Question

In the market for hot dogs, what happens when the price of beef goes up and...

In the market for hot dogs, what happens when the price of beef goes up and the price of hot dog buns goes up? [hot dogs are made of beef. Also, the term "hot dog" here refers to just the sausage. So you buy hot dogs at the store. And you also buy "hot dog buns" at the store. This gets confusing for some people, especially non-native English speakers]

What happens to supply and demand in the market for hot dogs?

A. Supply increases, demand increases.
B. Supply increases, demand decreases.
C. Supply decreases, demand increases.
D. Supply decreases, demand decreases.
E. Supply doesn't change, demand increases.
Review
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Question 2 of 30 (worth 1 point)
What determinant of supply causes the supply (of hot dogs) to shift?

A. Price of Related Goods.
B. Tastes and Preferences.
C. Input Prices.
D. Number of Sellers.
E. Price Expectations for the Future.
Review
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Question 3 of 30 (worth 1 point)
What determinant of demand causes demand (for hot dogs) to shift?

A. Price of Related Goods.
B. Tastes and Preferences.
C. Input Prices.
D. Number of Buyers.
E. Price Expectations for the Future.
Review
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Question 4 of 30 (worth 1 point)
What happens to the equilibrium price of hot dogs?

A. Price increases.
B. Price decreases.
C. Price stays the same.
D. Price could either go up or down...it's not certain what happens to price.
E. None of the above.
Review
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Question 5 of 30 (worth 1 point)
What happens to the equilibrium quantity of hot dogs?

A. Quantity increases.
B. Quantity decreases.
C. Quantity stays the same.
D. Quantity could go either up or down...it's not certain what happens to quantity.
E. None of the above.
In the market for hot dogs, what happens when the price of hot dogs is expected to fall in the future?

What happens to supply and demand in the market for hot dogs?

A. Supply increases, demand increases.
B. Supply increases, demand decreases.
C. Supply decreases, demand increases.
D. Supply decreases, demand decreases.
E. Supply doesn't change, demand increases.
Review
Check to review before finishing (will be flagged in Table of Contents)
Question 7 of 30 (worth 1 point)
What determinant of supply causes supply (for hot dogs) to shift?

A. Price of Related Goods.
B. Tastes and Preferences.
C. Input Prices.
D. Number of Sellers.
E. Price Expectations for the Future.
Review
Check to review before finishing (will be flagged in Table of Contents)
Question 8 of 30 (worth 1 point)
What determinant of demand causes demand (for hot dogs) to shift?

A. Price of Related Goods.
B. Tastes and Preferences.
C. Input Prices.
D. Number of Buyers.
E. Price Expectations for the Future.
Review
Check to review before finishing (will be flagged in Table of Contents)
Question 9 of 30 (worth 1 point)
What happens to the price of hot dogs?

A. Price increases.
B. Price decreases.
C. Price stays the same.
D. Price could either go up or down...it's not certain what happens to price.
E. None of the above.
Review
If more coffee shops close down, then

A. The price of coffee will decrease.
B. The demand for coffee will decrease.
C. The supply of coffee will increase.
D. The quantity demanded of coffee will decrease.
E. The quantity supplied of coffee will increase.
Review
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Question 12 of 30 (worth 1 point)
The price elasticity of demand will increase with the length of the time period because:

A. Consumers' incomes will increase.
B. The demand curve will shift outward.
C. The demand curve will shift inward.
D. All prices will increase over time.
E. Consumers will be better able to find substitutes.
Review
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Question 13 of 30 (worth 1 point)
Demand for textbooks is generally considered to be (price) inelastic in demand. What determinant COULD NOT explain why demand for this good is inelastic?

A. Necessity vs. Luxury.
B. Tastes and Preferences.
C. Time Horizon.
D. Percentage of Income.
E. Substitutability.
Review
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Question 14 of 30 (worth 1 point)
According to the Law of Demand, when price increases

A. Demand decreases.
B. Supply increases.
C. Supply decreases.
D. Quantity decreases.
E. None of the above are correct.
Use the table below for this question and the next one. Let's say that the good involved is "surf shorts".

Old New
Price: 40 Price: 20
Qd: 16 Qd: 18

What is the price elasticity of demand for surf shorts? (If you use the "point elasticity" method, your answer should be EXACTLY one of the options below. If you use the "midpoint method", choose the one that's closest to your calculations.

A. -4
B. -2
C. -0.5
D. -0.25
E. 0
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Question 16 of 30 (worth 1 point)
According to your calculations in the previous question, what type of good is "surf shorts"?

A. Elastic.
B. Inelastic.
C. Unit Elastic.
D. Normal Good.
E. Inferior Good
F. Substitute.
G. Complement.
Review

Homework Answers

Answer #1

Q1) option D)

Since input price ( beef price ) rise, so supply falls.

As hot dogs & hot dog buns are complementary goods, as both are jointly consumed, hence if one good price rise, demand for other fallsi

Q2) option c) input prices

beef is input in Production of hot dogs

Q3) option A) price of related goods

the two goods are consumed together, so two are complementary goods

Q4) option D) uncertain

price can rise or fall, depending upon the relative magnitude of shifts of two curves

Q5) option B) falls.

output will fall surely

It's mandatory to answer only first four MCQ

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