Question

13. An increase in the demand for a product means that the a. supply curve shifts to the left. b. demand curve shifts to the right. C. supply curve shifts to the right. d. demand curve shifts to the left. Exhibit 3-15 Supply and demand curres for good X Price per unit (dollars) 100 200 300 400 Quantity of pedx (unis per time period 14.- In the market shown in Exhibit 3-15, the equilibrium price and quantity of good X are: a. $2.00, 300. b. $2.00, 100. c. $0.50, 250. d. $1.00, 200

Answer 1

Q13
Answer
Option b
the increase in demand means the quantity demanded at each price level increases means the curve shifts to right as the quantity on the horizontal axis and the increase in quantity at each price shifts the curve to the right.

Q14
Answer
the equilibrium is at Qd=Qs
where
P=$1 and Q=200 units

Option d