Question :
68) The cost of raising beef cattle has risen at : 1387412
68) The cost of raising beef cattle has risen at the same time as consumer preference for beef has fallen. In the market for beef, this would be represented by the equilibrium price ________ and the equilibrium quantity ________.
A) increasing; increasing or decreasing
B) increasing or decreasing; decreasing
C) decreasing; increasing or decreasing
D) increasing or decreasing; increasing
69) All else equal, the decrease in consumer preference predicted by Apple for its iPhone 5 would be represented by a
A) shift in the supply curve for iPhones to the right.
B) shift in the supply curve for iPhones to the left.
C) shift in the demand curve for iPhones to the right.
D) shift in the demand curve for iPhones to the left.
70) Let D = demand, S = supply, P = equilibrium price, Q = equilibrium quantity. What happens in the market for electric vehicles if the government offers incentives to manufacturers to produce more electric vehicles?
A) D increases, S no change, P and Q increase
B) S increases, D no change, P decreases, Q increases
C) D and S increase, P and Q decrease
D) D no change, S increases, P decreases, Q decreases
71) Suppose favorable weather resulted in a bumper crop of oranges in Florida. In the market for oranges,
A) the supply curve shifted to the right, resulting in a decrease in the equilibrium price.
B) the supply curve shifted to the right, resulting in an increase in the equilibrium price.
C) the demand curve shifted to the left, resulting in a decrease in the equilibrium price.
D) the demand curve shifted to the right, resulting in an increase in the equilibrium price.
72) Studies have shown that drinking one glass of red wine per day may help prevent heart disease. Assume this is true, and favorable weather has increased the grape harvest of California vineyards. In the market for red wine, these two developments would
A) increase demand and decrease supply, resulting in an increase in the equilibrium quantity and a decrease in the equilibrium price of red wine.
B) increase demand and increase supply, resulting in an increase in the equilibrium quantity and an uncertain effect on the equilibrium price of red wine.
C) increase demand and increase supply, resulting in an increase in the equilibrium price and an uncertain effect on the equilibrium quantity of red wine.
D) increase demand and increase supply, resulting in an increase in both the equilibrium price and the equilibrium quantity of red wine.
73) A decrease in the demand for incandescent light bulbs due to changes in consumer tastes, accompanied by a decrease in the supply of incandescent light bulbs as a result of government restrictions, will result in
A) a decrease in the equilibrium quantity of incandescent light bulbs and no change in the equilibrium price.
B) a decrease in the equilibrium price of incandescent light bulbs and no change in the equilibrium quantity.
C) a decrease in the equilibrium price of incandescent light bulbs; the equilibrium quantity may increase or decrease.
D) a decrease in the equilibrium quantity of incandescent light bulbs; the equilibrium price may increase or decrease.
74) Suppose a negative technological change in the production of disease-resistant wheat caused the price of wheat to rise. Holding everything else constant, how would this affect the market for corn (a substitute for wheat)?
A) The supply of corn would decrease and the equilibrium price of corn would increase.
B) The demand for corn would increase and the equilibrium price of corn would increase.
C) The demand for corn would decrease because consumers could afford to buy less wheat and corn.
D) The demand for corn would increase and the equilibrium price of corn would decrease.
