DEMAND AND SUPPLY Use the graph below to answer questions 1 through 4. Price ($) Supply 4 3 1 Demand 200 400 600 800 Quantity Quantity demanded and quantity supplied are equal when the price is equal to: 1. $1. a. b. $2. $3. C. d. $4. 2. If the price in this market is set at $2, a shortage; 200 shortage; 400 of units will result. a. surplus; 200 surplus; 400 C. b. d. 3. If the price in this market is set at $4, a shortage; 200 shortage; 400 of units will result. a. surplus; 200 surplus; 400 C. b. d. 4. If, at the current price, quantity demanded is equal to 400 units and quantity supplied is equal to 800 units, then price will: increase, causing quantity demanded to fall and quantity supplied to rise. increase, causing quantity demanded to rise and quantity supplied to fall. decrease, causing quantity demanded to fall and quantity supplied to rise. decrease, causing quantity demanded to rise and quantity supplied to fall. a. b. C. d. 67 Chapter 4 Assignments 2.

DEMAND AND SUPPLY Use the graph below to answer questions 1 through 4. Price ($) Supply 4 3 1 Demand 200 400 600 800 Quantity Quantity demanded and quantity supplied are equal when the price is equal to: 1. $1. a. b. $2. $3. C. d. $4. 2. If the price in this market is set at $2, a shortage; 200 shortage; 400 of units will result. a. surplus; 200 surplus; 400 C. b. d. 3. If the price in this market is set at $4, a shortage; 200 shortage; 400 of units will result. a. surplus; 200 surplus; 400 C. b. d. 4. If, at the current price, quantity demanded is equal to 400 units and quantity supplied is equal to 800 units, then price will: increase, causing quantity demanded to fall and quantity supplied to rise. increase, causing quantity demanded to rise and quantity supplied to fall. decrease, causing quantity demanded to fall and quantity supplied to rise. decrease, causing quantity demanded to rise and quantity supplied to fall. a. b. C. d. 67 Chapter 4 Assignments 2.

Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter5: Markets In Motion And Price Controls

Section: Chapter Questions

Problem 3P

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