Question 1 According to the Law of Demand, the higher a good’s price, themore of that good will be demanded, other things constant. Question 2 If cigar prices tripled while sales of cigars rose 30%, thiswould likely be due to a change in the shift factors held constantby the Law of Demand. Question 3 A price floor causes excess demand, resulting in the need toration by some means other than price. Question 4 If a price ceiling set below the equilibrium price is imposed onwatermelon, the likely result will be: Question 5 At a recent San Francisco 49ers game, 19,000 tickets were soldat $190 apiece. The game was not sold out, and there were tens ofthousands of tickets still available to purchase. This suggeststhat: Question 6 An increase in quantity and indeterminate change in price ismost likely caused by a: Question 7 In the mid-1990’s, caviar sales soared as did its price. ThePetrossian boutique in New York City, which serves the upscaleproduct, says it raised its price in reaction to a renewed interestin the food coupled with a shrinking supply of Russian caviarfollowing the collapse of Soviet Communism. Given these facts, whatmost likely led to the higher quantity sold and the higher price ofcaviar? Question 8 In the early 1990’s people began to recycle, but the demand forrecycled materials remained very low. Companies then developedtechnologies that profitably turned recycled materials into newproducts. Rising income, coupled with a growing interest inprotecting the environment, increased people’s demand for recycledproducts. Given this information, and assuming the magnitude of theshifts in either and/or both curves is roughly equal, what was thenet effect on equilibrium price and quantity for recycledmaterials/products? Question 9 Suppose the equilibrium price of oranges is $0.79 per pound, butthe government takes steps to prevent price from dropping below$0.93 per pound. The likely result will be a: Question 10 When the polio vaccine first became available in the UnitedStates, the government controlled the price with an effective priceceiling. Production of the vaccine was insufficient to fill all theorders, and the government had to regulate its distribution. Hadthe vaccine been sold without government interventions, theshortage would have been eliminated by price: . . .
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