Homework Answers
Add Answer to:
What would happen if ...
The current market price for good X is above the equilibrium...
Consider the table above. If the price in the market is initially set at $2, what...
Consider the table above. If the price in the market is initially set at $2, what is the result in the market, and what will eventually have to happen to move the market to equilibrium? a. Shortage, price increase b. Shortage, price decrease c. Surplus, price increase d. Surplus, price decrease Suppose a market is initially in equilibrium. Then a change occurs and the equilibrium price decreases while the equilibrium quantity increases. What change occurred in the market to cause...
1. How does a market reach its equilibrium? What will happen if the market is not...
1. How does a market reach its equilibrium? What will happen if the market is not at the equilibrium and how to achieve the equilibrium back? (Based on the key terms: equilibrium price, equilibrium quantity, surplus and shortage). Question 2. What can cause a movement along a fixed demand curve and what causes shifts in the demand curve? (Based on key terms: determinants of demand). Question 3. What is the relationship between apple juice and orange juice? (hint: substitute or...
Suppose the current price in a market is below the equilibrium price. Af the current price...
Suppose the current price in a market is below the equilibrium price. Af the current price in the market ea. a shortage exists. Ob. a surplus exists. o . c. equilibrium exists d. disequilibrium exists in the market. ee.a and d The equilibrium price in a market is $10 and the equilibrium quantity is 100 units. The area of consumers surplus is Oa. the area above the supply curve, out to 100 units, and below $10. Ob. the area below...
1. Recall that total revenue is price times quantity (or P x Q). Which of the...
1. Recall that total revenue is price times quantity (or P x Q). Which of the following will clearly cause a decrease in the total revenue for the entire market? A. Buyers’ income decreases and sellers expect the price to decrease B. Buyers' income increases C. Tastes and preferences for the product decline D. The implementation of an effective price floor on the market E. None of the above 2. If a market is initially in equilibrium, what is the...
1. Recall that total revenue is price times quantity (or P x Q). Which of the...
1. Recall that total revenue is price times quantity (or P x Q). Which of the following will clearly cause a decrease in the total revenue for the entire market? A. Buyers’ income decreases and sellers expect the price to decrease B. Buyers' income increases C. Tastes and preferences for the product decline D. The implementation of an effective price floor on the market E. None of the above 2. If a market is initially in equilibrium, what is the...
How will shift right in supply affect equilibrium price, assuming demand remains constant? a. increase b....
How will shift right in supply affect equilibrium price, assuming demand remains constant? a. increase b. decrease c.will not affect it d. cannot be determined According to the law of demand, if the price of a good decreases, its Qd? a. decreases b. increases c. goes to zero d. stays constant According to the income effect, price changes equal changes in? a. money income b.real income c.demand d. utility on the demand curve a chance in price leads a. no...
Week 3 - Market Equilibrium Please explain the answer to the following true or false questions....
Week 3 - Market Equilibrium Please explain the answer to the following true or false questions. Surplus is the quantity supplied If there is a surplus of a good its price rises, skeds the quartz clem If both demand and supply curves shift rightward then equilibrium quantity increases. quantity demanded equals the quantity supplere Ah increase in demand lowers the equilibrium price in the market. Equilibrium Price is the price at which the If demand increases and supply increases the...
When the price of a complementary good decreases, what is affected in the market for beef...
When the price of a complementary good decreases, what is affected in the market for beef and how? Select one: 0 a. supply of beef increases O b. demand for beef increases O c. supply of beef decreases O d. demand for beef decreases
4) In each of the following situations, list what will happen to the equilibrium price and...
4) In each of the following situations, list what will happen to the equilibrium price and the equilibrium quantity for a particular product, which is an inferior good. a. The population decreases and productivity increases b. Income increases and the price of inputs increase c. The number of firms in the market decreases and income decreases d. Consumer preference decreases and the price of a complement increases e. The price of a substitute in consumption increases and the price of...
In a market if price is above the equilibrium: O a shortage will result and there...
In a market if price is above the equilibrium: O a shortage will result and there will be downward pressure on prices. a surplus will result and there will be upward pressure on prices. O a shortage will result and there will be upward pressure on prices. O a surplus will result and there will be downward pressure on prices.
Suppose the current price in a market is below the equilibrium price. Af the current price in the market ea. a shortage exists. Ob. a surplus exists. o . c. equilibrium exists d. disequilibrium exists in the market. ee.a and d The equilibrium price in a market is $10 and the equilibrium quantity is 100 units. The area of consumers surplus is Oa. the area above the supply curve, out to 100 units, and below $10. Ob. the area below...
Week 3 - Market Equilibrium Please explain the answer to the following true or false questions. Surplus is the quantity supplied If there is a surplus of a good its price rises, skeds the quartz clem If both demand and supply curves shift rightward then equilibrium quantity increases. quantity demanded equals the quantity supplere Ah increase in demand lowers the equilibrium price in the market. Equilibrium Price is the price at which the If demand increases and supply increases the...
When the price of a complementary good decreases, what is affected in the market for beef and how? Select one: 0 a. supply of beef increases O b. demand for beef increases O c. supply of beef decreases O d. demand for beef decreases
4) In each of the following situations, list what will happen to the equilibrium price and the equilibrium quantity for a particular product, which is an inferior good. a. The population decreases and productivity increases b. Income increases and the price of inputs increase c. The number of firms in the market decreases and income decreases d. Consumer preference decreases and the price of a complement increases e. The price of a substitute in consumption increases and the price of...
In a market if price is above the equilibrium: O a shortage will result and there will be downward pressure on prices. a surplus will result and there will be upward pressure on prices. O a shortage will result and there will be upward pressure on prices. O a surplus will result and there will be downward pressure on prices.
Most questions answered within 3 hours.
-
[1] Household statistics include individuals living alone or in
groups in:
A) apartments.
B) military barracks....
asked 1 minute ago -
What is the % w/v when 80 mL of a 2.0% solution is mixed with 50...
asked 5 minutes ago -
How can I solve the following using a TI83
Claim: Most adults would erase all of...
asked 17 minutes ago -
Analysis of 3-ethyl-3-buten-2-ol gave C, 72.13%; H, 11.92%.
Calculate the percent deviation of these results from...
asked 14 minutes ago -
Which VALS segment is most likely to have a top of the line
brand new (2015)...
asked 18 minutes ago -
Write a program to score the paper-rock-scissor game. Each of
two users types in either P,R...
asked 38 minutes ago -
Calculate the equillibrium constent K for a redox reaction that
has E°cell = -.98 V at...
asked 50 minutes ago -
A concave spherical mirror has a radius of curvature of
magnitude 19.6 cm.
(a) Find the...
asked 52 minutes ago -
3. draw a diagram of the magnetic field:
a. around a long straight wire with a...
asked 50 minutes ago -
If you titrated 30.0 mL of 0.1 M HCl with 0.1 M NaOH, indicate
the approximate...
asked 59 minutes ago -
NADH passes electrons into the electron transport chain. List
the carriers that would receive the electrons,...
asked 1 hour ago -
A cylindrical cable with a resistivity of 1.6x10-8 Ω·m and cross
sectional area of 3x10-5 m^2...
asked 1 hour ago