QUESTION 9 When the price is above the equilibrium it causes O a quantity supplied to exceed quantity demanded causing surplus. O b. quantity supplied to exceed quantity demanded causing shortage. O. quantity demanded to exceed quantity supplied causing shortage. O d. quantity demanded to exceed quantity supplied causing surplus. QUESTION 10 Assume that income of the people buying video games increases and at the same time it is cheaper for the producers for those video games to produce such games. What would we expect to happen in the market? O a. Equilibrium price would decrease, but the impact on equilibrium quantity would be ambiguous. O b.Equilibrium quantity would increase, but the impact on equilibrium price would be ambiguous. O. Equilibrium quantity would decrease, but the impact on equilibrium price would be ambiguous. O d. Equilibrium quantity and price would increase. QUESTION Table Quantity Supplied Price (Units) (Dollars per unit) Firm A Firm B Firm C Firm D 2 1 2 4 4 2 4 10 6 3 6 12 15 4 8 14 20 10 5 10 16 25 Refer to Table. If these are the only four sellers in the market, then the market quantity supplied at a price of $10 is O a. 56 units. O b.71 units. O. 75 units. O d. 15 units.

QUESTION 9 When the price is above the equilibrium it causes O a quantity supplied to exceed quantity demanded causing surplus. O b. quantity supplied to exceed quantity demanded causing shortage. O. quantity demanded to exceed quantity supplied causing shortage. O d. quantity demanded to exceed quantity supplied causing surplus. QUESTION 10 Assume that income of the people buying video games increases and at the same time it is cheaper for the producers for those video games to produce such games. What would we expect to happen in the market? O a. Equilibrium price would decrease, but the impact on equilibrium quantity would be ambiguous. O b.Equilibrium quantity would increase, but the impact on equilibrium price would be ambiguous. O. Equilibrium quantity would decrease, but the impact on equilibrium price would be ambiguous. O d. Equilibrium quantity and price would increase. QUESTION Table Quantity Supplied Price (Units) (Dollars per unit) Firm A Firm B Firm C Firm D 2 1 2 4 4 2 4 10 6 3 6 12 15 4 8 14 20 10 5 10 16 25 Refer to Table. If these are the only four sellers in the market, then the market quantity supplied at a price of $10 is O a. 56 units. O b.71 units. O. 75 units. O d. 15 units.

Principles of Economics, 7th Edition (MindTap Course List)

7th Edition

ISBN:9781285165875

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter4: The Market Forces Of Supply And Demand

Section: Chapter Questions

Problem 11PA

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