If there is a surplus of tacos, then the quantity of tacos demanded equals the quantity of tacos supplied. supply curve of tacos will shift leftward to eliminate the surplus. quantity of tacos demanded is less than the quantity of tacos supplied. market is at equilibrium.

Q: quilibrium price of gasoline.

A: The ‘law of supply’ states, ceteris paribus (keeping other things constant) when the price(P) of a…

Q: Assume that the graphs show a competitive market for the product stated in the question. Select the…

A:

Q: When the income of buyers of good X rises the equilibrium price of good X will (assume X is a normal…

A: Normal goods can be defined as those whose demand increases with the increase in income of the…

Q: Consider the supply curve for wool sweaters. An increase in the price of wool will: decrease the…

A: Th answer is - decrease the supply of wool sweater.

Q: Plot the supply curve from the supply schedule information provided. Price Quantity Supply (Q, ) 1 3…

A: Supply curve can illustrate as follows: In the figure, horizontal axis represents quantity and…

Q: X is an inferior good.  If there is an increase in incomes, then…

A: Inferior goods are the goods whose demand decreases when income rises or the demand increases when…

Q: When the income of buyers of good X rises the equilibrium price of good X will (assume X is an…

A: A good whose demand fall with the increase in income of the consumer is known as an inferior good.

Q: In the market for personal computers, which of the following would cause a decrease in supply?…

A: Answer: (c) Businesses are required to pay a higher tax on the production of personal computers.

Q: A supply curve shows that *       sellers prefer high prices.       supply for the good is present.…

A: A supply curve shows a graphical representation of price of goods and quantity supplied of goods.…

Q: Condider the market for grapes.an increase in the wage paid to grapes picker will causea.demand…

A: "Demand is the quantity of goods that a consumer is willing and able to purchase at various prices…

Q: change in demand is said to take place when there is a A Shift of the demand curve. B Shift of the…

A: Demand curve depicts the relationship between price and quantity demanded

Q: In the market for first year economics textbooks, assuming everything else remains unchanged, the…

A: An increase in demand and a decrease in supply will cause an increase in price of an equilibrium.

Q: Plot the supply curve from the supply schedule information provided. Price Quantity Supply (Qs) 1 2…

A: Supply refers to the relationship between the price of the commodity and the producer's willingness…

Q: Good x Refer to the diagram above. The budget line shift which moves the consumer's equilibrium…

A: Given  The budget line shifted from BC to AC. Due to this consumer's optimal position is to move…

Q: Suppose the market demand curve for cranberry is given by the equation Qd=500-4P, while market…

A: At equilibrium price  Demand = Supply

Q: The price of cake falls and as a result the demand for ice cream increases. What can we conclude?…

A: As the price of the cake falls makes the demand for ice cream increases, therefore both goods are…

Q: demand increases, at the new equilibrium: a) the price of the good decreases and the amount…

A:

Q: If the quantity supplied of a product is less than the quantity demanded, then: A. There is a…

A: Answer to the question is as follows :

Q: Suppose cauliflower and broccoli are substitutes in consumption. Suppose further that the supply of…

A: Consumer surplus is defined as the difference between the ability to pay of consumer and the amount…

Q: If the quantity demanded of good X decreases, then: *

A: A consumer's desire to buy products and services, as well as their willingness to pay a price for…

Q: The quantity demanded of a product increases as its price declines because the .......…

A: Quantity demanded may be a term employed in economics to explain the full amount of a decent or…

Q: For a particular good, a 10 percent increase in price causes a 13 percent decrease in quantity…

A: In a market, the use of price elasticity is very broad as it can be used to make various types of…

Q: An increase in the price of a good would :a. Give producers an incentive to produce more. b.…

A: As per law of supply, there is a positive relationship between price and quantity supplied.

Q: As the price of good X rises from $10 to $12, the quantity demanded of good Y rises from 100 units…

A: The cross-price elasticity of demand is a concept that measures the responsiveness in the quantity…

Q: Agree or disagree, the price of coffe rices,causing the demand for sugar to decrease. Therefore, the…

A: The market demand for a commodity shifts as a result of a change in consumers income, their tastes,…

Q: A change in price causes movement along a demand curve and a change in           .................

A: Movement along the demand curve is done when there is a change in the prices of the commodities and…

Q: An increase in demand means that: a. when the price falls, consumers are willing to purchase greater…

A: Demand curve shows inverse relationship between price and quantity demanded.

Q: Which of the following would you expect to displace the demand for beef? Response option group (a)…

A: Demand: - Demand is the relationship between the quantity demanded and the price of a good. There is…

Q: The quantity demanded isA) the amount of a good that consumers plan to purchase at a particular…

A: Change in Demand: The term change in demand is also known as the shift in the demand curve and this…

Q: Demand for a good will always rise when the price of a complementary good falls.the price of a…

A: Complementary goods are those goods that are consumed jointly or in conjunction. This means…

Q: A market is in equilibrium when supply is equal to demand. the price is adjusting upward. the…

A: Owing to the equal operation of opposing forces, equilibrium is formally defined as a state of rest…

Q: If a good is inferior, an increase in income would shift the a. supply and demand curves leftward.…

A: Income elasticity shows the responsiveness of quantity demanded with respect to change in income.

Q: Assume a market for a normal good is currently in equilibrium. If consumers's incomes decrease,…

A: A fall in demand will cause the equilibrium price to decrease and the quantity supplied will also…

Q: If there is an increase in the price of red meat, a substitute in production for milk, then: Select…

A: Demand represents the quantity demanded of a good at every price. Supply refers to the quantity…

Q: Two goods are substitutes if a decrease in the price of one good. This will lead to: Select one: a.…

A: Substitute goods are those goods that fully fill the need for other goods, the change in the price…

Q: Two goods are complements if a decrease in the price of one good. This will lead to: Select one: a.…

A: The prices of complementary or substitute goods also shift the demand curve.

Q: Explain how the conditions for consumer equilibrium help to support the law of demand. Give an…

A: The law of demand says that there is an inverse association between the price of a service and…

Q: Goods A and goods B are related to each other, either being substitutes or complements. Now the…

A: i) A and B are substitutes  Two goods are substitutes if only one of them is consumed. When price of…

Q: Suppose a 4 percent increase in income results in a 2 percent decrease in the quantity demanded of a…

A: A good is considered to be inferior when an increase in income causes a decrease in the demand for…

Q: When there is an increase in demand, A. the demand curve shifts to the right of the original demand…

A: Consumer demand is the main driving force of supply in an economy. When there is an increased demand…

Q: f the demand curve for Good A shifts leftward when the price of Good B decreases, these two goods…

A: Change in demand occurs due to change in non price factors. Change in quantity demanded occurs due…

Q: Which will cause the demand curve for an inferior good to shift in? 1. decrease in income 2.…

A: A demand curve is the graph between quantity demanded of a good at different prices of that good.

Q: Each point on the demand curve reflectsA) the highest price consumers are willing and able to pay…

A: Demand is the willingness and ability of consumers for consuming and buying goods and services at…

Q: Demand curves have a negative slope. Why? a. firms tend to produce less of a good that is more…

A: Demand curve depicts the inverse relationship between price and quantity demanded, keeping other…

Q: Changes in which of the following factors do NOT shift the demand curve? A) the number of buyers B)…

A: The demand curve is a graph that describes the relationship between the price of a product and the…