d) They use controlled experiments much the same way a biologist or physicist does. B1) In a pure mkt economy, goods are rationed by: a) the price b) the person's need c) a central planner (usually a gov't) d) "first come, first serve"
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d) They use controlled experiments much the same way a biologist or physicist does. B1) In a pure mkt economy, goods are rationed by: a) the
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- Explain any 5 (five) factors that will lead to a decrease in supply of a goodWhat might a producer do if consumers stopped purchasing their goods? Provide an example of this occurrenceWhich of the following is an inferior good? Group of answer choices toilet paper second hand clothes a motel room a loaf of bread
- Which of the following is NOT a common criticism of rationing products? a. Rationing costs money and often adds an unneeded cost to the product. b. Rationing can often lead to the development of black markets, where products will be sold for a high cost. c. Rationing prevents resources from going to the military during times of war. d. Rationing may lead to unequal access to different goods and services.Explain what the rationing problem is, and one strategy for dealing with it.Consider a market for Ice Cream an inferior good in Pakistan. For each of the given events, identify which of the determinants of the demand or supply are affected. Also indicate whether demand or supply increase or decreases. Then draw a diagram to show the effect on the price and quantity of Ice Cream, solve all the parts and subparts. i. News reports claim that the consumption of Ice Cream is good for the health of coronavirus patients. ii. There has been a decline in wages of all employees in Pakistan due to the third wave of coronavirus. iii. People in Pakistan decide to have more children. iv. Students of NED University develop new automated machinery for the production of Ice Cream. v.There has been a decrease in people’s income due to COVID-19 crisis. i News reports claim that the consumption of Ice Cream is good for the health of coronavirus patients. Identify which of the determinants of the demand or supply are affected. Also indicate whether demand or supply…
- Quantity In the provided graph, the equilibrium point in the market is where the S and D curves Intersect. At equilibrium, the total maximum amount that consumers would have been willing to pay for the product is represented by the area Multiple Choice a+b+c a+b. b+cThe figure shows the supply and demand for online music. Suppose that an economic downturn decreases household wealth and erodes consumer confidence. Move the supply and/or demand curves to reflect the primary effect this would have on the market for online music. You can assume that online music is a normal good. Also select the end result of equilibrium price and quantity. Equilibrium price increases. O remains constant. Equilibrium quantity increases. remains constant. decreases. O change is ambigous. decreases. change is ambiguous. Price (5 per track) Quantity (number of tracks) Supply DemandAnnabelle typically drives her car to school, but she lives near a bus stop and is willing to take the bus instead. If the price of a bus ticket falls, what would happen in the market for cars?
- We often find that for major sporting events (playoffs, Super Bowl, etc.) the quantity of tickets demanded is greater than the quantity of tickets supplied. How would the market solve this problem? Would consumers be better off or worse off? Why?How a change in the market (including information, preferences, technology, price of alternative goods, regulations, taxes, etc.) has shifted either the supply or demand of a good. How did this change affect the market equilibrium for that good or service?Inferior goods are affordable substitutes for more expensive goods. Which of the following is an example of someone purchasing an inferior good? Tom saved his money for an entire year so that he could buy the nicest car on the lot. Susan decided to buy her favorite pasta, rather than the store-brand pasta that she usually purchases. Sam had to stay within his budget, so he decided to buy generic toaster pastries instead of his favorite brand-name pastries. Jennifer earned a bonus at work, so she decided to go out to dinner at a fancy restaurant.
