New oak tables are normal goods. What would happen to the equilibrium price and quantity in the market for oak tables if the price of maple tables rises, the price of oak wood rises, more buyers enter the market for oak tables, and the price of wood saws increased?
举一反三
- If the price of oak lumber increases, what happens to consumer surplus in the market for oak cabinets?
- If the price of oak lumber increases, what happens to consumer<br/>surplus in the market for oak cabinets? () A: Consumer<br/>surplus increases. B: Consumer<br/>surplus decreases. C: Consumer<br/>surplus will not change consumer surplus; only producer surplus<br/>changes. D: Consumer<br/>surplus depends on what event led to the increase in the price of oak<br/>lumber.
- What would happen to the equilibrium price and quantity of coffee if the wages of coffee-bean pickers fell and the price of tea fell?
- An increase in market supply and an increase in market demand will result in A: A decrease in equilibrium price and an increase in equilibrium quantity B: A decrease in equilibrium price - the change in equilibrium quantity is indeterminate C: An increase in equilibrium quantity and the change in price is unclear D: all of above
- If the U.S. Surgeon General announced that increased grapefruit juice consumption could help prevent heart attacks, what would happen to the equilibrium price and quantity of grapefruit juice? A: Price and quantity both increase. B: Price and quantity both decrease. C: Price increases but quantity decreases. D: Price decreases but quantity increases.