a. A. The market for air conditioning in Phoenix is initially in equilibrium. Which of the following is likely to bring about a movement along the supply curve for oranges? A. When the wage rate is $25 dollars per hour, Union A's quantity of labor demanded is 4,000, Union B's is 5,000, and Union C's is 7,000. Your coworker Ginny is really concerned about a project that she has just been assigned. When the substitution effect is greater than the income effect, wages increase the supply of labor. B. increase the price and affect the equilibrium quantity in an in... A leftward shift of the supply curve for oil in the United States is most likely to result from A. a decrease in the fees that oil companies must pay for drilling licenses. $120 b. b. Explain what a decrease in price eliminates and why the excess supply shrinks as the price decreases. List three factors that can change an economy's potential output. Do all demand curves slope downward? Suppose the price of oranges rises. How many units of labor should a firm use in order to produce 30,000 units of output at the lowest possible cost? A change in the price of close-substitute product J, b. The demand for a product is D(x) = \sqrt{20- 0.5x} A. Suppose gasoline prices increased sharply and consumers became fearful of owning too many expensive cars. Explain the factors that will affect demand, supply, and prices of a product. a. Whenever the supply of college-educated workers stagnates, the skill premium always rises: A.True B. Which of the following will cause the demand for kerosene heaters to increase? Explain. C. The equilibrium price of cho... Ceteris paribus, if the price of lumber increases, we would expect an increase in the supply of lumber. An increase in supply causes a change in equilibrium price; the change in price does not cause a further change in demand or supply. An increase in the real wage will cause the labor supply function to and the labor demand function to. But last year, the price of oranges was r... Why is the labor demand for an individual firm in a competitive industry more elastic than the labor demand for the entire industry? (the supply) by the company as well as the amount demanded for the product by the consumer (the demand). Consider the equation P = -8Q + 10. Tax on tobacco p... What would cause the demand to shift? Explain. There are two common ways to discourage tobacco use: taxes on tobacco and information campaigns on the hazards of tobacco use. what will happen to the price and quantity of battery powered flashlights? a. L_D = 100 - 4W, L_S = -10 + W A. Which of the following will not cause the supply curve to shift? Explain your answer using a diagram. B. A. supply, demand B. supply, quantity demanded C. demand, supply D. demand, quantity supplies. B)the difference between one price and another. a. C.Only non-price determinants are held constant. a. B. Which of the follo... All else constant, an increase in the number of buyers in the market for cell phone service would cause: a. equilibrium price to increase and equilibrium quantity to decrease. c. The supply curve to shift upwards. The Law Of Demand helps to explain social behavior. With respect to demand for college enrollment, which of the following would cause a (1) movement along the demand curve and which would cause (2) a shift in the demand curve? Use diagram in your explanation. Income B. If demand increases and supply decreases, what will happen to price? C. a good has many substitutes. If a study by medical researchers found that brown sugar caused weight loss while white sugar caused weight gain we likely would see: a. an increase in demand for brown sugar and a decrease in dema... State, in words, and show with a graph, the effect of the following events on equilibrium price and quantity of the market given.