Exploring Economics
8th Edition
ISBN: 9781544336329
Author: Robert L. Sexton
Publisher: SAGE Publications, Inc
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Question
Chapter 4, Problem 22P
To determine
The cause of shortage and your advice to deputy park commissioner of the New York to allievate the shortage. When asked about the reason for lifeguard shortage threatened to keep one third of the city's beaches closed for the summer, the deputy park commissioner of the New York responded that kids seems to want to do more work that's more in tune with the career. Maybe they prefer carpal tunnel syndrome to sunburn.
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Students have asked these similar questions
Could you explain the difference between a suprlus and shortage in terms of supply and demand?
Can you answer the question 9, please? No explanation needed. Thanks in advance.
9) Which one of the following correctly describes how price adjustments eliminate a shortage?
A) As the price falls, the quantity demanded will increase while the quantity supplied will decrease.
B) As the price rises, the quantity demanded will decrease while the quantity supplied will increase.
C) As the price falls, the quantity demanded will decrease while the quantity supplied will increase.
D) As the price rises, the quantity demanded will increase while the quantity supplied will decrease.
Which of the diagrams illustrates the effect of an increase in automobile worker wages on the market for automobiles?
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- During a discussion several years ago on building a pipeline to Alaska to carry natural gas, the U.S. Senate passed a bill stipulating that there should be a guaranteed minimum price for the natural gas that would flow through the pipeline. The thinking behind the bill was that if private firms had a guaranteed price for their natural gas, they would be more willing to drill for gas and to pay to build the pipeline. Using the demand and supply framework, predict the effects of this price floor on the price, quantity demanded, and quantity supplied. With the enactment of this price floor for natural gas, what are some of the likely unintended consequences in the market? Suggest some policies other than the price floor that the government can pursue if it wishes to encourage drilling for natural gas and for a new pipeline in Alaska.arrow_forwardDoctors must complete four years of undergraduate education and four years of medical school, and work three to eight years in a hospital before they can fully practice on their own. In contrast, a worker at a fast-food restaurant need not complete high school.Using a supply and demand analysis explain why doctors earn higher wages than fast-food workers do.arrow_forwardGive an example not in the text of how price ceilings can lead to a shortage.arrow_forward
- Note: This is an economics question. *How can you use supply and demand to analyze shortage issues and policy responses to them? *Explainarrow_forwardFor each of the following observations, determine whether supply, demand, or both shifted and how. Over the last decade, the price of hybrid electric vehicles decreased, while the number of hybrid vehicles sold increased. During winter, the number of daily air routes between Denver and Aspen, Colorado, increases, as does the price of a ticket. From January through April in the United States, personal certified public accountants (CPAs) see a dramatic increase in their number of billable hours, but the average hourly rate of a CPA remains the same.arrow_forwardIf a shortage exists in a market, what do we know? A. The actual price is below equilibrium price, and quantity demanded is greater than quantity supplied. B. The actual price is above equilibrium price, and quantity supplied is greater than quantity demanded. C. The actual price is above equilibrium price, and quantity demanded is greater than quantity supplied. D. The actual price is below equilibrium price, and quantity supplied is greater than quantity demandedarrow_forward
- According to the graph above, what is the quantity supplied at $80?arrow_forwardWhat is the effect of a price ceiling on the quantity demanded of a product? what is the effect of a price ceiling on the quantity supplied? Why does a price ceiling cause a shortage?arrow_forwardIdentify ALL the factors that can shift a supply curve? and Explain briefly how each factor impacts the respective supply curve?arrow_forward
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