In a free market setting where quantity supplied is 50 units and quantity demanded is 40 units, price will fall. O rise. move in an indeterminate direction. remain the same.
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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 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.Let Qd stand for the quantity demanded, Qs stand for the quantity supplied, and P stand for price.lf Qd = 20 - 2P and Qs = 5 +3P, then the equilibrium quantity is Select one: a. 12 b. None of these c. 14 d. 20Refer to Table 2-1 Suppose Abby, Brandi, Carrie, and DeeDee are the only four buyers in the market. When the price decreases from $6 to $4, the market quantity demanded ["",increase / decrese ""] by ["",27/ ""30, /"6", "/3", /"2"] units.
- 1. Place Price point E at price and quantity producers will make 2. identify all variables equal at point ESuppose liles are currently selling for $35 per dozen, but the equilibrium price of liles is $20 per dozen. We would expect a a. surplus to exist and the market price of liles to decrease. b. shortage to exist and the market price of liles to increase. c. surplus to exist and the market price of liles to increase. d. shortage to exist and the market price of liles to decrease.Refer to the following supply and demand schedules for the market for yo-yos. Price Qd Qs $1 100 10 $2 80 35 $3 60 60 $4 40 85 $5 20 110 If the price in the market is $5, will there be a surplus or shortage of yo-yos and how large will the surplus/shortage be? Show your work. If price is $5, will it tend to increase, decrease, or stay the same over time?
- 01. The equilibrium price and quantity in this market are (a) Pe= $2, Qe=18 (b) Pe= $4, Qe=16 (c) Pe= $14, Qe=12 (d) Pe= $12, Qe=8 02. Quantity supplied at price = 18 is (a) 4 (b) 8 (c) 12 (d) 16 (e) 20 03. Quantity demanded at price = 16 is (a) 4 (b) 8 (c) 10 (d) 16 (e) 20Assume a market price is set artificially high. In other words, the price is set above the equilibrium price. How will this affect the market? 1. Every consumer loses surplus, and it all gets transferred to producers 2. Every producer gains surplus, due to the higher price now being charged. 3. Some consumers drop out of the market, and those left some surplus 4. None of these are correct1. Assume that good Z is an inferior good for a consumer. If the consumer's income increases, then A. the quantity supplied of good Z will increase. B. the quantity supplied of good Z will decrease. C. the quantity demanded of good Z will increase. D. the quantity demanded of good Z will decrease. 2. If the prevailing market price is the market equilibrium price, then A. QD = QS (quantity demanded = quantity supplied). B. no shortage will occur in the marketplace. C. no surplus will occur in the marketplace. D. price is not expected to rise nor fall. E. All of above.
- ) If the price of good X increases from RM3 to RM5, the quantity demanded drops from 10 to 12. Find the slope of the demand curve. a) 0.2 b) 5 c) -1 d) -2 Other: 8) Based on Question 7, calculate the quantity when the price is equal to 0 a) 13 b) 2 c) 10 d) 5 9) Based on Question 7, if the market price is equal to 1, determine how many units of good X will be sold in the market. a) cannot be determined b) 12 c) 10 d) 14 Oh no! Our expert couldn't answer your question. Don't worry! We won't leave you hanging. Plus, we're giving you back one question for the inconvenience. Here's what the expert had to say: (7) - wrong data. "quantity demanded drops from 10 to 12" is wrong since value from 10 to 12 is an increase, not a drop. Ask Your Question Again 6 of 10 questions left until 1/15/21 Question I. If the price of good X increases from RM3 to RM5, the quantity demanded drops from 10 to 12. Find the slope of the demand curve.…In the market for widgets: there are 20 people willing to sell at £5 or more, 20 people willing to sell at £10 or more, and ten people willing to sell at £15 or more. Draw the supply curve, remembering to correctly label axes.7. Other things equal, which of the following would NOT shift the supply curvefor gasoline?a. a fall in the price of crude oil (from which gasoline isrefined).b. an increase in the price of gasoline.c. an improvement in refining techniques that allows more gasoline to be squeezed out of abarrel of crude oil.d. an increase in the wages paid to people working in oil refineries. 9. Any situation where quantity supplied does not equal quantity demanded indicates:a. a market equilibrium.b. a situation in which the actions of buyers do not match the actions ofsellers.c. a place where the laws of supply and demand do not hold.d. a point where quantity demanded is equal to quantity supplied. 10. Demand is said to be elastic ifa. the price of the good responds substantially to changes in demand.b. demand shifts substantially when income or the expected future price of the goodchanges. buyers do not respond much to changes in the price of the good.c. buyers respond substantially to changes in…
