Question : 41) Refer to Scenario 3.2. The mustard recall would have : 1381345

 

41) Refer to Scenario 3.2. The mustard recall would have caused

A) an increase in the demand for relish.

B) an increase in the quantity demanded of relish.

C) a decrease in the demand for relish.

D) a decrease in the quantity demanded of relish.

 

42) Refer to Scenario 3.2. If at the same time of the mustard recall, consumer income also decreased, then, ceteris paribus, in the market for mustard 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 either increase, decrease, or remain the same and the equilibrium quantity to decrease.

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

 

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

A) an excess demand for mustard.

B) an excess supply of mustard.

C) an increase in the demand for mustard.

D) a decrease in the supply of mustard.

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. If the current quantity demanded of rollerblades is 150 per week, you accurately predict that in this market,

A) price and quantity supplied will increase, and quantity demanded will decrease.

B) price and quantity supplied will decrease, and quantity demanded will increase.

C) price, quantity supplied, and quantity demanded will increase.

D) price, quantity supplied, and quantity demanded will decrease.

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 there is an excess demand of 150 million pounds of burritos, the price of burritos would be

A) $1.50.

B) $3.00.

C) $4.00.

D) $6.00.

 

46) Refer to Figure 3.12. The market is initially in equilibrium at Point B. If demand shifts from D2 to D1 and there is an excess supply of 200 million pounds of burritos, the price of burritos would be

A) $1.50.

B) $3.00.

C) $4.00.

D) $6.00.

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

A) $4.00 to $3.00; 250 to 350

B) $4.00 to $3.00; 350 to 250

C) $3.00 to $4.00; 250 to 350

D) $3.00 to $4.00; 350 to 250

 

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

A) $4.00 to $3.00; 250 to 350

B) $4.00 to $3.00; 350 to 250

C) $3.00 to $4.00; 250 to 350

D) $3.00 to $4.00; 350 to 250

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 there is an excess demand of 6 cheeseburgers, the price of cheeseburgers will have

A) moved from $5.00 to $7.00.

B) moved from $7.00 to $5.00.

C) remained constant at $5.00.

D) remained constant at $7.00.

 

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

A) $5.00 to $7.00; 10 to 7

B) $5.00 to $7.00; 4 to 7

C) $7.00 to $5.00; 7 to 4

D) $7.00 to $5.00; 7 to 10

 

51) Refer to Figure 3.13. The market is initially in equilibrium at Point B. If supply shifts from S2 to S1, the equilibrium price will change from ________ and the equilibrium quantity will change from ________.

A) $5.00 to $7.00; 10 to 7

B) $5.00 to $7.00; 4 to 7

C) $7.00 to $5.00; 7 to 4

D) $7.00 to $5.00; 7 to 10