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Market Equilibrium II Flashcards | StudBud
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Market Equilibrium II
Market Equilibrium II
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StudBud Administration
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How changes in demand/supply affect equilibrium price and output
Flashcards
5 cards
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Practice quiz
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Questions
5
Answers
1
Which of the following events would allow more orange juice consumption at a lower price?
an increase in the cost of fertilizer used for orange groves
a decrease in the price of orange juice processing
a decrease in income, assuming orange juice is a normal good
a decrease in the population
2
What happens in the market for tropical hardwood trees if governments restrict forest logging?
D and S decrease, P and Q increase.
D decreases, S no change, P and Q decrease.
D no change, S decreases, P increases, Q increases.
S decreases, D no change, P increases, Q decreases.
3
If the price of oranges decreases and the wages of apple workers increase, equilibrium for apples changes from
A to E
A to B
A to C
B to A
4
Which panel describes what happens in the market for Fruitopia when the price of Snapple, a substitute good, decreases?
C
A
B
D
5
Which panel best describes what happens in this market when the wages of seamstresses rise?
C
A
B
D
