1 answer

Suppose that the price of a carton of skim milk is expected to fall next month...

Question:

Suppose that the price of a carton of skim milk is expected to fall next month Explain the effect of this event on the quanti

A minimum wage law is a government regulation that makes hiring labor services forthan a specified wage. OA. more: efficient

A price support is a price in an agricultural market maintained by a government guarantee to buy any output at that price. OWhen the price of a loaf of garlic bread increases 10 percent, the quantity of lasagna demanded decreases by 4 percent. Calcu

Suppose that the price of a carton of skim milk is expected to fall next month Explain the effect of this event on the quantity of skim milk supplied and on the supply of skim milk. O A. The quantity of skim milk supplied decreases and the supply of skim milk also decreases. O B. The quantity of skim milk supplied increases O C. The supply of skim milk decreases. O D. The quantity of skim milk supplied decreases E. The supply of skim milk increases
A minimum wage law is a government regulation that makes hiring labor services forthan a specified wage. OA. more: efficient O B. more; illegal O C. less, illegal O D. less; inefficient
A price support is a price in an agricultural market maintained by a government guarantee to buy any output at that price. O A. floor; surplus O B. floor; shortage OC. ceiling; shortage D. ceiling; surplus
When the price of a loaf of garlic bread increases 10 percent, the quantity of lasagna demanded decreases by 4 percent. Calculate the cross elasticity of demand for lasagna with respect to the price of a loaf of garlic bread. The cross elasticity of demand for lasagna with respect to the price of a loaf of garlic bread is >Answer to 1 decimal place. If your answer is negative, include a minus sign. If your answer is positive, do not include a plus sign We can use the cross elasticity of demand to determine that garlic bread and lasagna are O A. substitutes O B. complements C. inferior goods O D. normal goods

Answers

(1) (B)

A fall in expected future price will cause producers to decrease supply. But quantity supplied will not change (since current price does not change).

(2) (C)

A minimum wage law is a binding price floor, below which firms are not legally allowed to hire workers.

(3) (A)

A price support is a binding price floor imposed above equilibrium price. At higher floor price, quantity demanded falls but quantity supplied rises, causing a surplus that the government purchases at floor price.

(4) (B)

Cross elasticity = % Change in demand for lasagna / % Change in price of bread = -4% / 10% = -0.4

Since Cross elasticity is negative, they are complements.

.

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