Question

QUESTION 19 Market: Green Tea Event: Scientists discover that drinking green tea can cure lymphoma. Question:...

QUESTION 19

  1. Market: Green Tea

    Event: Scientists discover that drinking green tea can cure lymphoma.

    Question: What is the determinant of supply?

    a.

    None

    b.

    Price of goods made with same resources

    c.

    Technology

    d.

    Price of inputs

    e.

    Expectation of future price changes

    f.

    Number of sellers

3 points   

QUESTION 20

  1. Market: Green Tea

    Event: Scientists discover that drinking green tea can cure lymphoma.

    Question: What is the determinant of demand?

    a.

    None

    b.

    Consumer preferences

    c.

    Price of related goods

    d.

    Income of consumers

    e.

    Expectation of future price changes

    f.

    Number of buyers in the market

3 points   

QUESTION 21

  1. Market: Green Tea

    Event: Scientists discover that drinking green tea can cure lymphoma.

    Question: What is the change in supply?

    a.

    Increase

    b.

    Decrease

    c.

    No change

    d.

    Indeterminate

3 points   

QUESTION 22

  1. Market: Green Tea

    Event: Scientists discover that drinking green tea can cure lymphoma.

    Question: What is the change in demand?

    a.

    Increase

    b.

    Decrease

    c.

    No change

    d.

    Indeterminate

3 points   

QUESTION 23

  1. Market: Green Tea

    Event: Scientists discover that drinking green tea can cure lymphoma.

    Question: What will the change in equilibrium price be?

    a.

    Increase

    b.

    Decrease

    c.

    No change

    d.

    Indeterminate

3 points   

QUESTION 24

  1. Market: Green Tea

    Event: Scientists discover that drinking green tea can cure lymphoma.

    Question: What will the change in equilibrium quantity be?

    a.

    Increase

    b.

    Decrease

    c.

    No change

    d.

    Indeterminate

Homework Answers

Answer #1

19) a. None

When Scientists discover that drinking green tea cure lymphma then supply remains fixed. There is no change in determinant.

20) b) Consumer preferences

When consumers know green tea will cure lymphoma then they demand more green tea. Preferences of consumer changes.

21) c. No change

22) a. Increase

Demand increase when green tea cure lymphoma.

23) a. Increase

Increase in demand shifts demand curve rightwards which increases equilibrium price and quantity.

24) a. Increase

Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
QUESTION 1 Event: High Expectations about future income increase consumer spending (short run). Question: What is...
QUESTION 1 Event: High Expectations about future income increase consumer spending (short run). Question: What is the change in aggregate demand? a. Increase b. Decrease c. No change d. Indeterminate QUESTION 2 Event: High expectations about future income increase consumer spending (Short run) Question: What is the change in short run aggregate supply (SRAS)? a. Increase b. Decrease c. No change d. Indeterminate QUESTION 3 Event: High expectations about future income increase consumer spending (Short run) Question: What is the...
QUESTION 21 Event: Decrease in government spending due to concerns about increasing debt. (Long Run) Question:...
QUESTION 21 Event: Decrease in government spending due to concerns about increasing debt. (Long Run) Question: What is the change in aggregate demand (AD)? a. Increase b. Decrease c. No change d. Indeterminate QUESTION 22 Event: Decrease in government spending due to concerns about increasing debt. (Long Run) Question: What is the change in short run aggregate supply (SRAS)? a. Increase b. Decrease c. No change d. Indeterminate    QUESTION 23 Event: Decrease in government spending due to concerns about...
QUESTION 11 Event:  Universal K-12 education provides everyone a chance to go to school. (Short Run) Question:...
QUESTION 11 Event:  Universal K-12 education provides everyone a chance to go to school. (Short Run) Question: What is the change in aggregate demand? a. Increase b. Decrease c. No change d. Indeterminate QUESTION 12 Event: Universal K-12 education provides everyone a chance to go to school. (Short Run) Question: What is the change in short run aggregate supply? a. Increase b. Decrease c. No change d. Indeterminate QUESTION 13 Event: Universal K-12 education provides everyone a chance to go to...
Two events occur simultaneously in the market for California wine: Event 1: The price of glass...
Two events occur simultaneously in the market for California wine: Event 1: The price of glass wine bottles falls because strict government regulations on anti-shatter glass containers are abolished by Congress. Event 2: The price of cheese increases. Using demand and supply analysis predict what is likely to happen to the equilibrium price of California wine and the equilibrium quantity of California wine. a) Demand for California wine increases and supply of California wine increases, and the impact of these...
Currently the tea market is in equilibrium at price $4.00 per bag of tea and 100,000...
Currently the tea market is in equilibrium at price $4.00 per bag of tea and 100,000 bags of tea. Now, suppose a new method of picking tea leaves reduces the labor cost of picking tea leaves by 30%. This new method will lead to a 20% change in the equilibrium price of tea. The Price Elasticity of Demand (Ed) for Tea has been calculated to be 1.10. The Price Elasticity of Supply (Es) for Tea has been calculated to be...
QUESTION 19 In an economy with MPC = 0.8, and according to the goods market equilibrium...
QUESTION 19 In an economy with MPC = 0.8, and according to the goods market equilibrium equation in the IS-LM model, to increase (equilibrium) total output, Y, by 8, the government can: A. cut/lower the level of taxation, T, by 1. B. cut/lower the level of taxation, T, by 2. C. increase the level of taxation, T, by 2. D. none of the above. 10 points    QUESTION 20 Every point on an IS curve represents: A. a combination of...
1.      Ocean Spray, an agricultural cooperative association for cranberries growers in Massachusetts, needs to predict what...
1.      Ocean Spray, an agricultural cooperative association for cranberries growers in Massachusetts, needs to predict what will happen to the price and output of cranberries under the conditions below. What are your predictions? For each part, identify if the event is a supply or demand related and relate to the specific determinant of supply/demand. Please sketch a graph showing the appropriate demand and supply curves and label the changes to the rationing and guiding (allocating) functions. a.       A major freeze...
Question -:For each market whose product is highlighted in italics, identify whether demand or supply is...
Question -:For each market whose product is highlighted in italics, identify whether demand or supply is increasing or decreasing. In each case, identify the demand or supply factor causing the change. In which direction does the demand or supply curve shift? a. Medical researchers discover that consumption of blueberries reduces the risk of cancer b. New automated equipment is introduced in the production of tea. c. A significant rise in the price of game consoles affects the market for computer...
According to the law of demand an increase in the price of Pepsi will (ceteris paribus):...
According to the law of demand an increase in the price of Pepsi will (ceteris paribus): A)        increase the quantity demanded of Pepsi. B)        decrease the quantity demanded of Pepsi. C)        increase the demand for Pepsi. D)        decrease the demand for Pepsi. 3 points    QUESTION 7 A change in the demand for beef will most likely be caused by a change in the: A)        price of beef. B)        price of pork. C)        cost of producing beef D)        technology used...
The researchers discover that the lysine residues can have their pKa values altered by changing a...
The researchers discover that the lysine residues can have their pKa values altered by changing a variety of factors in the solution. They propose several experiments, listed below. Predict the effect of the proposed changes on the pKa of the Nā€™-PACKERS-Cā€™ lysine side chain. Answer each part with your prediction of whether the pKa of the lysine will D (decrease), I (increase), or N (little or no change). a)The Lys side chain is shifted to the nonpolar interior location of...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT