) 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.
1) If supply increases and
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 60.0 111.0 118.0 130.0 150.0 (all close, but approximate)
3)
Here is a function that is either a demand function or a supply function (but not both):
Q = 6 + 5P
A change occurs so that the following function now represents the situation:
Q = 2 +5P
We can conclude that: Circle the correct answer from the list below
a. demand has increased
b. demand has decreased
c. supply has increased
d. supply has decreased
e. quantity supplied has decreased
f. quantity demanded has decreased
g. quantity demanded has increased
h.quantity supplied has increased
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