Carefully explain what is happening in the following markets. Indicate the impact if any on demand, supply, price and quantity. Scenario 1: Market for 21ft Ladders Impact on supply a. Decrease towards equilibrium b. Increase equilibrium quantity c. Shift inwards/ to left d. Increase towards equilibrium e. Change in quantity uncertain f. Excess demand g. Change in price uncertain h. Excess supply k. Decrease equilibrium price l. Shift outwards to right m. Increase equilibrium price Impact on demand a. Decrease towards equilibrium b. Increase equilibrium quantity c. Shift inwards/ to left d. Increase towards equilibrium e. Change in quantity uncertain f. Excess demand g. Change in price uncertain h. Excess supply k. Decrease equilibrium price l. Shift outwards to right m. Increase equilibrium price Impact on price a. Decrease towards equilibrium b. Increase equilibrium quantity c. Shift inwards/ to left d. Increase towards equilibrium e. Change in quantity uncertain f. Excess demand g. Change in price uncertain h. Excess supply k. Decrease equilibrium price l. Shift outwards to right m. Increase equilibrium price Impact on quantity a. Decrease towards equilibrium b. Increase equilibrium quantity c. Shift inwards/ to left d. Increase towards equilibrium e. Change in quantity uncertain f. Excess demand g. Change in price uncertain h. Excess supply k. Decrease equilibrium price l. Shift outwards to right m. Increase equilibrium price
Carefully explain what is happening in the following markets. Indicate the impact if any on demand, supply, price and quantity. Scenario 1: Market for 21ft Ladders Impact on supply a. Decrease towards equilibrium b. Increase equilibrium quantity c. Shift inwards/ to left d. Increase towards equilibrium e. Change in quantity uncertain f. Excess demand g. Change in price uncertain h. Excess supply k. Decrease equilibrium price l. Shift outwards to right m. Increase equilibrium price Impact on demand a. Decrease towards equilibrium b. Increase equilibrium quantity c. Shift inwards/ to left d. Increase towards equilibrium e. Change in quantity uncertain f. Excess demand g. Change in price uncertain h. Excess supply k. Decrease equilibrium price l. Shift outwards to right m. Increase equilibrium price Impact on price a. Decrease towards equilibrium b. Increase equilibrium quantity c. Shift inwards/ to left d. Increase towards equilibrium e. Change in quantity uncertain f. Excess demand g. Change in price uncertain h. Excess supply k. Decrease equilibrium price l. Shift outwards to right m. Increase equilibrium price Impact on quantity a. Decrease towards equilibrium b. Increase equilibrium quantity c. Shift inwards/ to left d. Increase towards equilibrium e. Change in quantity uncertain f. Excess demand g. Change in price uncertain h. Excess supply k. Decrease equilibrium price l. Shift outwards to right m. Increase equilibrium price
Chapter4: Supply And Demand: An Initial Look
Section: Chapter Questions
Problem 6DQ
Related questions
Question
Carefully explain what is happening in the following markets. Indicate the impact if any on demand , supply, price and quantity.
Scenario 1:
Market for 21ft Ladders
Impact on supply
a. Decrease towards equilibrium
b. Increase equilibrium quantity
c. Shift inwards/ to left
d. Increase towards equilibrium
e. Change in quantity uncertain
f. Excess demand
g. Change in price uncertain
h. Excess supply
k. Decrease equilibrium price
l. Shift outwards to right
m. Increase equilibrium price
Impact on demand
a. Decrease towards equilibrium
b. Increase equilibrium quantity
c. Shift inwards/ to left
d. Increase towards equilibrium
e. Change in quantity uncertain
f. Excess demand
g. Change in price uncertain
h. Excess supply
k. Decrease equilibrium price
l. Shift outwards to right
m. Increase equilibrium price
Impact on price
a. Decrease towards equilibrium
b. Increase equilibrium quantity
c. Shift inwards/ to left
d. Increase towards equilibrium
e. Change in quantity uncertain
f. Excess demand
g. Change in price uncertain
h. Excess supply
k. Decrease equilibrium price
l. Shift outwards to right
m. Increase equilibrium price
Impact on quantity
a. Decrease towards equilibrium
b. Increase equilibrium quantity
c. Shift inwards/ to left
d. Increase towards equilibrium
e. Change in quantity uncertain
f. Excess demand
g. Change in price uncertain
h. Excess supply
k. Decrease equilibrium price
l. Shift outwards to right
m. Increase equilibrium price
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