Question

A Market for Tomatoes

The graph below shows an unregulated competitive market for tomatoes, where S is the supply curve and D is the demand curve.

Question 31 (1 point)

In the scenario above, the equilibrium price of tomatoes is _____ per pound and the equilibrium quantity is _____ million pounds.

	$4.00; 6
	$2.40; 7
	$3.20; 8
	$2.40; 10
	$4.00; 9

In the scenario above, suppose the current price of tomatoes is $4 per pound. What quantity of tomatoes will be sold?

	6 million pounds
	8 million pounds
	9 million pounds
	10 million pounds
	7 million pounds

In the scenario above, if the current price of tomatoes is $3 per pound, there is _____ in the market, so the price will _____.

Question 33 options:

	a shortage; rise
	a surplus; rise
	an equilibrium; not change
	a shortage; fall
	a surplus; fall

Answer 1

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