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Module 1- Assignment Fall 2020 - Protected View - Saved to this PC ferences Mailings Review View Help O Search ruses

Economics

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Module 1- Assignment Fall 2020 - Protected View - Saved to this PC ferences Mailings Review View Help O Search ruses. Unless you need to edit, it's safer to stay in Protected View Enable Editing 20-Suppose that a firm is currently charging a price associated with point A. Which of the following is correct? a) To increase its total revenue the firm should increase its price. b) To increase its total revenue the firm should decrease its price. c) To increase its total revenue the firm should keep its price exactly the same 21- When demand is ... a price decrease below the market price increases our total revenue. a) Inelastic b) Unitary elastic c) Perfectly elastic d) None e) a and c. 22- Which of the following is correct? a) There is a negative relationship between consumer income and the demand of an inferior good, ceteris paribus. b) There is a positive relationship between consumer income and market equilibrium price of a normal good, keeping all the other factors constant c) Both banda d) None 23. In response to news report that drinking coconut water can cause irritable bowl syndrome, there will most likely be an) a) Decrease in the supply of coconut water. b) Decrease in the price of coconut water. c) Increase in the demand for coconut water d) None. 24-Both Price and quantity traded of cabernet sauvignon (a type of red wine) have decreased. Which of the following is correct? a) Decrease in the supply of cabernet sauvignon, b) Increase in the price of Shiraz (Another type of red wine of similar taste) c) Unusual enthusiasm for enft beer among the population as a substitute for wine d) a and e) bande 25. A decrease in supply ) Is shown by a movement along the supply curve to the left b) Is shown by a movement along the supply curve to the right c) Is shown by a shift in supply curve to the left d) Can be caused by an increase in input prices. e) and d
Es the market for blueberry muffins. d. Which of the following can happen as dB SB $2 sl e B Figure 1 00 umber of producers causes