Question 21 Which of the following will increase the equilibrium price (P*) and decrease the equilibrium quantity (Q*) i

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Question 21
Which of the followingwill increase the equilibrium price (P*)and decrease the equilibrium quantity(Q*) in the automobile market?
Question 21 options:
a)
The income of consumers rises and automobiles are considered anormal good.
b)
The availability and price of public transportation falls.
c)
With lower trade barriers, foreign automakers export more carsto the U.S.
d)
Over time, and due to the war in Ukraine, gasoline pricesrise.
e)
Due to research and development (R&D), new technologiesenable automakers to produce cars much faster.
Question 22
Which of the followingwill decrease the equilibrium price (P*)and increase the equilibrium quantity(Q*) in the airline market?
Question 22 options:
a)
There is an enormous increase in the price of jet fuel.
b)
Air travel within the United States becomes more popular.
c)
Airline workers receive a substantial wage increase.
d)
There is an increase in the number of airlines offering non-stopservice from New York to London.
Question 23
The most likely reason that the government would implement a________ is because it believes that the market (equilibrium) priceis too low for ________.
Question 23 options:
a)
price ceiling; consumers
b)
price floor; consumers
c)
price ceiling; producers
d)
price floor; producers
Question 24
Price ceilings that lead to shortages will impose costs onsociety because they:
Question 24 options:
a)
may result in black market prices.
b)
will eliminate long waiting lines.
c)
helps businesses instead of consumers.
d)
leads to a larger quantity offered on the market.
Question 25
The government imposes a price floor above the equilibriumprice. This price floor will cause:
Question 25 options:
a)
demand to increase.
b)
supply to increase.
c)
a shortage of the good.
d)
an increase in the quality of the good.
e)
all of the above.
f)
none of the above.