AP (Advanced Placement) Microeconomics: Questions 334 - 336 of 398

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Question 334

Question

MCQ▾

The market for denim jeans is in equilibrium, and the price of polyester pants, a substitute good, rises. In the jeans market;

Choices

Choice (5)Response

a.

Demand rises, increasing the price and increasing the quantity.

b.

Demand falls, increasing the price and decreasing the quantity.

c.

Supply and demand both falls, causing an ambiguous change in price but a definite decrease in quantity.

d.

Supply falls, increasing the price and increasing the quantity.

e.

Supply falls, increasing the price and decreasing the quantity.

Question 335

Question

MCQ▾

Which of the following is most likely an example of production inputs that can be adjusted in the long run, but not in the short run?

Choices

Choice (5)Response

a.

Number of pickles put on a sandwich.

b.

Number of teacher՚s assistants in local high schools.

c.

The amount of electricity consumed by a manufacturing plant.

d.

The size of a McDonald՚s kitchen.

e.

Amount of wood used to make a desk.

Question 336

Question

MCQ▾

A consequence of a price floor is

Choices

Choice (5)Response

a.

An increase in quantity demanded and a decrease in quantity supplied.

b.

A persistent surplus of the good.

c.

A persistent shortage of the good.

d.

Elimination of dead weight loss.

e.

An increase in total welfare.

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