{"id":971,"date":"2020-11-11T20:00:30","date_gmt":"2020-11-11T19:00:30","guid":{"rendered":"https:\/\/interactivemicroeconomics.com\/?page_id=971"},"modified":"2020-11-14T17:39:51","modified_gmt":"2020-11-14T16:39:51","slug":"self-evaluation","status":"publish","type":"page","link":"https:\/\/interactivemicroeconomics.com\/index.php\/sample-page\/self-evaluation\/","title":{"rendered":"Self-evaluation"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-page\" data-elementor-id=\"971\" class=\"elementor elementor-971\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-5af1915 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"5af1915\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element 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<p>Choose the item you think is correct and click the 'Check response' button.<\/p>\n  <p>Even if you have chosen the correct answer, it may be interesting to choose the items that made you doubt to see some additional explanation. <\/p>\n<\/div> <!-- texto -->\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-7df1b8d elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"7df1b8d\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-10b24cc\" data-id=\"10b24cc\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-c3fc683 elementor-widget elementor-widget-html\" data-id=\"c3fc683\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"html.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"texto\">\n    <div class=\"cuerpotest\">\n    \n    \n    <!--Primera pregunta del test-->\n<!-- Hay que ir sustituyendo los textos (que est\u00e1n todos en negro)-->\n<div class=\"preguntatest\">\n  <p>The market for a good was in competitive equilibrium. A university develops a new technique that allows producing the good with less energy expenditure, saving 20% in production costs. The new technology is available to all producers. <br>In the new equilibrium...<\/p>\n  <!--Primera respuesta-->\n  <p class=\"itemtest\">\n    <input type=\"radio\" class=\"radio\" name=\"pregunta1\" value=\"false\" id=\"resp11\" \/> <label for=\"resp11\" id=\"item11\" class=\"resputest\" data-tooltip-content=\"#tip11\">Production will remain the same, but the selling price will drop by 20%.<\/label>\n  <\/p>\n  <div class=\"tooltip_templates\"> <span id=\"tip11\" style=\"maxWidth=400;\" >\n    <p style=\"color:red;\"> Try again! <\/p>\n    A 20% cost reduction will shift the supply curve downwards by 20%. Thus, if the price drops by 20%, companies will offer the same amount as before.\n      <p>\n<div align=\"center\"><img fetchpriority=\"high\" decoding=\"async\" src=\"https:\/\/interactivemicroeconomics.com\/wp-content\/uploads\/2020\/11\/figuraEjemplo3_a.png\" width=\"300\" height=\"250\" alt=\"\"\/><\/div><\/p>\n<\/span> <\/div>\n  <!--Segunda respuesta-->\n  <p class=\"itemtest\">\n    <input type=\"radio\" class=\"radio\" name=\"pregunta1\" value=\"false\" id=\"resp12\"\/>\n    <label for=\"resp12\" id=\"item12\" class=\"resputest\" data-tooltip-content=\"#tip12\">The price will remain the same, but firms will offer more product at that price.<\/label>\n  <\/p>\n  <div class=\"tooltip_templates\"> <span id=\"tip12\" style=\"maxWidth=400;\" >\n    <p style=\"color:red;\"> Try again! <\/p>\n    It is true that at the same price firms will offer more, but the quantity demanded would not change, so firms would not be able to sell the new production. Therefore, there would be an excess of supply, and the market would not be in equilibrium. <p>\n<div align=\"center\"><img decoding=\"async\" src=\"https:\/\/interactivemicroeconomics.com\/wp-content\/uploads\/2020\/11\/figuraEjemplo3_b.png\" width=\"300\" height=\"250\" alt=\"\"\/><\/div><\/p><\/span> <\/div>\n  <!--tercera respuesta-->\n  <p class=\"itemtest\">\n    <input type=\"radio\" class=\"radio\" name=\"pregunta1\" value=\"true\" id=\"resp13\"\/>\n    <label for=\"resp13\" id=\"item13\" class=\"resputest\" data-tooltip-content=\"#tip13\">Production will be higher, and sales will be cheaper.<\/label>\n  <\/p>\n  <div class=\"tooltip_templates\"> <span id=\"tip13\" style=\"maxWidth=400;\" > <p>&#9989; Perfect !!<\/p>On the one hand, firms will offer more at the same price, and to be able to sell the new production the price must drop (so the increase in production is not as large as if the price had not dropped). <p>\n<div align=\"center\"><img decoding=\"async\" src=\"https:\/\/interactivemicroeconomics.com\/wp-content\/uploads\/2020\/11\/figuraEjemplo3_c.png\" width=\"300\" height=\"250\" alt=\"\"\/><\/div><\/p><\/span> <\/div>\n  <!--Cuarta respuesta-->\n  <p class=\"itemtest\">\n    <input type=\"radio\" class=\"radio\" name=\"pregunta1\" value=\"false\" id=\"resp14\"\/>\n    <label for=\"resp14\" id=\"item14\" class=\"resputest\" data-tooltip-content=\"#tip14\">Since production is now cheaper, consumers will demand more product at the same price.<\/label>\n  <\/p>\n  <div class=\"tooltip_templates\"> <span id=\"tip14\" style=\"maxWidth=400;\" >\n    <p style=\"color:red;\"> Try again! <\/p>\n    The quantity demanded depends on the selling price, not on the production cost. 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