In the absence of any price controls, the market will reach equilibrium at a price at
In the absence of any price controls, the market will reach equilibrium at a price at
a $200 and a quantity of 600
b. $300 and a quantity of 500.
c. $400 and a quantity of 400.
d $500 and a quantity of 300
If government established a price floor of $200 in this market:
a. there would be a shortage of 300 units.
b. there would be a surplus of 300 units.
c. it would not have an impact on this market.
d. equilibrium price in this market would decrease.
If government established a price ceiling of $300 in this market:
a. there would be a surplus of 150 units
b. there would be a shortage of 150 units
c. equilibrium price in this market would increase.
d. it would not have an impact on this market.
Homework Answers
Equlibrium is where quantity demand and quantity supply intersect.
Thus, Option D) equilibrium at $400 for quantity 400.
Since equilibrium is above prce floor,
Option C) It would have no impact on this market.
Since, equilibrium is above price ceiling, and demand is more than supply,
Optio B) There would be a shortage of 150.
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In the absence of any price controls, the market will reach equilibrium at a price at
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