30 Apr Question 17 0.16 pts During the winter months, many elderly people leave their homes in northern …
Question 17 0.16 pts During the winter months, many elderly people leave their homes in northern New York and travel south to Florida or Arizona. What would we expect to happen to the equilibrium price and quantity of items most used by the elderly in northern New York? One would increase and one would decrease, but we don’t know which would do what O They would both increase. O The price would decrease and the quantity would increase. O The price would increase and the quantity would decrease. O They would both decrease. Question 18 0.16 pts What would happen to the equilibrium price and quantity for the market for cigarettes if the government increased the tax and a scientific study came out confirming that smoking cigarettes increased the rate of heart disease? Equilibrium price will go up and equilibrium quantity will go up. Equilibrium price will go down and equilibrium quantity will be indeterminate. Equilibrium price will be indeterminate and equilibrium quantity will go up. Equilibrium price will go up and equilibrium quantity will be indeterminate. Equilibrium price will be indeterminate and equilibrium quantity will go down. Question 19 0.16 pts When the demand curve shifts to the left and all else is held constant, thee equilibrium pricean and the equilibrium quantity…. O falls; rises falls; falls O falls; remains constant O rises; rises O rises; falls
Question 20 0.16 pts The difference between a tax and a subsidy is that when the government places a tax on a good, it equilibrium quantity, whereas when the government places a subsidy on a good, the equilibrium price and the it the equilibrium price and the equilibrium quantity O decreases; decreases; increases; increases increases; decreases; decreases; increases O decreases; increases; increases; decreases increases; does not change; does not change; increases O increases: increases; decreases; decreases Question 21 0.16 pts The equilibrium price of teddy bears is $5. A study comes out that says owning a teddy bear causes you to earn a lower salary. If all other factors are held constant, which of the following scenarios could happen? O The price of teddy bears decreases to $4 because of a supply shift. The price of teddy bears decreases to $4 because of a demand shift. The price of teddy bears increases to $7 because of both a demand shift and a supply shift. O The price of teddy bears increases to $7 because of a supply shift. O The price of teddy bears increases to $7 because of a demand shift. Question 22 0.16 pts The market for footballs is perfectly competitive. If all else is held constant and the price of leather decreases, we would expect that the equilibrium quantity of footballs would- and the equilibrium price would O fall: rise O rise; rise fall; remain constant O rise; fall
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