Suppose the equilibrium price of good X is $10 and the equilibrium quantity is 60 units. If the price of good X is $4: a. The quantity supplied will be more than 60 units. b. The quantity demanded will be more than 60 units c. There will be an excess supply of good X. d.The quantity demanded will be less than 60 units.

Q: Good X and good Y are substitute in production. The demand for good X decreases, which lowers the…

A: Two goods are called ‘substitutes’ to each other, if they can satisfy the same need of the consumers…

Q: An increase in both the equilibrium price and quantity can be the result of A) None of these answers…

A:

Q: An increase in the ________ of a pumpkins to a decrease in ________ that leads to a ________.

A: According to the consumer demand theory, price and quantity demanded for a good are inversely…

Q: The law of supply states that, ceteris paribus, there is an inverse relationship between the price…

A: Supply curve shows the association between the price of commodity and quantity of the commodity that…

Q: Bring out the effects of following upon equilibrium price and equilibrium quantity a. A more rise in…

A: Economics as a subject deals with the study, allocation, and decision-making process of allocating…

Q: The law of demand says that all else being equal, as the price rises, the quantity demanded will…

A: Explanation:- Аll  demаnd  сurves  shаre  the  fundаmentаl  similаrity  thаt  they  slорe  dоwn…

Q: Question 8

A: Demand: It refers to the quantity of a commodity that the consumer is willing and able to purchase…

Q: A market supply curve shows how the total quantity supplied of a good varies as   a. price of the…

A: The total production process of a firm/industry is an amalgamation of various forces, the optimum…

Q: Movie tickets and popcorn are complements because they are often enjoyed together. When the price of…

A: An object used in combination with another good or service is a complementary good. Usually, when…

Q: Q.1 Bring out the effects of following upon equilibrium price and equilibrium quantity a. A less…

A: Equilibrium price and quantity The market equilibrium is the only price at which consumers' and…

Q: If there is a surplus of good X on the market: A. the price of X will tend to rise. B. the…

A: Market equilibrium is the situation in an economy where the 'supply of a product or service is equal…

Q: 9. The law of supply states that, other things equal or constant, when the price of a good falls,…

A:

Q: Equilibrium Price: Skateboards The demand for your hand-made skateboards, in weekly sales, is q =…

A: Equilibrium amount of skateboards can be found by equating demand to supply. At this equilibrium…

Q: Using the market for nursing homes and care homes for older people, suppose that the market is in…

A: Effect of change in wages on labor demand:- The demand for labor changes with change in wages of the…

Q: Give one reason for decrease in supply of a good

A: Decrease in supply depicts change in "supply" and not quantity supplied. The decrease in supply is…

Q: If the price is below the equilibrium level, there is a _____________and prices will _____________.…

A: The point at which demand and supply intersect gives the equilibrium price and quantity.

Q: When the price of good X increases, a. the supply curve for good X will shift to the right. b. the…

A: Supply curve depicts the positive relationship between quantity supplied and price of good, keeping…

Q: The supply and demand curves for apples  Qs=10,000P QD= 25,000-15,000P Qs= quantity supplied…

A: Given supply curve for apples :- Qs = 10,000P Qd = 25,000 - 15,000P

Q: 66) Refer to the above figure. Moving from point A to point B indicates 66) A) an increase in…

A: Meaning of Demand and Supply: The term demand refers to the willingness of an individual to…

Q: In the market for a normal good, an increase in income will cause an increase in _____, an increase…

A: Normal goods are a type of good that the demand and income are positively related. So it has a…

Q: An increase in the price of a good will ...................... a)     decrease the quantity…

A: Option (a).

Q: At the current price there is a shortage of a product. We would expect price to: a. Increase,…

A: Since you have asked for question number 14. So I am answering only 14.

Q: If good B is a substitute for good A and the price of good B increases, a. the demand for good A…

A: In a market, if two goods are substitutes of each other, they share direct relation between the…

Q: Suppose there is an increase in consumers' incomes. In the market for automobiles(a normal good),…

A: A change in demand or supply (that is increase in supply or demand ) occurs when the demand or…

Q: Which of the following will decrease the supply of goods?

A: Supplier of goods usually decreases due to increase in  cost of production.

Q: each case. If consumer income decreases and "road crew" wages fall, quantity will rise and prices…

A: a. Uncertain. In this case, the demand will fall due to decrease in consumer income. When crew wage…

Q: f the quantity demanded of ice cream is 100 scoops and the quantity supplied is 50 scoops, then the…

A: Equilibrium price is that price level where Demand is equal to Supply.

Q: The price at which quantity demanded and quantity supplied of a good is equal is known as maximum…

A: In a free market the forces of demand and supply are set free to decide the market equilibrium and…

Q: Suppose there is an increase in consumers' incomes. In the market for automobiles (a normal good),…

A: When income increases,demand for normal good increases.

Q: Diagram 1 (related to Q19 and Q20) S2 So Si B, E A D Quantity 19. From Diagram 1, a change from…

A: The supply curve illustrates the relationship between the price and quantity supplied of a good.…

Q: If the quantity demanded is less than the quantity supplied, then: A. the price will have to…

A: If the quantity required is less than the quantity delivered this is known as surplus or excess…

Q: A rise in the price of a substitute in production for a good leads to A) an increase in the supply…

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

Q: An increase in supply and a decrease in demand occur in a market. What happens to the equilibrium…

A: Any change in the demand and supply would lead both the demand and supply curve to shift leftward or…

Q: Suppose a market is initially in equilibrium. Then a change occurs and the equilibrium price…

A: The markets are operated by the buyers, and sellers in the market, where both the buyers, and…

Q: If this is the market of mobiles, an increase in the price of mobiles can be represented as: a. a…

A: According to the theory of the market, market equilibrium(E) occurs where market DD equals market…

Q: An increase in the demand for notebooks raises the quantity of notebooks demanded, but not the…

A: Demand for a commodity is the desire of the commodity backed by the ability to buy and willingness…

Q: The law of demand shows that: a. the demand curve is positively sloped. b. there…

A: The answer is part b i.e Inverse relationship between Quantity Demanded and price. The famous  law…

Q: Suppose there is a decrease in supply in a market where the supply curve slopes upwards and the…

A: 4. When there is decrease in quantity supplied and the supply curve slopes upward with respect to…

Q: An increase (rightward shift) in the demand for a good will tend to cause: An increase in the…

A: The rightward shift in the demand curve can be seen in the graph below:

Q: Good A is having 4 Substitute available in the market. The price of good A rises. What will happen…

A: # if a good has large number of substitute discipline means that the demand for such good will be…