What would cause both the equilibrium price and equilibrium quantity of cotton to increase?

Chapter 4/The Market Forces of Supply and Demand122233.New oak tables are normal goods. What would happen to the equilibrium price and quantity in the market for oaktables if the price of maple tables rises, the price of oak wood rises, more buyers enter the market for oak tables andthe price of wood saws increased?

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What can cause both equilibrium price and quantity to increase?
Which of the following would cause both the equilibrium price and equilibrium quantity of wheat assume that wheat is a normal good to increase?
Which of the following would cause the equilibrium price to increase and the equilibrium quantity to decrease?
Which of the following would cause both the equilibrium price and equilibrium quantity of potatoes to decrease?

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TYPE: M SECTION: 4 DIFFICULTY: 3234.What will happen to the equilibrium price and quantity of new cars if the price of gasoline rises, the price of steelrises, public transportation becomes cheaper and more comfortable, and auto-workers negotiate higher wages?a.Price will fall and the effect on quantity is ambiguous.b.Price will rise and the effect on quantity is ambiguous.c.Quantity will fall and the effect on price is ambiguous.d.Quantity will rise and the effect on price is ambiguous.ANSWER: c. Quantity will fall and the effect on price is ambiguous.

TYPE: M SECTION: 4 DIFFICULTY: 3

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What can cause both equilibrium price and quantity to increase?

An increase in demand, all other things unchanged, will cause the equilibrium price to rise; quantity supplied will increase. A decrease in demand will cause the equilibrium price to fall; quantity supplied will decrease.

Which of the following would cause both the equilibrium price and equilibrium quantity of wheat assume that wheat is a normal good to increase?

Answer and Explanation: The correct option is (c) a decrease in income .

Which of the following would cause the equilibrium price to increase and the equilibrium quantity to decrease?

An increase in the price of a substitute increases the equilibrium price of a product and decreases the quantity demanded.

Which of the following would cause both the equilibrium price and equilibrium quantity of potatoes to decrease?

Which of the following would cause both the equilibrium price and equilibrium quantity of potatoes (assume that potatoes are an inferior good) to decrease? A decrease in supply causes equilibrium price to rise; the increase in price then results in a decrease in demand.