly describes how price adjustments eliminate a shortage? as the price rises, the quantity demanded decreases while the quantity suppled increases individual economic decisions are coordinated by markets through adjustments in prices the quantity demanded of a good or service is the quantity that a consumer is willing to buy at a particular price during a given time period the study of the decisions of individual units in the economy is known as each point on the demand curve reflects the highest price consumers are willing and able to pay for the particular unit of a good a minimum wage set above the equilibrium wage will create a surplus of labor economics is best defined as the study of how people, businesses, governments, and societies make choices to cope with scarcity cupcakes and granola bars are substitutes in consumption. the price of a granola bar increases. as a result, the demand for cupcakes will increase, that is, the demand curve will shift rightward the market demand curve is the sum of the quantity demanded by each individual at each price when supply decreases, the equilibrium price ____ and the equilibrium quantity _____ when an action is chosen, the highest value alternative NOT chosen is called the the term ceteris paribus means all other things remaining equal if the price of crude oil falls, the equilibrium price of gasoline ____, and the equilibrium quantity ___ a society that is on its production possibilities frontier is fully utilizing its productive resources by itself, an increase in the number of suppliers in a market results in a rightward shift in the supply curve if the price of chocolate chip cookies rises, then there would be a movement upward along the demand curve a production possibilites frontier shows combinations of two activities that are attainable with given resources all of the above answers are correct which of the following best reflects an increase in quantity supplied rather than an increase in supply the gov. stops controlling the price of a product, allowing the price to increase a change in the price of a good does not shift the good's demand curve but does cause a movement along it the demand for a good increases when the price of a substitute ____ and also increases when the price of a complement ____ if the slope of a line graphs the relationship between variable x and variable y is positive, then we know that when the value of variable x decreases, the the value of y decreases which of the following will increase the demand for a normal good the price of good is expected to increase in the future if mac and cheese is an inferior good, an increase in income will decrease the demand for mac and cheese a change in which of the following shifts the demand curve the tastes and preferences of consumers the law of supply states that, other things remaining the same firms will produce more of a good the higher its price when we say demand increases, we mean that there is a rightward shift of the demand curve the idea of comparative advantage implies that people or countries opportunity cost is measured in terms of both monetary value and time which of the following statements is correct when demand increases, both the price and the quantity increase Which of the following will cause an increase in demand for automobiles?In this scenario, when the price of car tires declines, the demand for autos will increase. Normally, when the demand for a product increases, the equilibrium price and equilibrium quantity increase, ceteris paribus.
What will happen to the equilibrium price and quantity of new cars quizlet?What will happen to the equilibrium price and quantity of new cars if the price of gasoline rises, the price of steel rises, public transportation becomes cheaper and more comfortable, and auto-workers negotiate higher wages? Quantity will fall and the effect on price is ambiguous.
Which of the following would cause a decrease in the equilibrium price of automobiles?An increase in supply causes equilibrium price to decrease and equilibrium quantity to increase. Therefore, it is certain that quantity will increase, but the change in price is indeterminate.
What happens to supply when price increases quizlet?According to the law of supply, if the price of a good or service increases: Quantity supplied will increase. If two goods are complements, an increase in the price of one good will cause a decrease in the demand for the other.
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When the equilibrium wage paid to welders increases, we expect the supply of automobiles to
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