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 175 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
YES! Correct, THANKS for helping me on my review

mochi09

  • Member
  • Posts: 335
Reply 3 on: Yesterday
:D TYSM

« previous next »
 

Did you know?

In the United States, an estimated 50 million unnecessary antibiotics are prescribed for viral respiratory infections.

Did you know?

Eating carrots will improve your eyesight. Carrots are high in vitamin A (retinol), which is essential for good vision. It can also be found in milk, cheese, egg yolks, and liver.

Did you know?

Multiple sclerosis is a condition wherein the body's nervous system is weakened by an autoimmune reaction that attacks the myelin sheaths of neurons.

Did you know?

There can actually be a 25-hour time difference between certain locations in the world. The International Date Line passes between the islands of Samoa and American Samoa. It is not a straight line, but "zig-zags" around various island chains. Therefore, Samoa and nearby islands have one date, while American Samoa and nearby islands are one day behind. Daylight saving time is used in some islands, but not in others—further shifting the hours out of sync with natural time.

Did you know?

Approximately 70% of expectant mothers report experiencing some symptoms of morning sickness during the first trimester of pregnancy.

All of the homes in this new neighborhood of Brentwood, California, are for sale, evidence of the co All of the homes in this new neighborhood of Brentwood, California, are for sale, evidence of the co
The first commercially successful typewriter, manufactured in quantity beginning in 1874, surely fue The first commercially successful typewriter, manufactured in quantity beginning in 1874, surely fue
Walter Thompson saw his assets evaporate during the stock market collapse in 1929. Desperate for ... Walter Thompson saw his assets evaporate during the stock market collapse in 1929. Desperate for ...
Vapour-liquid equilibrium acetone + water Vapour-liquid equilibrium acetone + water
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).
Write equilibrium constant expressions for the following reactions in terms of concentration: Write equilibrium constant expressions for the following reactions in terms of concentration:
Video: What are the Parts of a Plant Cell?

For a complete list of videos, visit our video library