2. Suppose that we can model the tennis ball market using our standard supply/demand analysis (and...
2. Suppose that we can model the tennis ball market using our standard supply/demand analysis (and that the market price adjusts to keep the market in equilibrium). You read that the market price has increased and the market quantity increased. From this information, we can infer that there was a(n)
a. increase (rightward shift) in demand.
b. decrease (leftward shift) in demand.
c. increase (rightward shift) in both demand and supply.
d. increase (rightward shift) in supply.
e. decrease (leftward shift) in supply.
Show detail & work please.
Homework Answers
This should be an increase in the demand for the tennis ball when the demand for the tennis increases the demand curve would shift to the right and the prices and the quantity demanded would increase.
If the supply were increased the price would fall and the quantity supplied increases. If it were both a rightward shift of the demand supply the price will remain the same. If it were a decrease in demand both the price and quantity will decrease.
Some of the options are illustrated above and the right one is the increase in the demand and that is the rightward shift of the demand curve.
Ans:a). An increase in demand (rightward shift).
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