Home / Questions / Resource X is necessary to the production of good Y. If the price of resource X falls, the
Resource X is necessary to the production of good Y. If the price of resource X falls, the equilibrium price of Y will ______________ and the equilibrium quantity of Y will
a.rise; rise.
b.fall; fall.
c.fall; rise.
d.rise; fall.
164.Resource X is necessary to the production of good Y. If the price of resource X rises, the _____________ curve for good Y will shift ____________ resulting in a(n) _____________ in the equilibrium price of Y and a(n) ____________ in the equilibrium quantity of Y.
a.supply; rightward; decrease; increase.
b.demand; leftward; decrease; decrease
c.demand; rightward; increase; increase
d.supply; leftward; increase; decrease
e.supply; leftward; increase; increase
165.Good Y is an inferior good. If the average income of those who buy good Y rises, the _____________ curve for good Y will shift ____________ resulting in a(n) _____________ in the equilibrium price of Y and a(n) ____________ in the equilibrium quantity of Y.
a.supply; rightward; decrease; increase.
b.demand; leftward; decrease; decrease
c.demand; rightward; increase; increase
d.supply; leftward; increase; decrease
e.supply; leftward; increase; increase
166.Good X is a normal good. If the average income of those who buy good X rises, the _____________ curve for good X will shift ____________ resulting in a(n) _____________ in the equilibrium price of X and a(n) ____________ in the equilibrium quantity of X.
a.supply; rightward; decrease; increase.
b.demand; leftward; decrease; decrease
c.demand; rightward; increase; increase
d.supply; leftward; increase; decrease
e.supply; leftward; increase; increase
167.There is a technological improvement in the production of good X. As a result, the _____________ curve for good X will shift ____________ resulting in a(n) _____________ in the equilibrium price of X and a(n) ____________ in the equilibrium quantity of X.
a.supply; rightward; decrease; increase.
b.demand; leftward; decrease; decrease
c.demand; rightward; increase; increase
d.supply; leftward; increase; decrease
e.supply; leftward; increase; increase
168.One reason that helps to explain the law of supply is the law of
a.diminishing marginal utility.
b.diminishing marginal returns.
c.decreasing opportunity costs.
d.demand.
169.When P = $5, the quantity demanded of a good is 30 units, and the quantity supplied of the good is 50 units. For every $1 decrease in the price of this good, quantity demanded rises by 5 units and quantity supplied falls by 5 units. The equilibrium price of this good is ___________and the equilibrium quantity of this good is _________ units.
a.$3; 40
b.$4; 35
c.$2; 45
d.$2; 35
e.$3; 35
170.When P = $65, the quantity demanded of a good is 80 units, and the quantity supplied of the good is 40 units. For every $10 increase in the price of this good, quantity demanded falls by 10 units and quantity supplied rises by 10 units. The equilibrium price of this good is ___________and the equilibrium quantity of this good is _________ units.
a.$55; 30
b.$75; 50
c.$75; 70
d.$85; 50
e.$85; 60
171.When income rises for the buyers of good X, the ____________ curve for good X will shift ________________.
a.demand; rightward
b.demand; leftward
c.supply; rightward
d.supply; leftward
e.This question cannot be answered unless we know whether good X is a normal good, a neutral good, or an inferior good.
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