Homework Answers
Option 'D' is correct.
Explaination : Total quantity supplied at price $P = quantity supplied by firm w+x+y+z
Total quantity supplied at $0 : 0+0+0+0 = 0.
total quantity supplied at $4 : 2+5+4+3 = 14
total quantity supplied at $8 : 4+10+8+6 = 28
total quantity supplied at $12 : 6+15+12+9= 42
total quantity supplied at $16 : 8+20+16+12=56
total quantity supplied at $20 : 10+25+20+15 = 70
We can clearly see from above ,for every increase in price of $4,there is the increase of 14 units in total market quantity supplied.
Therefore,if the price is reduced by $4, the market quantity supplied will decrease by 14 units. Hence, Option 'D' is correct.
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and quantity supplied are equal. The result is an equilibrium
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or less) than the quantity supplied. This means that the
market is currently experiencing a (surplus or
shortage). In order to adjust, the market price will
(decrease or increase) until the quantity demanded
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