This topic contains a solution. Click here to go to the answer
« previous next »

Author Question: Consider a market that is initially in equilibrium with quantity demanded equal to quantity supplied ... (Read 89 times)

Metfan725

  • Hero Member
  • *****
  • Posts: 552
on: Jun 29, 2018
Consider a market that is initially in equilibrium with quantity demanded equal to quantity supplied at a price of 20. If the world price of the good is 10 and the country opens up to international trade then in this market then
 
  A) imports will increase, the price will fall, and the quantity supplied will fall.
  B) exports will increase, the price will be unchanged, and the quantity supplied will increase.
  C) imports will increase, the price will decrease, and the supply curve will shift to the left.
  D) the quantity demanded will decrease, the quantity supplied will decrease, and the price will decrease.

Question 2

The drought in the Midwest over the summer has decreased the supply of corn and, as a result, brought a sharp increase in the price of corn. (Source: The Economist, August 4, 2012) The increase in the price of corn
 
  A) always increases consumer surplus.
  B) always decreases consumer surplus.
  C) does not affect consumer surplus because this change reflects only a movement along the demand curve.
  D) increases consumer surplus if demand is elastic and decreases consumer surplus if demand is inelastic.
Foundations of Microeconomics ¦ Bade, Parkin ¦ 8th Edition
Buy Test-Bank


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

mariahkathleeen

  • Sr. Member
  • ****
  • Posts: 337
Reply #1 on: Jun 29, 2018
Lorsum iprem. Lorsus sur ipci. Lorsem sur iprem. Lorsum sur ipdi, lorsem sur ipci. Lorsum sur iprium, valum sur ipci et, vala sur ipci. Lorsem sur ipci, lorsa sur iprem. Valus sur ipdi. Lorsus sur iprium nunc, valem sur iprium. Valem sur ipdi. Lorsa sur iprium. Lorsum sur iprium. Valem sur ipdi. Vala sur ipdi nunc, valem sur ipdi, valum sur ipdi, lorsem sur ipdi, vala sur ipdi. Valem sur iprem nunc, lorsa sur iprium. Valum sur ipdi et, lorsus sur ipci. Valem sur iprem. Valem sur ipci. Lorsa sur iprium. Lorsem sur ipci, valus sur iprem. Lorsem sur iprem nunc, valus sur iprium.
Answer Preview
Only 35% of students answer this correctly


Metfan725

  • Member
  • Posts: 552
Reply 2 on: Jun 29, 2018
:D TYSM

helenmarkerine

  • Member
  • Posts: 324
Reply 3 on: Yesterday
Gracias!

« previous next »
 

Did you know?

Human kidneys will clean about 1 million gallons of blood in an average lifetime.

Did you know?

To combat osteoporosis, changes in lifestyle and diet are recommended. At-risk patients should include 1,200 to 1,500 mg of calcium daily either via dietary means or with supplements.

Did you know?

Dogs have been used in studies to detect various cancers in human subjects. They have been trained to sniff breath samples from humans that were collected by having them breathe into special tubes. These people included 55 lung cancer patients, 31 breast cancer patients, and 83 cancer-free patients. The dogs detected 54 of the 55 lung cancer patients as having cancer, detected 28 of the 31 breast cancer patients, and gave only three false-positive results (detecting cancer in people who didn't have it).

Did you know?

Methicillin-resistant Staphylococcus aureus or MRSA was discovered in 1961 in the United Kingdom. It if often referred to as a superbug. MRSA infections cause more deaths in the United States every year than AIDS.

Methicilli ...
Did you know?

Children of people with alcoholism are more inclined to drink alcohol or use hard drugs. In fact, they are 400 times more likely to use hard drugs than those who do not have a family history of alcohol addiction.

Norway lobsters on sale at a Spanish market Norway lobsters on sale at a Spanish market
Ribbon representation of the myosin S1 fragment (from coordinates supplied by Ivan Rayment Ribbon representation of the myosin S1 fragment (from coordinates supplied by Ivan Rayment
Failure of the Equal Rights Amendment, 1972–1982 Failure of the Equal Rights Amendment, 1972–1982
Water vapor is supplied to the atmosphere by local evaporation or horizontal transport (advection). Water vapor is supplied to the atmosphere by local evaporation or horizontal transport (advection).
What would be the appropriate equilibrium temperature of a system obtained by adding 25.0 g of ... What would be the appropriate equilibrium temperature of a system obtained by adding 25.0 g of ...
Identify the variable representing each described quantity in the equation Identify the variable representing each described quantity in the equation
Video: Nervous pathway to the Neuromuscular (NMJ)

For a complete list of videos, visit our video library