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If the number of suppliers in the microcomputer industry increases what would we expect to The number of microcomputers sold will fall

If the number of suppliers in the microcomputer industry increases, what would we expect to happen?  

A. The number of microcomputers sold will fall

B. The price of microcomputers will rise

C. The supply curve will shift left

D. Movement along the demand curve will occur

22.A new discovery makes ink jet computer printers less expensive to produce. At the same time another type of computer printer, the laser printer, also becomes less expensive. What would you expect to happen to the equilibrium price and quantity of ink jet printers?  

A. Equilibrium price will rise, but the effect on quantity is uncertain

B. Equilibrium price will fall, but the effect on quantity is uncertain

C. Equilibrium quantity will rise, but the effect on price is uncertain

D. The answer cannot be determined from the information given above

23.Two factors are affecting the EU car industry: (1) an increase in cheap Korean imports; and (2) an increase in the cost of materials. What can we say about equilibrium price and quantity of EU cars?  

A. Equilibrium price will rise

B. Equilibrium price will fall

C. Equilibrium quantity will fall

D. The answer cannot be determined from the information given above

24.The price in the market has fallen and so has the quantity. This could be happening because:  

A. technology is rapidly advancing

B. factor prices are falling

C. income has fallen for a normal good

D. factor prices are rising

25.A long hot summer has increased the demand for beer; at the same time a tax is placed on alcohol. What can we say about the equilibrium price and quantity of alcohol?  

A. Equilibrium price rises; equilibrium quantity falls

B. Equilibrium price rises; equilibrium quantity rises

C. Equilibrium price rises; equilibrium quantity is unknown

D. Equilibrium price falls: equilibrium quantity is unknown

26.Pizza and beer are complements. The price of beer increases. What happens to the market for pizza?  

A. Equilibrium price rises; equilibrium quantity falls

B. Equilibrium price falls; equilibrium quantity falls

C. Equilibrium price rises; equilibrium quantity rises

D. Equilibrium price falls; equilibrium quantity rises

27.Let demand be given by P = 10 - Q; let supply be given by P = Q. What is the equilibrium price?  

A. 10

B. 5

C. 2

D. 0

28.Let demand be given by P = 10 - Q; let supply be given by P = Q. What is the equilibrium quantity?  

A. 10

B. 5

C. 2

D. 4

29.If a good is inferior, then an increase in income will cause the demand curve to:  

A. shift right

B. shift left

C. stay the same

D. rotate inward

30.If price and quantity are not at their equilibrium positions, then:  

A. it is possible to reallocate so that some people are better off without harming others

B. a move to another position will not hurt anyone

C. a move to another position will help everyone

D. government must intervene

Feb 11 2020 View more View Less

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