O P* will be ambiguous and Q* will increase Question 14 1 pts You are interested in the market for baby food. There has been an increase in the number of babies being born and at the same time the cost of producing baby food has decreased. How would this affect the equilibrium price (P*) and equilibrium quantity (Q*) of baby food? O P* is ambiguous and Q* decreases O P* is ambiguous and Q* increases O P* decreases and Q* decreases O P* decreases and Q* is ambiguous O P* increases and Q* is ambiguous Question 15 1 ptsTake Quiz D Question 17 1 pts You are interested in the market for Spam, which is considered an inferior good. Peoples incomes decrease and at the same time there is a technological advancement in the production of Spam. How would this affect the equilibrium price (P*) and equilibrium quantity (Q') of Spam? O P" is ambiguous and Q' decreases O P* increases and Q" is ambiguous P* decreases and Q' is ambiguous P. decreases and Q' decreases O P* is ambiguous and Q* increases D Question 18 1 pts The decrease in the supply of pink salmon has been greater than the decrease in the demand for pink salmon. How would this affect the equilibrium price (P*) and equilibrium quantity (Q") of pink salmon? O P. will increase and Q' will decrease. O P* will decrease and Q' will decrease. O P* will decrease and Q' will increase. O P* will increase and Q* will increase. D Question 19 1 pts You are interested in the market for cars. The price of gasoline has decreased and at the same time the price of steel (an input used to produce cars) has increased. As a result, we have noticed that more cars are being sold but at a higher price. Which of the following best describes these changes? The demand for cars decreased and the supply of cars increased The demand for cars and the supply of cars both increased The decrease in the supply of cars has been greater than the increase in the demand for cars The increase in the demand for cars has been greater than the decrease in the supply of carsThe demand for cars decreased and the supply of cars increased The demand for cars and the supply of cars both increased The decrease in the supply of cars has been greater than the increase in the demand for cars The increase in the demand for cars has been greater than the decrease in the supply of cars 1 pts Question 20 You are studying the market for onion rings in your hometown. The price of French Fries (a substitute) decreases and at the same time the price of onions also increases. You notice that as a result of these changes the price of onion rings in your town went up. What might best explain this change? The decrease in the supply of onion rings was greater than the decrease in the demand for onion rings The supply of onion rings went up and the demand for onion rings went down The decrease in the demand for onion rings was greater than the decrease in the supply of onion rings The supply of onion rings went down and the demand for onion rings went up Quiz saved at 8:02pm Submit Quiz @ N Q W E R T Y U O