Suppose the equilibrium price of yoghurt is $10, and the equilibrium quantity is 12 units. If the price of yoghurt is $12: there will be a shortage of yoghurt. there will be an excess supply of yoghurt. the market will be in equilibrium. the quantity demanded of yoghurt will be greater than 12 units.

Q: If both a supply curve and a demand curve shift left, the only definite conclusion is a. Price…

A: In a market, when there is a simultaneous change in demand and supply, there might be an ambiguous…

Q: The diagram below represents the market for battery packs. If the price were currently at $6/pack…

A: In a market, if the market price is above or below the optimal price or the equilibrium price, there…

Q: In the market for diamonds, assuming everything else remains unchanged, the equilibrium price of…

A: Veblen goods: - Veblen goods are those goods whose demand increases with the increase in its pieces,…

Q: Which one of the following statements is incorrect? At equilibrium: A. demand is equal to supply. B.…

A: Equilibrium is a point of rest that is the point from which neither the buyer nor the seller has nay…

Q: Assume a market for a normal good is currently in equilibrium. If the government increases the taxes…

A: In the given diagram, the market is initially in equilibrium at E1. Equilibrium price and quantity…

Q: Refer to the above graph to answer this question. If the demand and supply were both to increase by…

A: The equilibrium is established where the demand and supply are equal.

Q: Refer to the information provided in Figure below to answer the question. 0,55 0.50 0.45 0.40 Number…

A: Due to a price ceiling, the price of a commodity cannot rise above a fixed level or amount. As a…

Q: Which of the following will definitely cause an increase in the equilibrium price? An increase in…

A: The price of equilibrium has been the sole cost that customers' expectations and sellers'…

Q: The demand curve in the market for hats is described by the equation Qd = 30 - P, where Qd…

A: At equilibrium point Qd = Qs so by using this condition we calculate the Equilibrium market price…

Q: If both the supply of and the demand for a good decrease simultaneously, but the decrease in demand…

A: A condition or state in which economic forces are balanced is known as economic equilibrium. In the…

Q: A farmer who sells pineapples is looking to sell his crop for $1 a pound. He knows the equilibrium…

A: When dealing with market hypothesis, it can be said that the law of demand and supply helps the…

Q: Suppose that in the market for computer memory chips, the equilibrium price is $50 per chip. If the…

A: The equilibrium in a market is achieved where the quantity demanded is equal to the quantity…

Q: Consider the market for pizza in a large city. Assuming that pizza is a normal good. Identify what…

A: In the market for pizza, labor is considered as the input resource that is used to make pizza and…

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: Wool and cotton can both be used to manufacture clothing in the garment industry. Suppose that bad…

A: Wool and cotton are used in manufacturing clothes so they are used as inputs in producing the final…

Q: There is an increase in the equilibrium price of gasoline, and an increase in the equilibrium…

A: The curve that depicts various quantities of goods and services being produced at different levels…

Q: A decrease in the current price of a good would increase the demand for the good. increase the…

A: Demand for a good refers to consumer's desire to purchase that good and their willingness to pay for…

Q: If the current price of oil is $44 per barrel, the quantity of oil demanded is A million barrels,…

A: The market is a allocative mechanism which results in the allocation of the goods and services mong…

Q: The demand and supply curves for T-shirts are given by the following equations, where P is the price…

A: Answer to the question is as under:

Q: New research demonstrates that celery is a healthy snack. The resulting increase in demand for…

A: The measure that depicts various quantities of goods and services being demanded and supplied at…

Q: Complete the following statement: If a market price is higher than the equilibrium price, a exists…

A: The demand curve shows the association between the amounts of commodity demanded by the consumer at…

Q: The market for good B is in equilibrium. Then a technological innovation reduces costs of production…

A: Equilibrium is the condition in which economic forces are perfectly balanced.

Q: An increase in supply and demand will lead to an increase in the equilibrium price and an…

A: The markets in every economy acts as a meeting place, or an intermediator for the buyers, and…

Q: Which of the following policies would result in an increase in the quantity supplied of a good in a…

A: Increase in the quantity supplied of a good in the market implies imposing a binding price floor .

Q: Explain the following statement is false: “ In the goods market, no buyer would be willing to pay…

A: The price of goods and services is determined by the behavior of demand and supply in the market.…

Q: If the price of lemonade decreases due to insufficient demand, and its supply decreases at the same…

A:

Q: Scientists have developed a bacterium they believe will lower the freezing point of agricultural…

A: Answer: Correct option: (4) price will  decrease, the quantity will increase Explanation: If the…

Q: How would the market for corn be affected (given the ethanol production subsidy) if oil prices were…

A: Subsidy was given to every Gallon of ethanol=$0.45 Given: Oil and ethanol are substitutes.

Q: If the equilibrium price is $10 and equilibrium quantity 10 units, and a price ceiling of $8 is…

A: Price ceiling is imposed by government inorder to protect consumer.

Q: Find the equilibrium price and quantity for a product that has the following supply and demand…

A: Demand: 1/3q + 1/3p - 4=0 p=12-q Supply: q-p-2=0 p=q-2

Q: Analyze the effects of changes in demand and supply on market equilibrium.

A: Overview of Changes in Equilibrium Prices   Shifts in the Demand Curve(when supply is unchanged)…

Q: Consider the market for apples. For each of the following separate scenarios, determine if the…

A: 1 a) Yes  b) No Because,For those of you mathematically inclined, the opportunity cost of a PPF is…

Q: Suppose the equilibrium price of good X is $10 and the equilibrium quantity is 60 units. If the…

A: Price=$10 Quantity=60 units; Price=$4

Q: An increase in the price of jet fuel will ________ air flights and the equilibrium quantity of air…

A: Answer to the question is  as follows:

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: If the price in a market happens to be below equilibrium, there will be a Select v in the market,…

A: The point where quantity being demanded by consumers would be equal to the quantity being supplied…

Q: The market for peanut butter in Winnipeg has the following supply and demand curves: Demand: P = 30…

A: A demand curve shows the connection between amount demanded and cost in a given market on a diagram.…

Q: If less rainfall limited the supply of indian onion production, how will it change the equilibrium…

A: Hefty unseasonal precipitation has secured most recent onion produce wet fields all through onion…

Q: Both Markets are in Equilibrium There is Excess Demand in the Market for Good X = 2.4 There is…

A: In economics, the utility function measures the welfare or satisfaction of a consumer as a function…

Q: At a price of $1.94 per bushel, the supply of corn is 9,800 million bushels and the demand is 9,300…

A: The slope of the supply equation:  m=p2-p1q2-q1   =1.94-1.829500-9300   =0.12200m=0.0006   Thus, the…

Q: If the price of a product is below the equilibrium price, the result will be A. A shortage of the…

A: Equilibrium is a state in which economic forces like supply and demand are balanced and the…

Q: Find the equilibrium price and quantity for the following markets : Qs = - 45 + 8P Qd = 125 – 2P

A: The equilibrium is at Qs=Qd equating both equations -45+8P=125-2P 10P=170 P=17

Q: Suppose the price of gasoline is $1.60 per gallon. Is the quantity demanded higher or lower than at…

A: Equilibrium is the point of stability at which both the demand and supply forces are in balance.

Q: The law of supply states that there is an inverse relationship between price and quantity supplied.…

A: The law of supply states that an increase in price increases quantity supplied and vise versa when…

Q: Given: Qd = 800 - 4P Qs = 8P - 400 What is the equilibrium price of good x

A: The demand for a quantity(Qd) depends upon the price of that quantity and also on other factors such…