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- Suppose that two supply curves pass through the same point. One is steep, and the other is flat. Which of the following statements is correct?Suppose goods X and Y are complimentary products. Which of the following are correct with respect to the competitive market model of supply and demand? (check all that apply) an increase in the price of good Y will cause an increase in demand for good X and reduce the quantity demanded for good Y an increase in the price of good Y will cause a decrease in demand for good X and reduce the quantity demanded for good Y a decrease in the price of good X will increase the quantity demanded for good X and cause a decrease in demand for good Y a decrease in the price of good X will increase the quantity demanded for good X and cause an increase in demand for good YConsider the market for apples, which can be thought of as being competitive. Using appropriate diagrams, explain how each of the following will impact the equilibrium price and the equilibrium quantity of apples. Demand for oranges, a substitute product, increases. Income of consumers in the market increases. A drought raises the cost of apple production and at the same time, a news report is published which explains the health benefits of apple consumption
- Calculate the market demand for the commodity and the equilibrium output and price if the supply function.The increase in demand for soap operas also increases the salaries of actors and actresses. If the soap opera industry is in a perfectly competitive market, what is the supply curve? long term for horizontal or upward-sloping soap operas? Explain.Basing from the profit equation, what among the variables is most dependent to a change in price? What economic law holds true for this phenomenon? Explain.
