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Suppose consumer tastes shift toward the consumption of apples Which of the following statements is an accurate description of the impact of this event on the market for apples ?

Suppose consumer tastes shift toward the consumption of apples Which of the following statements is an accurate description of the impact of this event on the market for apples ?

A. There is an increase in the quantity demanded of apples and in the supply for apples
B. There is an increase in the demand and supply of apples.
C. There is an increase in the demand for apples and a decrease in the supply of apples
D. There is a decrease in the quantity demanded of apples and an increase in the supply for apples
E. There is an increase in the demand for apples and an increase in the quantity supplied of apples.

Suppose consumer tastes shift toward the consumption of apples Which of the following statements is an accurate description of the impact of this event on the market for apples ? Read More »

Economics Mcqs, Market

Which of the following statements is true about the impact of an increase in the price of lettuce ?

Which of the following statements is true about the impact of an increase in the price of lettuce ?

A. Both the demand for lettuce will decrease and the equilibrium price and quantity of salad dressing will fall
B. The supply of lettuce will decrease
C. The demand for lettuce will decrease
D. The equilibrium price and quantity of salad dressing will fall
E. The equilibrium price and quantity of salad dressing will rise

Which of the following statements is true about the impact of an increase in the price of lettuce ? Read More »

Economics Mcqs, Market

Suppose there is an increase in both the supply and demand for personal computers. In the market for personal computers, we would expect?

Suppose there is an increase in both the supply and demand for personal computers. In the market for personal computers, we would expect?

A. the equilibrium quantity to rise and the equilibrium price to rise
B. the equilibrium quantity to rise and the equilibrium price to fall
C. the equilibrium quantity to rise and the equilibrium price to remain constant
D. the change in the equilibrium quantity to be ambiguous and the equilibrium price to rise
E. the equilibrium quantity to rise and the change in the equilibrium price to be ambiguous.

Suppose there is an increase in both the supply and demand for personal computers. In the market for personal computers, we would expect? Read More »

Economics Mcqs, Market

An increase (rightward shift) in the demand for a good will tend to cause ?

An increase (rightward shift) in the demand for a good will tend to cause ?

A. an increase in the equilibrium price and quantity
B. none of these answers
C. an increase in the equilibrium price and a decrease in the equilibrium quantity
D. a decrease in the equilibrium quantity.
E. a decrease in the equilibrium price and quantity.

An increase (rightward shift) in the demand for a good will tend to cause ? Read More »

Economics Mcqs, Market

All of the following shift the supply of watches to the right except ?

All of the following shift the supply of watches to the right except ?

A. an advance in the technology used to manufacture watches
B. an increase in the price of watches
C. All of these answers cause an increase in the supply of watches
D. a decrease in the wage of workers employed to manufacture watches

All of the following shift the supply of watches to the right except ? Read More »

Economics Mcqs, Market