Micro Economics For Today
10th Edition
ISBN: 9781337613064
Author: Tucker, Irvin B.
Publisher: Cengage,
expand_more
expand_more
format_list_bulleted
Question
Chapter 3, Problem 8SQ
To determine
The occurrence of the surplus in the economy.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solutionStudents have asked these similar questions
An increase in the price of a good will ......................
a)Ā
Ā
Ā decrease the quantity demanded.
b)Ā
Ā
Ā decrease demand.
c)Ā
Ā
Ā increase quantity demanded.
d)Ā
Ā
Ā increase demand.
Does a surplus or a shortage arise at the original price when
moreĀ firmsĀ produce
Ā
smartphones
?
Ā
A _______ arises at the original price that is eliminated _________.
Ā
Ā
A.
shortage
;
as the price
falls
Ā
B.
surplus
;
as demand
increases
Ā
C.
shortage
;
as demand
decreases
Ā
D.
surplus
;
as the price
falls
a) Where does equilibrium occur in the market diagram?
b) Describe what would happen in the market if price is incorrectly set above the equilibrium price.
c) Describe what would happen in the market if price is incorrectly set below the equilibrium price.
Chapter 3 Solutions
Micro Economics For Today
Ch. 3.7 - Prob. 1YTECh. 3.7 - Prob. 1GECh. 3.7 - Prob. 2GECh. 3.7 - Prob. 3GECh. 3.A - Prob. 1SQPCh. 3.A - Prob. 2SQPCh. 3.A - Prob. 3SQPCh. 3.A - Prob. 4SQPCh. 3.A - Prob. 1SQCh. 3.A - Prob. 2SQ
Ch. 3.A - Prob. 3SQCh. 3.A - Prob. 4SQCh. 3.A - Prob. 5SQCh. 3.A - Prob. 6SQCh. 3.A - Prob. 7SQCh. 3.A - Prob. 8SQCh. 3.A - Producer surplus measures the value between the...Ch. 3.A - Prob. 10SQCh. 3.A - Prob. 11SQCh. 3.A - Prob. 12SQCh. 3.A - Prob. 13SQCh. 3.A - Prob. 14SQCh. 3.A - Prob. 15SQCh. 3.A - Prob. 16SQCh. 3.A - Prob. 17SQCh. 3.A - Prob. 18SQCh. 3.A - Prob. 19SQCh. 3.A - Prob. 20SQCh. 3 - Prob. 1SQPCh. 3 - Prob. 2SQPCh. 3 - Prob. 3SQPCh. 3 - Prob. 4SQPCh. 3 - Prob. 5SQPCh. 3 - Prob. 6SQPCh. 3 - Prob. 7SQPCh. 3 - Prob. 8SQPCh. 3 - Prob. 9SQPCh. 3 - Prob. 10SQPCh. 3 - Prob. 11SQPCh. 3 - Prob. 12SQPCh. 3 - Prob. 1SQCh. 3 - Which of the following would not cause market...Ch. 3 - Prob. 3SQCh. 3 - Prob. 4SQCh. 3 - Prob. 5SQCh. 3 - Prob. 6SQCh. 3 - Prob. 7SQCh. 3 - Prob. 8SQCh. 3 - Prob. 9SQCh. 3 - Prob. 10SQCh. 3 - Prob. 11SQCh. 3 - Prob. 12SQCh. 3 - Prob. 13SQCh. 3 - Prob. 14SQCh. 3 - Prob. 15SQCh. 3 - Prob. 16SQCh. 3 - Prob. 17SQCh. 3 - Prob. 18SQCh. 3 - Prob. 19SQCh. 3 - Prob. 20SQCh. 3 - Prob. 21SQCh. 3 - Prob. 22SQCh. 3 - Prob. 23SQCh. 3 - Prob. 24SQCh. 3 - Prob. 25SQ
Knowledge Booster
Similar questions
- Increase in supply usually __ the price and __ the quantity demanded.(A) lowers, lowers(B) raises, raises(C) lowers, raises(D) raises, lowersarrow_forwardFill in the blank, Ā Ā Price floors lead to a (blank) in the market? Ā Ā a. surplus Ā Ā b. shortage Ā Ā c. equilibrium Ā Ā d. Price belowarrow_forwardIf there is a surplus of good X on the market:A. the price of X will tend to rise.B. the government should apply price control, to prevent an increase in the price of X.C. the price of X will tend to fall.D. the government should set a minimum price to avoid a fall in the price of X.E. the price of X will remain unchangedarrow_forward
- An increase in the price of a good would :a. Give producers an incentive to produce more. b. Increase the amount purchased by buyers. c.Decrease both the quantity demanded of the good and the quantity supplied of the good. d. Decrease the supply of the good..arrow_forwardThe price of wheat increases. What happens in the market for wheat?arrow_forwardThe quantity demanded isA) the amount of a good that consumers plan to purchase at a particular price.B) independent of the price of the good.C) independent of consumers' buying plans.D) always equal to the equilibrium quantity.arrow_forward
- An increase in the price of a good would a. Increase the amount purchased by buyers. b. Decrease the supply of the good.. c. Give producers an incentive to produce more. d. Decrease both the quantity demanded of the good and the quantity supplied of the good.arrow_forward1) A relative price isA) the ratio of one price to another.B) the difference between one price and another.C) the slope of the supply curve.D) the slope of the demand curve.arrow_forwardPrice Quantity demanded Quantity supplied 3 150 60 4 100 100 5 70 130 6 50 150 Ā please answer questions below: If the price of chocolate is $5, describe the situation in the market and explain how the price adjust. Chocolate sellers know that Valentineās Day is next weekend, and they expect the price to be higher, so they withhold 60 chocolates from the market this weekend. What will be the price this weekend?arrow_forward
- Price E C B. 52 50 51 D Quantity Figure 3-3 Refer to Figure 3-3. A change from Point A to Point B represents a(n): increase in quantity supplied increase in supply decrease in supply decrease in quantity suppliedarrow_forwardThe price of apple falls what happens in the market for apple piesarrow_forward1. Consider the market for minivans, indicate the impact if any on demand, supply, price and quantity: a) The price of station wagons rises. b) A stock-market crash lowers peopleās wealtharrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
- Principles of Economics 2eEconomicsISBN:9781947172364Author:Steven A. Greenlaw; David ShapiroPublisher:OpenStaxEconomics Today and Tomorrow, Student EditionEconomicsISBN:9780078747663Author:McGraw-HillPublisher:Glencoe/McGraw-Hill School Pub Co
- Essentials of Economics (MindTap Course List)EconomicsISBN:9781337091992Author:N. Gregory MankiwPublisher:Cengage LearningEconomics (MindTap Course List)EconomicsISBN:9781337617383Author:Roger A. ArnoldPublisher:Cengage Learning
Principles of Economics 2e
Economics
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:OpenStax
Economics Today and Tomorrow, Student Edition
Economics
ISBN:9780078747663
Author:McGraw-Hill
Publisher:Glencoe/McGraw-Hill School Pub Co
Essentials of Economics (MindTap Course List)
Economics
ISBN:9781337091992
Author:N. Gregory Mankiw
Publisher:Cengage Learning
Economics (MindTap Course List)
Economics
ISBN:9781337617383
Author:Roger A. Arnold
Publisher:Cengage Learning