What happens to equilibrium price and quantity in the following scenarios? Circle the correct answer for...
- What happens to equilibrium price and quantity in the following scenarios? Circle the correct answer for each scenario below.
- Supply shifts right
PRICE -> GOES UP GOES DOWN UNDETERMINED
QUANTITY -> GOES UP GOES DOWN UNDETERMINED
- Demand decreases
PRICE -> GOES UP GOES DOWN UNDETERMINED
QUANTITY -> GOES UP GOES DOWN UNDETERMINED
- Demand and supply both increase
PRICE -> GOES UP GOES DOWN UNDETERMINED
QUANTITY -> GOES UP GOES DOWN UNDETERMINED
- Demand shifts left and supply shifts right
PRICE -> GOES UP GOES DOWN UNDETERMINED
QUANTITY -> GOES UP GOES DOWN UNDETERMINED
- A very large shift to the right in demand is accompanied by a very small shift to the left in supply (assume curves have equal magnitude of slope)
PRICE -> GOES UP GOES DOWN UNDETERMINED
QUANTITY -> GOES UP GOES DOWN UNDETERMINED
Homework Answers
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What happens to equilibrium price and quantity in the following
scenarios? Circle the correct answer for...
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13. How shifts in demand and supply affect equilibrium Consider the market for pens. Suppose that...
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13. How shifts in demand and supply affect equilibrium Consider the market for pens. Suppose that...
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