Homework Answers
Ans:
1) Option D
$300
$300 is the marketing clearing (equilibrium) price, as the producer(O'Neill Surf Shop) will sell at $300 and consumer(Carlos) is willing to pay.
2) Option B
The marketing clearing (equilibrium) quantity is 1.
Only producer(O'Neill Surf Shop) will sell at $300 and consumer(Carlos) is willing to pay. Hence the marketing clearing (equilibrium) quantity is 1.
3) Option C
2
when there is a price ceiling of $150, there is a demand for 2 surfboards and producers will not sell at that price. Hence there would be excess demand of 2 surfboards.
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