Which Of The Following Will Not Change The Demand For Oranges

All the following questions are from previous exams for Economics 103. They are duplicates of the questions found in the Topic sub-sections.

Exercises 3.2

one. A buyer has purchased iii units of good X. The marginal benefit of the 4th unit of measurement of X exceeds the marginal cost of the fourth unit of good X. Which of the following reasons explains why the heir-apparent should purchase the fourth unit?

I.The marginal net benefit of the quaternary unit is positive.
II. Buying the fourth unit will increase total benefits by more than total costs.
Iii. Ownership the fourth unit will increase total benefits and decrease total costs.

a) I only
b) I and 2 but
c) II only
d) I, Ii, III

ii. According to marginal analysis, optimal decision-making involves:

a) Taking deportment whenever the marginal do good is positive.
b) Taking actions only if the marginal cost is zero.
c) Taking actions whenever the marginal benefit exceeds the marginal cost.
d) All of the higher up.

The following Two questions refer to an private's demand curve diagram, illustrated below.

3. If the toll of this expert is $ane per unit, what will be the quantity demanded?

a) v.
b) 10.
c) 15.
d) 20.

4. What are the Total benefits to this individual if she consumes 10 units of the good?

a) $5.
b) $ten.
c) $20.
d) $30.

v. The demand curve for a practiced is derived from the:

a) Marginal cost of the good.
b) Marginal benefit of the practiced.
c) Marginal benefits of the good minus marginal costs of the expert.
d) Product Possibilities Frontier

half-dozen. Which of the following statements near demand curves is True?

I. The "Constabulary of Demand" holds if a consumer'due south marginal do good is lower at higher quantities consumed than it is at lower quantities consumed.
Two. If the consumer'due south marginal do good is the same no matter what quantity is consumed, so her need curve volition be vertical.
3. All else equal, the marginal benefit of consuming a normal good will be higher for richer consumers than for poorer consumers.

a) Iii only.
b) I and II simply.
c) I and III just.
d) I only.

The following 4 questions refer to the diagram beneath, which illustrates a consumer's demand curve for a good.

7. If the toll of this good is $30, what quantity volition be demanded?

a) 5 units.
b) 10 units.
c) xv units.
d) xx units.

8. If the toll of this good is $twenty, what quantity will exist demanded?

a) 5 units.
b) 10 units.
c) 15 units.
d) xx units.

9. If the price of this skillful is $20, what will consumer surplus equal?

a) $100.
b) $200.
c) $300
d) $400.

10. If the cost of this good falls from $30 to $20, but the consumer is prohibited from buying more than 5 units of the good, by how much will consumer surplus increase?

a) $100.
b) $75.
c) $50
d) $25.

Exercises 3.3

1. Which of the post-obit statements about need curves is Truthful?

a) If price falls and quantity demanded increases, this is represented past a motility along a given demand curve.
b) If price falls and quantity demanded increases, this is represented by a shift of the need curve.
c) If price falls and quantity demanded increases, this can be represented by either a motility along a given demand curve, or a shift of the need bend.
d) None of the above are truthful.

two. Which of the following is Not a determinant of the demand for good X?

a) The income of consumers who purchase practiced X.
b) The price of labor used to produce skilful 10.
c) The toll of good Y, a complement to X.
d) The number of buyers of proficient X.

iii. Which of the following volition result in a DECREASE in demand (i.e., a leftward shift of the demand curve)?

a) An increment in income, if the good is normal.
b) A decrease in the price of a complement to the good.
c) An increase in the toll of a substitute for the good.
d) None of the higher up.

iv. Suppose that my daily marginal benefit from drinking java increases by $2 per cup. Which of the following represents the effect of this on my coffee demand curve?

5. Which of the post-obit is Non a determinant of the demand for good Ten?

a) The toll of labor used to produce skilful X.
b) The toll of good 10.
c) The income of consumers who purchase practiced X.
d) The cost of good Y, which is a substitute for expert 10.

half-dozen. Which of the post-obit IS a determinant of the demand for practiced X?

a) The income of consumers who buy good X.
b) The price of labor used to produce practiced X.
c) The supply of good 10.
d) The number of sellers of skilful X.

7. A subtract in quantity demanded is, graphically, represented past:

a) A leftward shift in the demand bend.
b) A rightward shift in the demand curve.
c) A movement upwardly and to the left along a demand curve.
d) A movement downwardly and to the right along a demand curve.

8. Suppose goods Ten and Y are substitutes. Which of the following is TRUE?

a) An increase in the price of X will result in a decrease in the equilibrium price of Y.
b) An decrease in the price of X will result in an increase in the equilibrium quantity of Y.
c) An increase in the price of X will effect in an increase in the equilibrium quantity of Y.
d) More than one of the to a higher place is truthful.

9. If cookies are a normal good and incomes increase, we would expect:

a) An increment in equilibrium price and a decrease in equilibrium quantity.
b) A decrease in equilibrium cost and an increase in equilibrium quantity.
c) A decrease in equilibrium price and equilibrium quantity.
d) An increase in equilibrium price and equilibrium quantity.

x. A subtract in need is, graphically, represented by:

a) A leftward shift in the demand curve.
b) A rightward shift in the demand curve.
c) A movement up and to the left along a need bend.
d) A movement down and to the right along a demand curve.

eleven. The diagram below illustrates 3 possible demand curves for coconuts.

Suppose that coconuts and pineapples are substitutes. If the toll of pineapples increases, which of the following movements will represent the upshot of this in the market place for coconuts?

a) A to C.
b) A to B.
c) B to A.
d) B to Eastward.

The following Two questions refer to the diagram below.

12. If the price of this good is $twenty, what will be the quantity demanded?

a) 10.
b) xx.
c) xxx.
d) 40.

thirteen. If the cost of this good is $threescore, what volition consumer surplus equal?

a) $50.
b) $100.
c) $150.
d) $200.

fourteen. The following question refers to the diagram below, which illustrates an individual's need bend for a good.

If the cost of this adept falls from P ₁ to P _ii , then consumer surplus will _____ by areas _____.

a) increase; B+D.
b) decrease; B+D.
c) increase; A+B+D.
d) decrease; A.

xv. Consider the diagram below.

At the equilibrium in this market, which expanse represents CONSUMER surplus?

a) There is no consumer surplus.
b) Area westward.
c) Area x + y.
d) Area w + y.

16. Which of the post-obit CANNOT result in a shift of the demand curve for a good?

a) A change in consumers' incomes.
b) A modify in the price of the skillful.
c) A change in the toll of a complement to the skillful.
d) All of the above will shift the demand curve.

17. Suppose the toll of adept X increases. If X and Y are substitutes, then, in the market for good Y, we would look:

a) An increment in both the equilibrium cost and quantity.
b) A subtract in the equilibrium price and an increase in the equilibrium quantity.
c) An increase in the equilibrium cost and a subtract in the equilibrium quantity.
d) A decrease in both the equilibrium cost and quantity.

18. If coffee and milk are complements, then which of the following volition occur if the price of coffee increases?

a) The quantity of coffee demanded will increment.
b) The quantity of coffee supplied will subtract.
c) The need for milk volition increase.
d) The need for milk will subtract.

xix. Consumer surplus is equal to:

a) Revenue received for a good minus that good's price of product.
b) The amount of money a consumer is willing to pay for a proficient.
c) The opportunity cost of a proficient.
d) None of the in a higher place.

20. The diagram below illustrates 3 possible need curves for coconuts.

Suppose that (i) coconuts are an inferior skilful and (ii) consumer incomes decrease. Which of the following movements could correspond the effect of this in the market for coconuts?

a) A to C.
b) B to A.
c) C to A.
d) B to E.

Exercises 3.4

1. An private producer's supply curve for a good is derived from:

a) The preferences of consumers of that good.
b) The income of consumers of that good.
c) The marginal price of producing that good.
d) All of the above.

The following Two questions refer to the supply curve diagram beneath.

2. If cost is $8 per unit, quantity supplied volition equal:

a) 10.
b) 20.
c) 30.
d) twoscore.

3. If quantity supplied increases from 10 to 20 units, the producer's total costs will increase by:

a) $20.
b) $30.
c) $40.
d) $80.

iv. Which of the following statements virtually supply curves is True?

a) The "constabulary of supply" states that as price rises, quantity supplied also rises.
b) If the marginal cost of producing a skilful is higher at high levels of output than at low levels of output, and so the supply curve for that good is upwards sloping.
c) Both a) and b) are true.
d) Neither a) nor b) are true.

5. When deciding how much of a particular good to produce, a producer should:

a) Keep producing more units until the total benefits equal the total costs.
b) E'er produce an boosted unit if price is greater than marginal price.
c) Never produce an additional unit if its marginal cost is higher than the marginal toll of previously produced units.
d) E'er produce at additional unit if price is greater than zero.

The post-obit TWO questions refer to the diagram below, which illustrates a supply curve.

half-dozen. In order for quantity supplied to equal half dozen units, the toll per unit of measurement must be:

a) $1.
b) $2.
c) $3.
d) $4.

7. If the price of this adept is $4 per unit, and then what does producer surplus equal?

a) $32.
b) $24.
c) $16.
d) $12.

eight. The diagram below illustrates a supply curve.

If the price of this skillful is $2 per unit, then what will be the quantity supplied?

a) 0.
b) 1.
c) two.
d) 3.

ix. Sarah is selling her used truck. The minimum amount she needs to be paid for the truck is $5,000. She advertises the truck on usedvictoria.com for $8,000, and eventually sells the truck for $half dozen,000. Her producer surplus is equal to _____.

a) $1,000.
b) $2,000.
c) $iii,000.
d) $6,000.

Exercises three.five

i. Which of the following will Not shift the marketplace supply curve of good X?

a) A change in the cost of inputs used to produce skillful 10.
b) A change in the technology used to produce X.
c) A modify number of sellers of good 10.
d) A change in the price of good X.

2. Which of the post-obit is NOT a determinant of the supply of good Ten?

a) The cost of inputs used to produce practiced X.
b) The technology used to produce X.
c) The number of sellers of good X.
d) All of the higher up are determinants of the supply of good X.

The post-obit Two questions refer to the diagram below.

three. At what price will quantity supplied equal 3 units?

a) $1.
b) $two.
c) $three.
d) $4.

4. At what cost volition producer surplus equal $2?

a) $1.
b) $2.
c) $3.
d) $iv.

5. A decrease in supply is, graphically, represented by:

a) A leftward shift in the supply bend.
b) A rightward shift in the supply bend.
c) A movement up and to the right along a supply curve.
d) A movement down and to the left forth a supply curve.

6. Which of the following is Non a determinant of the supply of skilful Ten?

a) The cost of labor used to produce good 10.
b) The price of good X.
c) The income of consumers who buy good Ten.
d) The number of sellers of proficient X.

7. Which of the following is Not a determinant of the supply of good 10?

a) The toll of labor used to produce good X.
b) Consumer preferences.
c) Engineering.
d) All of the higher up are determinants of the supply of good X.

8. Martin is selling his viola. The minimum corporeality he needs to be paid for the viola is $15,500. He find a heir-apparent for who is willing to pay $22,400, merely this buyer insists that Martin pays for delivery of the viola. The cost of delivery is $700. Martin's producer surplus from selling his viola is equal to _____.

a) $14,800.
b) $seven,600.
c) $6,900.
d) $half dozen,200.

9. Which of the following statements most junior goods is/are FALSE?

I. Inferior goods are those that nosotros will never buy, no matter how cheap they are.
II. Inferior appurtenances are those that we buy more of, if we become poorer.
3. Inferior goods are those that we buy more of, if we get richer.

a) I only
b) Iii only.
c) I and III only.
d) I, Ii, and Iii.

Exercises iii.6

1. Suppose that – at a given level of some economic activeness – marginal benefit is greater than marginal toll. The economical agent in question (the decision-maker) can increase internet benefits by increasing the level of the action, for which of the post-obit reasons?

a) Total costs will fall by more total benefits.
b) Total benefits will ascent past more than than full costs.
c) Neither a) nor b).
d) Either a) or b).

2. Which of the following statements is Truthful?

a) Consumer surplus is the difference betwixt the minimum amount a consumer is willing to pay, and what he or she actually pays.
b) Producer surplus is the departure between the amount of money a seller is paid, and the maximum amount that he or she needs to exist paid.
c) Market surplus is equal to the sum of consumer surplus and producer surplus.
d) All of the above are true.

The following TWO questions refer to the supply and need curve diagram below.

3. The equilibrium price in this market is equal to:

a) $6 per unit.
b) $five per unit.
c) $4 per unit.
d) $3 per unit.

four. At a cost of $viii, at that place is:

a) Excess demand (a shortage) of 25 units.
b) Backlog demand (a shortage) of fifteen units.
c) Excess supply (a surplus) of 15 units.
d) Excess supply (a surplus) of 25 units.

5. Which of the following statements about consumer surplus and producer surplus is TRUE?

a) Consumer surplus is equal to the area under the demand curve.
b) Producer surplus is equal to the area nether the supply curve.
c) Both producer and consumer surplus are equal to toll multiplied by quantity.
d) None of the above statements is truthful.

six. Consider the supply and need curve diagram below.

If the price of this good is $6, then:

a) There is an backlog demand (a shortage) equal to 210 units.
b) There is an backlog demand (a shortage) equal to 140 units.
c) At that place is an excess supply (a surplus) equal to 210 units.
d) At that place is an excess supply (a surplus) equal to 140 units.

7. When deciding how much of a detail practiced to purchase, a consumer should:

a) Keep ownership more units until the total benefits equal the total costs.
b) Always buy at additional unit if its marginal cyberspace benefit is positive.
c) Go along buying more units if marginal cost is greater than marginal benefit.
d) Ever buy at additional unit if its marginal benefit is positive.

viii. Refer to the supply and demand diagram beneath.

At the equilibrium price in this market place, consumer surplus is equal to area ___ and producer surplus is equal to surface area ____

a) a + b; c.
b) a; b + c.
c) a + b; b + c.
d) a + b + c; d + f.

9. Which of the following statements about consumer and producer surplus is True?

a) Consumer surplus is equal to the maximum corporeality a consumer is willing to pay for a good, minus what the consumer has to pay for the good.
b) Producer surplus is equal to the amount received from selling a good, minus the minimum amount the seller needed to receive, in society to be willing to sell the expert.
c) Both a) and b) are true.
d) Neither a) nor b) are true.

The post-obit 2 questions refer to the supply and demand diagram below.

10. Which of the following COULD explain the shift in supply from S1 to S2.

a) An increase in the toll of producing the proficient.
b) A subtract in the number of sellers in the market.
c) Both a) and b).
d) Neither a) nor b).

11. If supply is S2, which area represents Market place surplus?

a) a
b) a + b.
c) a + b + e.
d) We need to know price in club to determine market surplus.

12. Consider the supply and demand diagram drawn below.

Suppose that demand is initially D1, simply, following a modify in consumer preferences, demand shifts to D2. Annotation that the 2 need curves are parallel. Which of the following statements is Truthful?

a) Demand increases past 30 units.
b) Quantity demanded increases by 30 units.
c) Equilibrium quantity increases by 30 units.
d) More than one of the higher up statements is true.

xiii. Suppose the equilibrium price of good X is $x and the equilibrium quantity is 60 units. If the price of proficient X is $iv:

a) The quantity demanded will be less than lx units.
b) The quantity supplied will be more 60 units.
c) In that location will be an excess demand for good X.
d) There will exist an backlog supply of good Ten.

14. All else equal, a subtract in the marginal cost of producing a good volition result in:

a) A lower equilibrium quantity and a college equilibrium price.
b) A lower equilibrium quantity and a lower equilibrium price.
c) A higher equilibrium quantity and a college equilibrium price.
d) A higher equilibrium quantity and a lower equilibrium price.

The following Ii questions refer to the diagram below.

15. The equilibrium toll is ____ the equilibrium quantity is _____.

a) $5; 30.
b) $7; 30.
c) $7; 40.
d) $8; forty.

16. If the marginal cost of producing this good rises past $3 at every output level, so the new equilibrium toll will be _____.

a) There is bereft data to calculate the new equilibrium toll
b) $3.
c) $8.
d) $10.

17. Consider the supply and demand diagram drawn below.

What does the equilibrium price equal in this market?

a) $8.
b) $15.
c) $30.
d) $45.

18. Refer to the diagram below.

At a price of $10 per unit:

a) In that location is backlog demand (a shortage) equal to 45 units.
b) There is excess supply (a surplus) equal to 45 units.
c) At that place is excess demand (a shortage) equal to 20 units.
d) There is backlog supply (a surplus) equal to twenty units.

19. Consider the market place for oranges. Suppose that both of the following occur simultaneously: (i) the toll of apples (a substitute for oranges) decreases; and (ii) world-wide droughts reduce the harvest of oranges by thirty%. Then, in the market for oranges we would expect:

a) The equilibrium price of oranges could either increment or subtract, but equilibrium quantity will definitely decrease.
b) The equilibrium quantity of oranges could either increment or decrease, simply equilibrium cost volition definitely decrease.
c) The equilibrium price of oranges could either increment or decrease, but equilibrium quantity volition definitely increase.
d) The equilibrium quantity of oranges could either increase or decrease, but equilibrium price will definitely increase.

20. Suppose that, following a decrease in the supply of skillful Ten, we notice that the price of adept Y decreases. If no other curves have shifted, which of the following can we infer?

a) Skilful 10 is an inferior adept.
b) Appurtenances Ten and Y are complements.
c) Goods X and Y are substitutes.
d) None of the in a higher place.

21. In recent years in that location take been a couple of loftier profile cases of contamination of baby formula produced in Communist china. As a event, many Chinese parents purchase babe formula that is produced outside Prc. Which of the following accurately describes the likely effect of this on baby formula prices?

a) An increment in the cost of baby formula produced in People's republic of china and a decrease in the price of babe formula produced exterior Red china.
b) A decrease in the price of baby formula produced in Red china and an increase in the toll of infant formula produced outside Mainland china.
c) A decrease in the price of both babe formula produced in Communist china and baby formula produced outside Prc.
d) An increment in the toll of both baby formula produced in China and babe formula produced exterior China.

22. Refer to the supply and demand diagram below.

If supply is S1, which area represents MARKET surplus?

a) a
b) a + b.
c) a + b + e.
d) We need to know price in order to decide market surplus.

23. Suppose that in the marketplace for good X (a normal good), the following occur simultaneously: (i) consumer incomes increase and (ii) the price of oil (an input to the product of X) increases. Which of the following statements is True?

a) The equilibrium price of 10 could either increase or decrease, just equilibrium quantity volition definitely subtract.
b) The equilibrium quantity of Ten could either increase or decrease, but equilibrium cost volition definitely decrease.
c) The equilibrium price of 10 could either increase or subtract, just equilibrium quantity volition definitely increment.
d) The equilibrium quantity of X could either increase or subtract, just equilibrium price will definitely increase.

24. Consider the supply and demand diagram below.

If supply decreases from S1 to S2, which area represents the change in PRODUCER surplus?

a) b + c – f.
b) a + b + c.
c) b – f – eastward.
d) c + f + g + e.

25. A recent news story reported that OPEC is expected to decrease the supply of oil next summertime. Summer is traditionally a time of increased demand for oil because of the many families driving and flying to vacation sites. What would be the combined consequence of these ii activities on the summertime market place for gasoline?

a) An increase in the equilibrium price and the quantity.
b) An increment in the equilibrium price and an unpredictable modify in the equilibrium quantity.
c) An unpredictable change in both the equilibrium cost and the quantity.
d) An unpredictable alter in the equilibrium price and a decrease in the equilibrium quantity.

26. Consider the supply and demand curves drawn below.

Given the equilibrium quantity, which area represents MARKET SURPLUS?

a) 10 + Y + Z.
b) X + Y.
c) Ten.
d) There is no market surplus.

27. Which of the following CANNOT result in an increment in price in a competitive market for a normal good?

a) An increase in income.
b) A decrease in the price of a complement to this good.
c) An increase in the price of a substitute for this skillful.
d) A decrease in the wages paid to workers who produce this expert.

28. Consider the supply and need curves illustrated below.

Which of the following statements is true?

a) At a price of P3, in that location is excess demand equal to the distance DE.
b) At a cost of P3, there is excess demand equal to the distance BE.
c) At a price of P3, at that place is excess supply equal to the distance BE.
d) At a price of P3, at that place is excess supply equal to the distance DE.

29. Which of the post-obit CANNOT event in a decrease in the equilibrium quantity sold of an inferior good?

a) An increase in the toll of a substitute for the good.
b) An increase in consumer incomes.
c) An increase in wages paid to workers who produce the good.
d) An increase in the cost of a complement for the adept.

thirty. Which of the post-obit statements is FALSE?

a) At the competitive equilibrium, market surplus is maximized.
b) At the competitive equilibrium, the marginal benefit to consumers equals the marginal cost to producers.
c) At the competitive equilibrium, social surplus is maximized if at that place are no externalities.
d) At the competitive equilibrium, it is possible to make at least one person better off without making anyone worse off.

31. A recent Health Canada written report argued that there is a strong link between the consumption of steak and heart disease. At the same fourth dimension, Canadian consumers' incomes rose. If steak is a normal good, what are the combined effects in the market place for steak?

a) An increase in the equilibrium price and the quantity.
b) An increase in the equilibrium cost and an unpredictable change in the equilibrium quantity.
c) An unpredictable change in both the equilibrium cost and the quantity.
d) An unpredictable change in the equilibrium cost and a subtract in the equilibrium quantity.

The adjacent THREE questions refer to the diagram below.

32. Given the equilibrium quantity of 300 units, which areas stand for Marketplace SURPLUS?

a) a+b+c+d.
b) a+b+c.
c) a+c.
d) a+b.

33. Given the equilibrium quantity of 300 units, which areas represent PRODUCER SURPLUS?

a) c+d.
b) a+b.
c) a+c.
d) b+d.

34. Given the equilibrium quantity of 300 units, which areas stand for CONSUMER SURPLUS?

a) c+d.
b) a+b.
c) a+c.
d) b+d.

Source: https://pressbooks.bccampus.ca/uvicecon103/chapter/topic-3-multiple-choice-questions/

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