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Author Question: Consider a market that is initially in equilibrium with quantity demanded equal to quantity supplied ... (Read 97 times)

Metfan725

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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
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mariahkathleeen

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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.
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Metfan725

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Reply 2 on: Jun 29, 2018
Thanks for the timely response, appreciate it

mjenn52

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Reply 3 on: Yesterday
Great answer, keep it coming :)

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