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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
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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

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