One view of the consumption function is that workers have high propensities to consume and capitalists have low propensities to consume.
September 3, 2020
How responsive do you think consumers will be to the price change when these fluctuations occur due to changes in supply? Why?
September 3, 2020

q1 ) In the orange market, in which of the following cases will the equilibrium price necessarily increase?

1 Both the supply and demand curves both increase.

2 The price of apple juice has risen.

3 A bumper crop for oranges is expected.

4 Newspaper story of oranges causing cancer.

q2)In the Egg market, a price floor that is set above market equilibrium will cause

1 – queuing on the part of consumers.

2 a surplus.

3 a shortage.

4 an excess quantity demanded.

q3)If a group of sellers of bubble gum have decided to put more of that product on the market, this is shown graphically as:

1 -a shift to the left in the supply curve.

2 a shift to the left in the demand curve.

3 not enough information is given to answer this.

4 an increase in the quantity of demand which is movement along the demand curve.

q4)Which one of the following would cause an increase in the supply schedule of airplanes?

1 a decrease in the demand for planes.

2 an increase in taxes applied to plane producers.

3 an increase in the price of planes.

4 an improvement in the technology used to produce planes.

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