This question: 1 point(s) possible The table shows the demand and supply schedules for boxes of chocolates on an average week. If the price of chocolates is $17.00 a box, what is the situation in the market? How is market equilibrium restored? Quantity Price Quantity demanded supplied (boxes per week) 1,600 (dollars per box) 13.00 1,200 The of chocolates is eliminated as the price of a box of chocolates 14.00 1,500 1,300 15.00 1,400 1,400 A. surplus; falls 16.00 1,300 1,500 17.00 1,200 1,100 1,600 OB. shortage; falls 18.00 1,700 O C. shortage; rises O D. surplus; first falls and then rises O E. surplus; rises As the market moves to its new equilibrium, the quantity supplied and the quantity demanded O A. increases; decreases O B. decreases; increases O C. decreases; decreases O D. decreases; does not change O E. increases; increases O Time Remaining: 01:01:03
This question: 1 point(s) possible The table shows the demand and supply schedules for boxes of chocolates on an average week. If the price of chocolates is $17.00 a box, what is the situation in the market? How is market equilibrium restored? Quantity Price Quantity demanded supplied (boxes per week) 1,600 (dollars per box) 13.00 1,200 The of chocolates is eliminated as the price of a box of chocolates 14.00 1,500 1,300 15.00 1,400 1,400 A. surplus; falls 16.00 1,300 1,500 17.00 1,200 1,100 1,600 OB. shortage; falls 18.00 1,700 O C. shortage; rises O D. surplus; first falls and then rises O E. surplus; rises As the market moves to its new equilibrium, the quantity supplied and the quantity demanded O A. increases; decreases O B. decreases; increases O C. decreases; decreases O D. decreases; does not change O E. increases; increases O Time Remaining: 01:01:03
Principles of Microeconomics (MindTap Course List)
8th Edition
ISBN:9781305971493
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter4: The Market Forces Of Supply And Demand
Section: Chapter Questions
Problem 6CQQ
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Transcribed Image Text:This question: 1 point(s) possible
The table shows the demand and supply schedules for boxes of chocolates on an average week.
If the price of chocolates is $17.00 a box, what is the situation in the market? How is market equilibrium restored?
Quantity
supplied
Price
Quantity demanded
(dollars per box)
(boxes per week)
13.00
1,600
1,200
The
of chocolates
eliminated as the price of a box of chocolates
14.00
1,500
1,300
15.00
1,400
1,400
OA. surplus; falls
16.00
1,300
1,500
17.00
1,200
1,600
O B. shortage; falls
18.00
1,100
1,700
O C. shortage; rises
O D. surplus; first falls and then rises
O E. surplus; rises
As the market moves to its new equilibrium, the quantity supplied
and the quantity demanded
O A. increases; decreases
O B. decreases; increases
O C. decreases; decreases
O D. decreases; does not change
O E.
increases; increases
O Time Remaining: 01:01:03
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Expert Solution
Step 1
Equilibrium refers to the situation where the quantity demanded by the consumers is equal to the quantity supplied by the producers. This mean that the consumers want to consume exactly the same amount of goods which the producers want to produce. The point where the supply and demand curves cross is known as the equilibrium point. The price at this point is called equilibrium price and the quantity exchanged is called equilibrium quantity.
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