q1 ) In the orange market, in which of the following cases will the equilibrium price necessarily increase?

q1 ) In the orange market, in which of the following cases will the equilibrium price necessarily increase?

1 Both the supply and demand curves both increase.

2 The price of apple juice has risen.

3 A bumper crop for oranges is expected.

4 Newspaper story of oranges causing cancer.

q2)In the Egg market, a price floor that is set above market equilibrium will cause

1 – queuing on the part of consumers.

2 a surplus.

3 a shortage.

4 an excess quantity demanded.

q3)If a group of sellers of bubble gum have decided to put more of that product on the market, this is shown graphically as:

1 -a shift to the left in the supply curve.

2 a shift to the left in the demand curve.

3 not enough information is given to answer this.

4 an increase in the quantity of demand which is movement along the demand curve.

q4)Which one of the following would cause an increase in the supply schedule of airplanes?

1 a decrease in the demand for planes.

2 an increase in taxes applied to plane producers.

3 an increase in the price of planes.

4 an improvement in the technology used to produce planes.

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