Hello there, I need someone with full knowledge on microeconomics to help me with this principles of microeconomics multiple choice questions, I would really appreciate it! by ella | Mar 29, 2024 | Business & Finance Description Question 1 Figure 3-4 Refer to Figure 3-4. If the current market price is $15, the market will achieve equilibrium by a price increase, increasing the quantity supplied and decreasing the quantity demanded. a price decrease, decreasing the quantity supplied and increasing the quantity demanded. a price increase, increasing the supply and decreasing the demand. a price decrease, decreasing the supply and increasing the demand. Question 11 Figure 2-7 Tesla opened its Gigafactory near Sparks, Nevada to produce lithium-ion batteries for both its automobiles and its Powerwall energy storage products. Figure 2-7 shows changes to its production possibilities frontier at the Gigafactory in response to new developments and different strategic production decisions. Refer to Figure 2-7. Assume a technological advancement greatly reduces the cost to produce batteries for its automobiles. This is best represented by the movement from H to J in Graph B. movement from E to F in Graph A. movement from K to L in Graph C. Question 12 Figure 2-6 Refer to Figure 2-6. If the economy is currently producing at point E, what is the gain in production if the economy moves to point D? 8 thousand wrenches 10 thousand hammers 0 wrenches Question 25 A decrease in the equilibrium quantity for a product will result when there is a decrease in supply and a decrease in demand for the product. when there is an increase in supply and a decrease in demand for the product. when there is a decrease in demand and an increase in the number of firms producing the product. Question 33 Figure 3-4 Refer to Figure 3-4. If the price is $15, there would be a surplus of 300 units. there would be a surplus of 400 units. there would be a shortage of 300 units. Question 38 Figure 2-4 Figure 2-4 shows various points on three different production possibilities frontiers for a nation. Refer to Figure 2-4. A movement from Y to Z is the result of advancements in food production technology. represents an increase in the demand for plastic products. is the result of advancements in plastic production technology. Question 42 A decrease in the equilibrium price for a product will result when there is an increase in supply and a decrease in demand for the product. when there is a decrease in supply and a decrease in demand for the product. when the quantity demanded for the product exceeds the quantity supplied. Allison’s Auto Art is a company that applies pinstripes to vehicles. Allison’s cost for a basic 1-color pinstriping job is $35, and she charges $95 for this service. For a total price of $175, Allison will apply a fancier 3-color pinstripe application to an automobile, a service that adds an additional $40 to the total cost of the package. What is Allison’s marginal benefit if she sells a basic 1-color job? $35 $60 $95 The marginal benefit cannot be determined. when there is a decrease in demand and a decrease in the number of firms producing the product. is the result of a decrease in preference for food products. there would be a shortage of 400 units. when the quantity demanded for the product exceeds the quantity supplied. 13 thousand hammers movement from G to H in Graph B. Order a similar assignment, and have writers from our team of experts write it for you, guaranteeing you an A