Homework Answers
Correct option is: Pressures the price to rise.
The market is in equilibrium with S1 where, equilibrium price is $2.50 & quantity demanded is 300. If the price was set at $2.00, then it will create shortage in the market because quantity demanded will be greater than quantity supplied. Quantity demanded will be 350 & quantity supplied will be 250, so, there will be a shortage of 100. Due to shortage, the market price will rise. So, when price is fixed below equilibrium price, there is pressure on price to rise due to shortage in the market.
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Question Completion Status: QUESTION 18 Price (per gallon) $5 S1 4 S2 3 2.50 2 1.50...
Question Completion Status: QUESTION 18 Price (per gallon) $5 S1 4 S2 3 2.50 2 1.50...
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Consider the market for gasoline, illustrated in the figure to
the right. Suppose the government adds a $1.50 per gallon excise
tax on gasoline, which shifts the supply curve from S1 to S2 , as
illustrated. What is tax incidence? Consumers pay $------- of the
tax and producers pay $------ of the tax. (Enter your responses
rounded to two decimal places.)
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Scarcity exists when: O making choices among two or more alternatives is not necessary. individuals can have more of any good without giving up anything. individuals can have more of one good but only by giving up something else. O resources are unlimited. Question 2 The slope of the PPF: O is the opportunity cost of the goods on each axis. O is the opportunity cost of the good on the horizontal axis. O is the opportunity cost of the...
Consider the market for gasoline, illustrated in the figure to
the right. Suppose the government adds a $1.50 per gallon excise
tax on gasoline, which shifts the supply curve from S1 to S2 , as
illustrated. What is tax incidence? Consumers pay $------- of the
tax and producers pay $------ of the tax. (Enter your responses
rounded to two decimal places.)
Question Help on 5.50 S2 5.00-1 4.50 4.00- G 3.50- 3.00 Price (dollars per gallon) 2.50 2.00 1.50 1.00...
Exhibit 3-5 Supply for Tucker's Cola Data Quantity supplied per week Price per (millions of gallons) gallon $3.00 2.50 2.00 1.50 1.00 .50 10.- In reference to Exhibit 3-5, assume the price of Tucker's Cola is $1.00 per gallon. If the price were to rise to $3.00 per gallon, and all other factors, such as taxes, etc. remained constant, the result would be a(n): a. decrease in quantity supplied. b. increase in quantity supplied. c. decrease in supply. d. increase...
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