Explains it correctly Q)Any situation where quantity supplied does not equal quantity demanded indicates: Select one: a. a point where quantity demanded is equal to quantity supplied. b. a market equilibrium. c. a situation in which the actions of buyers do not match the actions of sellers. d. a place where the laws of supply and demand do not hold.
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Explains it correctly
Q)Any situation where quantity supplied does not equal quantity demanded indicates:
Select one:
a. a point where quantity demanded is equal to quantity supplied.
b. a
c. a situation in which the actions of buyers do not match the actions of sellers.
d. a place where the laws of supply and
Step by step
Solved in 3 steps
- Review Figure 3.4. Suppose the price of gasoline is 1.60 per gallon. Is the quantity demanded higher or lower than at the equilibrium price of 1.40 per gallon? What about the quantity supplied? Is there a shortage or a surplus in the market? If so, how much? Figure 3.4 Demand and Supply of Gasolinehelp me tutors (choose answer correctly) not neccessarily to explan. 1. Evaluate the movement from point A to point B on the graph shows. a. decrease in demand. b. decrease in quantity demanded.c. an increase in quantity demanded.d. an increase in demand. 2. According to the graph, what are equilibrium price and quantity. a. $7, 20 b. $5, 40c. $7, 60 d. $3, 60QUESTION 9 Consider the market for a good that is initially in equilibrium. For a given upward-sloping supply curve, an increase in demand will typicall a. increase price but quantity could change in either direction. b. increase both quantity and price. c. increase price but leave quantity unchanged. d. decrease both quantity and price. e. increase quantity but price could change in either direction.
- 2. For each of the statements below, select the option that best describes what would happen to supply and demand for the good in italics. Assume "ceteris paribus" unless otherwise told. a. Demand shifts in (falls) b. Demand shifts out (rises) c. Quantity demanded increases d. Quantity demanded decreases e. Supply shifts in (falls) f. Supply shifts out (rises) g. Quantity supplied increases h. Quantity supplied decreases 1. If the price of pizza falls, what happens to the demand for Dr. Pepper (a complement)? 2. If the price of chicken rises, what happens to chicken nugget supply? 3. If the government provides a subsidy for chocolate chip cookie bakers, what happens to the supply of chocolate chip cookies? 4. If the government provides a subsidy for chocolate chip cookie bakers, what happens to the demand for chocolate chip cookies? 5. If the price of paper rises because of a change in demand, what happens to paper supply?The fact that a fall in the price of a good results in a decrease in the quantity of the good supplied illustrates Select one: A. the law of demand. B. the law of supply. C. the nature of an inferior good. D. technological improvement. O E. a change in supply.d. How will this change the equilibrium price and quantity of coffee? Explain your reasoning. Scenario 2: The Ministry of health publishes a study finding that coffee drinking reduces the probability of getting cancer. a. How do you imagine this will affect the market for coffee? Why? b. Which determinant of demand or supply is being affected? Explain. c. Show graphically the changes in demand or supply. d. Will this change the equilibrium price and quantity of coffee? Explain your reasoning.
- An increase in the price of a good would :a. Give producers an incentive to produce more. b. Increase the amount purchased by buyers. c.Decrease both the quantity demanded of the good and the quantity supplied of the good. d. Decrease the supply of the good..4. Which of the following statements about equilibrium price are true? Choose all that apply. A. Shortage occurs when the quantity demanded is beyond what the current supply is at a specific price. B. Market equilibrium takes place almost instantly. C. A surplus occurs when the quantity supplied is above the quantity demanded at a specific price. D. Market equilibrium occurs when the quantity demanded and the quantity supplied are the same.(A) Given the following data on individual supply and demand, calculate the market supply and demand. (B) what is the equilibrium price? (C) supposed the current price is $4, at this price, how much of a shortage or surplus exists in gallons?
- 1. Select the three statements that relate to the concept of supply. i. Supply is influenced by changes in demand ii. Supply refers to quantities of goods or services that can be sold at various prices during a certain period. iii. An increase in supply will result in a fall in the price of the product and an increase in the quantity exchanged iv. Supply influences consumer behaviour and buying patterns. A. i, ii, iii B. i, ii, iv C. i, iii, iv D. ii, iii, ivWhich of the following will definitely result in a decrease in the equilibrium price of a good? Select one: a. A decrease in demand together with an increase in supply. b. An increase in both demand and supply. c. A decrease in supply only. d. A decrease in both demand and supply. e. An increase in demand together with a decrease in supply.1) If supply increases and demand also decreases, we can conclude that the new equilibrium: a. Quantity must increase but market price may fall, stay the same or even increase. b. Price must fall but market quantity may fall, stay the same or even increase. c. Price must increase but market quantity may fall, stay the same or even increase. d. Quantity must decrease but market price may fall, stay the same or even increase. e. Both market quantity and market price must increase. f. Market quantity must increase and market price must decrease. 2.) One of the following equations represents a supply curve and the other a demand curve. You have to decide which is which. Circle the answer for question three that is the closest to being correct. The equations are: Q = 150 - 10P Q = 100 + 5.6P What quantity will be demanded if the market price is forced to be $9? 3.2 60.0 111.0 118.0 130.0…
