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Social Science Clinic => Economics => Topic started by: Alainaaa8 on Apr 19, 2019

Title: Refer to Scenario 3.2 below to answer the question(s) that follow. SCENARIO 3.2: Lettuce and spinach ...
Post by: Alainaaa8 on Apr 19, 2019: Refer to Scenario 3.2 below to answer the question(s) that follow.

SCENARIO 3.2: Lettuce and spinach are substitutes. Lettuce and tomatoes are complements. Lettuce is a normal good. During the winter, about 20% of the lettuce crop was destroyed by flooding.

Refer to Scenario 3.2. As a result of the flooding during the winter, you would expect that

◦ the price of lettuce would increase, the supply of lettuce would increase, and the quantity demanded of lettuce would decrease.
◦ the supply of lettuce would decrease, the price of lettuce would increase, and the quantity demanded of lettuce would decrease.
◦ the price of lettuce would increase and both the quantity of lettuce supplied and the quantity of lettuce demanded would increase.
◦ the supply of lettuce would decrease, the price of lettuce would increase, and the demand for lettuce would decrease.
Title: Refer to Scenario 3.2 below to answer the question(s) that follow. SCENARIO 3.2: Lettuce and spinach ...
Post by: ryhom on Apr 19, 2019: the supply of lettuce would decrease, the price of lettuce would increase, and the quantity demanded of lettuce would decrease.
Title: Refer to Scenario 3.2 below to answer the question(s) that follow. SCENARIO 3.2: Lettuce and spinach ...
Post by: Alainaaa8 on Apr 19, 2019: Thanks
Title: Refer to Scenario 3.2 below to answer the question(s) that follow. SCENARIO 3.2: Lettuce and spinach ...
Post by: ryhom on Apr 19, 2019: Welcome :)
Title: Refer to Scenario 3.2 below to answer the question(s) that follow. SCENARIO 3.2: Lettuce and spinach ...
Post by: Mimi on Apr 19, 2019: Refer to Scenario 3.2 below to answer the question(s) that follow.

SCENARIO 3.2: Lettuce and spinach are substitutes. Lettuce and tomatoes are complements. Lettuce is a normal good. During the winter, about 20% of the lettuce crop was destroyed by flooding.

Refer to Scenario 3.2. The floods that destroyed part of the lettuce crop would have caused the equilibrium price of spinach to ________ and the equilibrium quantity of spinach to ________.

◦ decrease; decrease
◦ decrease; increase
◦ increase; increase
◦ increase; decrease
Title: Refer to Scenario 3.2 below to answer the question(s) that follow. SCENARIO 3.2: Lettuce and spinach ...
Post by: bigcheese9 on Apr 19, 2019: increase; increase
Title: Refer to Scenario 3.2 below to answer the question(s) that follow. SCENARIO 3.2: Lettuce and spinach ...
Post by: Zulu123 on Apr 19, 2019: Refer to Scenario 3.2 below to answer the question(s) that follow.

SCENARIO 3.2: Lettuce and spinach are substitutes. Lettuce and tomatoes are complements. Lettuce is a normal good. During the winter, about 20% of the lettuce crop was destroyed by flooding.

Refer to Scenario 3.2. The floods that destroyed part of the lettuce crop would have caused

◦ an increase in the demand for tomatoes.
◦ a decrease in the demand for tomatoes.
◦ an increase in the quantity of tomatoes demanded.
◦ a decrease in the quantity of tomatoes demanded.
Title: Refer to Scenario 3.2 below to answer the question(s) that follow. SCENARIO 3.2: Lettuce and spinach ...
Post by: wtf444 on Apr 19, 2019: a decrease in the demand for tomatoes.
Title: Refer to Scenario 3.2 below to answer the question(s) that follow. SCENARIO 3.2: Lettuce and spinach ...
Post by: Zulu123 on Apr 19, 2019: Excellent
Title: Refer to Scenario 3.2 below to answer the question(s) that follow. SCENARIO 3.2: Lettuce and spinach ...
Post by: wtf444 on Apr 19, 2019: Great! Please up vote :D
Title: Refer to Scenario 3.2 below to answer the question(s) that follow. SCENARIO 3.2: Lettuce and spinach ...
Post by: lindiwe on Apr 19, 2019: Refer to Scenario 3.2 below to answer the question(s) that follow.

SCENARIO 3.2: Lettuce and spinach are substitutes. Lettuce and tomatoes are complements. Lettuce is a normal good. During the winter, about 20% of the lettuce crop was destroyed by flooding.

Refer to Scenario 3.2. If at the same time that part of the lettuce crop was destroyed, consumer income also decreased, then,
ceteris paribus, in the market for lettuce this would have caused

◦ both the equilibrium price and quantity to decrease.
◦ the equilibrium price to increase and the equilibrium quantity to decrease.
◦ the equilibrium price to decrease. The equilibrium quantity could have increased, decreased, or remained the same.
◦ the equilibrium price to either increase, decrease, or remain the same and the equilibrium quantity to decrease.
Title: Refer to Scenario 3.2 below to answer the question(s) that follow. SCENARIO 3.2: Lettuce and spinach ...
Post by: peilian on Apr 19, 2019: the equilibrium price to either increase, decrease, or remain the same and the equilibrium quantity to decrease.
Title: Refer to Scenario 3.2 below to answer the question(s) that follow. SCENARIO 3.2: Lettuce and spinach ...
Post by: dollx on Apr 19, 2019: Refer to Scenario 3.2 below to answer the question(s) that follow.

SCENARIO 3.2: Lettuce and spinach are substitutes. Lettuce and tomatoes are complements. Lettuce is a normal good. During the winter, about 20% of the lettuce crop was destroyed by flooding.

Refer to Scenario 3.2. The government wants to protect consumers from rising food prices. Therefore, price restrictions are imposed on lettuce growers prohibiting them from raising the price of lettuce. This will cause

◦ an excess supply of lettuce.
◦ an excess demand for lettuce.
◦ an increase in the demand for lettuce.
◦ a decrease in the supply of lettuce.
Title: Refer to Scenario 3.2 below to answer the question(s) that follow. SCENARIO 3.2: Lettuce and spinach ...
Post by: quynhmickitran on Apr 19, 2019: an excess demand for lettuce.
Title: Refer to Scenario 3.2 below to answer the question(s) that follow. SCENARIO 3.2: Lettuce and spinach ...
Post by: dollx on Apr 19, 2019: TY
Title: Refer to Scenario 3.2 below to answer the question(s) that follow. SCENARIO 3.2: Lettuce and spinach ...
Post by: quynhmickitran on Apr 19, 2019: You're welcome