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Demand, Supply, Market Equilibrium, and Welfare Analysis: Test
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Demand, Supply, Market Equilibrium, and Welfare Analysis: Test
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1. The apple market is in equilibrium. Suppose we observe that apple growers are using more pesticides to increase apple production. At the same time, we hear that the price of pears, a substitute for apples, is rising. Which of the following is a reasonable prediction for the new price and quantity of apples?
2. The competitive market provides the best outcome for society because
3. The competitive market provides the best outcome for society because
4. Suppose that aluminum is a key production input in the production of bicycles. If the price of aluminum falls, and all other variables are held constant, we expect
5. If average household income rises and we observe that the demand for pork chops increases, pork chops must be
6. The market for denim jeans is in equilibrium, and the price of polyester pants, a substitute good, rises. In the jean market
7. The apple market is in equilibrium. Suppose we observe that apple growers are using more pesticides to increase apple production. At the same time, we hear that the price of pears, a substitute for apples, is rising. Which of the following is a reasonable prediction for the new price and quantity of apples?
8. Suppose that aluminum is a key production input in the production of bicycles. If the price of aluminum falls, and all other variables are held constant, we expect
9. The market for denim jeans is in equilibrium, and the price of polyester pants, a substitute good, rises. In the jean market

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