Price per visit | Quantity demanded | Quantity supplied |
$20 | 300 | 150 |
25 | 275 | 175 |
30 | 250 | 200 |
35 | 225 | 225 |
40 | 200 | 250 |
45 | 175 | 275 |
50 | 150 | 300 |
Assuming the original four physicians, if a price ceiling is set at $25 per office visit, How many will be supplied?
a. 200 |
b. 175 |
c. 150 |
d. 125 |
e. None of the above |
Answer : Option B is correct. If the price ceiling of $25 has been set than the Quantity supplied has been decreased as the Quantity supplied is 175 units. It is below equiliburm price.
Assuming the original four physicians, if a price ceiling is set at $25 per office visit, How many will be supplied?
Price per visitQuantity demandedQuantity supplied$20300150252751753025020035225225402002504517527550150300Assuming the original four physicians, if a price ceiling is set at $25 per office visit, how many office visits will be demanded per week?a. 300b. 250c. 275d. 225e. None of the above
Price per visitQuantity demandedQuantity supplied$20300150252751753025020035225225402002504517527550150300Assuming the original four physicians, if a price ceiling is set at $25 per office visit, the outcome of such a policy will be a. A stable equilibrium. b. Higher quantity supplied than demanded. c. An oversupply of physician visits. d. A shortage of physician visits. e. None of the above.
Price per visitQuantity demandedQuantity supplied$20300150252751753025020035225225402002504517527550150300If one of the physicians moves to another city, reducing quantity supplied by 25 at each price, what are the price and quantity at the new equilibrium (roughly)?a. P= between 35 & 40, Q= between 200 & 225b. P= between 25 & 30, Q= between 175 & 200c. P= between 45 & 50, Q= between 275 & 300d. P= between 20 & 25, Q= between 150 & 175e. None of the above
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