Homework Answers
Answer : 13) The answer is option a.
Because if demand decrease too much then the market face a situation of excess supply. For this excess supply the price level decrease. If decrease in quantity demanded is higher than the decrease in price level then the market of gasoline face a situation of too much excess supply. As a result, the price level of gasoline decrease more. Therefore, option a is correct.
14) In competitive market at equilibrium, Demand = Supply.
=> 15 - 0.004Q = 2 + 0.001Q
=> 15 - 2 = 0.001Q + 0.004Q
=> 13 = 0.005Q
=> Q = 13 / 0.005
=> Q = 2,600
Therefore, the sold equilibrium quantity of competitive market is 2,600 Eggs (dozen) per day.
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