Question : 41) Refer to Scenario 3.2. The floods that destroyed part : 1381054

41) Refer to Scenario 3.2. The floods that destroyed part of the lettuce crop would have caused

A) an increase in the demand for tomatoes.

B) a decrease in the demand for tomatoes.

C) an increase in the quantity of tomatoes demanded.

D) a decrease in the quantity of tomatoes demanded.

42) Refer to Scenario 3.2. If at the same time that part of the lettuce crop was destroyed, consumer income also decreased, then, ceteris paribus, in the market for lettuce this would have caused

A) both the equilibrium price and quantity to decrease.

B) the equilibrium price to increase and the equilibrium quantity to decrease.

C) the equilibrium price to decrease. The equilibrium quantity could have increased, decreased, or remained the same.

D) the equilibrium price to either increase, decrease, or remain the same and the equilibrium quantity to decrease.

43) Refer to Scenario 3.2. The government wants to protect consumers from rising food prices. Therefore, price restrictions are imposed on lettuce growers prohibiting them from raising the price of lettuce. This will cause

A) an excess supply of lettuce.

B) an excess demand for lettuce.

C) an increase in the demand for lettuce.

D) a decrease in the supply of lettuce.

Refer to the information provided in Figure 3.10 below to answer the questions that follow.

Figure 3.10

44) Refer to Figure 3.10. In the Rollerblade market, which is not government controlled, you accurately predict that price will

A) increase, the quantity demanded will fall, and the quantity supplied will rise.

B) increase, the quantity demanded will rise, and the quantity supplied will fall.

C) decrease, the quantity demanded will fall, and the quantity supplied will fall.

D) decrease, the quantity demanded will rise, and the quantity supplied will fall.

Refer to the information provided in Figure 3.12 below to answer the questions that follow.

Figure 3.12

45) Refer to Figure 3.12. The market is initially in equilibrium at Point A. If demand shifts from D1 to D2 and the price of burritos remains constant at $3.00, there will be

A) an excess supply of 150 million pounds of burritos.

B) an excess demand of 150 million pounds of burritos.

C) an excess supply of 50 million pounds of burritos.

D) an excess demand of 100 million pounds of burritos.

46) Refer to Figure 3.12 The market is initially in equilibrium at Point B. If demand shifts from D2 to D1 and the price of burritos remains constant at $4.00, there will be

A) an excess supply of 200 million pounds of burritos.

B) an excess demand of 200 million pounds of burritos.

C) an excess supply of 100 million pounds of burritos.

D) an excess demand of 100 million pounds of burritos.

47) Refer to Figure 3.12 The market is initially in equilibrium at Point A. If demand shifts from D1 to D2, the new equilibrium price will be ________ and the new equilibrium quantity will be ________.

A) $3.00; 250

B) $6.00; 250

C) $4.00; 350

D) $4.00; 150

48) Refer to Figure 3.12. The market is initially in equilibrium at Point B. If demand shifts from D2 to D1, the new equilibrium price will be ________ and the new equilibrium quantity will be ________.

A) $4.00; 350

B) $3.00; 250

C) $3.00; 400

D) $4.00; 150

Refer to the information provided in Figure 3.13 below to answer the questions that follow.

Figure 3.13

49) Refer to Figure 3.13. The market is initially in equilibrium at Point A. If supply shifts from S1 to S2 and the price of cheeseburgers remains constant at $5.00, there will be

A) an excess supply of 6 cheeseburgers.

B) an excess demand of 6 cheeseburgers.

C) an excess supply of 3 cheeseburgers.

D) an excess demand of 4 cheeseburgers.

50) Refer to Figure 3.13. The market is initially in equilibrium at Point A. If supply shifts from S1 to S2, the new equilibrium price will be ________ and the new equilibrium quantity will be ________.

A) $5.00; 4

B) $5.00; 10

C) $7.00; 6

D) $7.00; 7