Delivery meals and restaurant meals are… Show more Which o

Custom Essays Economics Delivery meals and restaurant meals are… Show more Which o

Economics

Delivery meals and restaurant meals are… Show more Which o

Delivery meals and restaurant meals are… Show more Which of the following is represented by this figure? A)Delivery meals and restaurant meals are complementary goods. B)When producers of delivery and restaurant meals change their preferences, the consumers respond. C)The increase in demand for delivery meals could have been caused by a change in consumers’ tastes. D)The fall in demand for restaurant meals was caused by an increase in the price for restaurant meals. E)The demand for delivery meals is less elastic than that for restaurant meals. The demand for Restaurant Meals shift in one direction while the demand for Delivery Meals shift in another direction. Which of the following impacts will it have on the quantity of Restaurant Meals and Delivery meals purchased by consumers? A)The quantity of Restaurant Meals purchased declines while the quantity of Delivery Meals purchased rises. B)The quantity of Restaurant Meals purchased rises while the quantity of Delivery Meals purchased declines. C)Both the quantity of Restaurant Meals purchased and the quantity of Delivery Meals purchased declines. D)Both the quantity of Restaurant Meals purchased and the quantity of Delivery Meals purchased increases. E)The quantity of Restaurant Meals purchased and the quantity of Delivery Meals purchased add up to 100. Identify the impact on the price of Restaurant Meals and Delivery Meals following the direction of the shifts in demand in these two industries. The price of. . . A)Restaurant Meals rises while the price of Delivery Meals declines. B)both Restaurant Meals and Delivery Meals declines. C)Restaurant Meals declines while the price of Delivery Meals rises. D)both Restaurant Meals and Delivery Meals rises. E)Restaurant Meals and the price of Delivery Meals add up to $10. In which direction will the resources flow following a shift in the demand for Restaurant Meals and Delivery Meals as represented by the figure? A)Resources flow from where they are more highly valued to where they are less highly valued in order to make the consumer better off. B)Resources flow from where they are more highly valued to where they are less highly valued in order to reduce prices. C)Resources flow from where they are more highly valued to where they are less valued in order to reduce costs. D)Resources flow from Restaurant production and sales to Delivery production and sales. E)Resources flow to Restaurant production and sales and away from Delivery production and sales. If the price in the Delivery Meals market remains at $10 but demand shifts to D2 which of the following situations will be observed? A)People would be willing and able to purchase 75 units while only 60 units would be available. B)People would be willing and able to purchase only 60 units while 75 units would be available. C)People would be willing and able to purchase 75 units while only 25 units would be available. D)People would be willing and able to purchase 50 units and producers would supply exactly 50 units. E)People would be willing and able to purchase 75 units while only 50 units would be available. A person’s ability to purchase goods and services depends on: A)his aesthetic sense. B)his ability to hunt out the best bargains. C)the amount of information that he has. D)his money income. E)his intelligence level. Identify the correct reason behind the rise in agricultural produce in the U.S. despite a drastic decline in the percentage of the country’s workforce employed in this sector. A)Use of improved technology B)Reduced production costs due to government subsidies C)Foreign investment in the agricultural sector D)Fall in the demand for agricultural produce E)Increased imports of agricultural goods Which of the following situations is an example of creative destruction? A)An aspiring fashion designer acting as a part-time model in fashion shows B)Farm workers moving to technologically advanced industrial sector after undergoing proper training C)An old residential building demolished for constructing a new shopping mall and multiplex D)A garment manufacturer reducing production to recover its losses E)An athlete serving as a brand ambassador for Nike Firms try to minimize costs and maximize profits and in the process produce: A)the goods and services that buyers want at the highest possible cost. B)the goods and services that buyers want at the least possible cost. C)the maximum amount of goods or services that they are capable of producing. D)economically inefficient amounts of goods or services. E)only those goods and services which command a very high price in the market. In a market system, which of the following factors determines a consumers’s ability to pay for a good or service? A)Technology B)Consumer’s income C)Cost of production D)Consumer’s wants E)Market supply In a market system, consumer demands dictate _____ and the search for profit defines _____. A)for whom goods and services are produced; how goods and services are produced B)what is produced; for whom goods and services are produced C)where goods and services are produced; for whom goods and services are produced D)what is produced; where goods and services are produced E)what is produced; how goods and services are produced When a household owns shares of stock: A)it has ownership rights in that firm. B)it is entitled to the majority of the firm’s profits. C)it is liable to bear the entire loss faced by the firm. D)it can consume the firm’s products without paying for it. E)it is responsible for correcting any defect in the product identified by the customers. PLEASE LET ME KNOW IF YOU’RE CONFIDENT THAT YOUR ANSWERS ARE CORRECT SO I CAN RATE YOU.. I APPRECIATE ALL OF YOUR EXPERT ADVICE. • Show less

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