microeconomics

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microeconomics

Microeconomics 1 (66.74 KiB) Viewed 39 times

Refer to the information provided in Figure 5.7 below to answer the question(s) that follow. Supply 2 Price ($) 8.50 B 7.25 5.50 A Supply 1 Demand 0 700 1,200 Quantity of pumpkins The above figure represents the market for pumpkins both before and after the imposition of an excise tax, which is represented by the shift of the supply curve. per pumpkin. Refer to Figure 5.7. The amount of the tax is OA) $1.75 OB) $3.00 OC) $7.25 OD) $1.25
Question 8 (0.5 points) Listen At your last summer job at the local store, you overheard some of the managers chatting. Which of these statements can be interpreted as a shift left in the demand curve? OA) "More firms are producing biodegradable products." B) "We decided to cut our prices, and the increase in our sales has been remarkable." O c) "The Green movement has sparked an increase in our sales of biodegradable products." D) "It has been an unusually mild winter; our sales of wool scarves are down from last year." O E) "Since our competitors raised their prices, our sales have doubled."
Question 11 (0.5 points) Listen Two brands of coffee, Tasters Choice and Starbucks, are close substitutes. If the price of Tasters Choice decreases, this OA) decreases the price of Starbucks. O B) increases the demand for Tasters Choice. OC) More information is needed to determine if the demand curve for Tasters Choice shifts rightward or leftward. D) shifts the demand curve for Starbucks leftward. O E) shifts the demand curve for Starbucks rightward.