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1: surplus or shortage
2:fall or rise
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- Select the correct answer. A price floor will usually shift: demand supply both neither Illustrate your answer with a diagram.Select the correct answer. A price ceiling will usually shift: demand supply both neitherExplain why the following statement is false: In the goods market, no buyer would be willing to pay more than me equilibrium price.
- (d) What will happen in the market for tomatoes if a new study is released that shows tomatoes contain antioxidants (may help prevent cancer)? (e) What will happen in the market for corn if a new crop rotation technique is discovered that allows the corn to be grown more easily and the price of green beans, a substitute, decreases? (f) What will happen in the market for gasoline if the price of oil increases and there is a vast increase in the population (e.g., another baby boomer generation)?The imosition of a price celing on market will resut inWhat is the relationship between supply anddemand when a market is in equilibrium? Explainhow the incentives facing cell phone companiesand consumers cause the market for cell phones toreach equilibrium
- A warm, dry summer means that the English pear harvest is exceptionally good. At the same time, a new diet in which pears have an important role becomesfashionable. Which of the following do we expect to happen in the market forpears?a) Demand curve shifts left, supply curve shifts right, and price decreases.b) Demand curve shifts right, supply curve shifts right, and quantity tradedincreases.c) Demand curve shifts right, supply curve shifts left, and price increases.d) Demand curve shifts left, supply curve shifts down, and quantity tradeddecreases.Demand is Q = 600 − 2P; Supply is Q = 30 + P. What are the equilibrium price andquantity? What would the new equilibrium price and quantity be if demand wereto fall to Q = 300 − 2P??A decrease in demand will cause a decrease in the equilibrium quantity and the equilibrium price. a. True b. False
- When there is a shortage of citrus fruit, theeconomic forces of supply and demand wouldsuggest thata. price will stay constant.b. price will decrease.c. price will increase.d. price, all things remaining equal, will increase.e. it will take a long time before the shortage isfelt in the marketIf supply is upward sloping, a decrease in demand with no change in supply will lead to a(n) _____ in equilibrium quantity and a(n) _____ in equilibrium priceHow would each event affect the market for COVID-19 vaccines? Does the event cause a change in demand or a change in the quantity demanded? Is the change positive or negative? Or does the event cause a change in supply or a change in the quantity supplied? Is the change positive or negative? Explain the mechanism for the change and what happens to equilibrium price and quantity. a) The vaccine is approved for children under the age of 12. b) The U.S. government provides a subsidy that allows the price of the vaccine to be $0 for everyone. c) Several vaccines pass Phase 3 (large-scale efficacy tests) and are approved by the FDA for full use. d) A truck carrying the Pfizer vaccine has a malfunction and the refrigeration requirements aren’t met, so all the doses go bad. e) School districts and health care facilities add a requirement for getting the vaccine for all employees.
