17. When a market is in equilibrium A. O No shortage exists B. O Quantity demanded equals quantity supplied C. O A price is established that clears the market D. O All of the above are correct
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- What is the relationship between quantity Demanded and quantity supplied at equilibrium? What is the relationship when there is a shortage? What is the relationship when them is a surplus?If a 10 decrease in the price of one product that you buy causes an 8 increase in quantity demanded of that product, will another 10 decrease in the price cause another 3 increase (no more and no less) in quantity demanded?What is consumer surplus? How is it illustrated on a demand and supply diagram?
- If the price is above line equilibrium level, would you predict a surplus or a shortage? If line price is below the equilibrium level, would you predict a surplus or a shortage? Why?Suppose there is a soda tax to curb obesity. What should a reduction in the soda tax do to the supply of sodas and to the equilibrium price and quantity? Canyon show this graphically? Hint: Assume that the soda tax is collected from the sellers.b) How will the equilibrium price be affected in a competitive market? will always increase will always decrease remains the same c) How will the equilibrium quantity be affected in a competitive market? O will always increa se O will always decrease O remains the same
- The price of the qood in the market decreases. Because of this, the producers also decreased the number of good that they are willing to produce. This situation reflects * Change in supply The law of demand O The nature of inferior good O The law of Supply O The nature of normal goodA change in price of a good or service typically causes O a new equilibrium price O a change along the supply curve the supply curve to shift O a decreased demand for that specific good or service.The supply curve for some good is Qs = -10 + P. The demand curve for the same good is given by Qp = 70-3P. What are the coordinates of equilibrium in this market? Select one: a. P 15, Q = 22 O b. P = 20, Q = 10 O c. P 38, Q = 15 O d. P = 25, Q = 11 age Next page nit 5 Jump to... HW Unit 5 DUE March 10 ► aged in as Ashli-Amari Bent (Log out) 1-2021/SPRING/DAY on summary mohile ann acBo Search or type URL
- Price 3FE 0 A H S₁ So D₁ Do BC Quantity Given Do, if the supply curve shifts from So to S1, then: O Supply has increased and the equilibrium quantity has increased. O The quantity supplied has increased. O Supply has decreased and the equilibrium quantity has decreased. O Supply has increased and the new prices is OGIf the supply of and demand for a product increase at the same time, then equilibrium O quantity and equilibrium price must both decline. O quantity must decline, but equilibrium price may either rise, fall, or remain unchanged. O price must fall, but equilibrium quantity may either rise, fall, or remain unchanged. O quantity must increase, but equilibrium price may either rise, fall, or remain unchanged.K Does an increase in the supply of tank tops bring a surplus or a shortage of tank tops at the original price? How does the price of a tank top change as the market moves to its new equilibrium? An increase in the supply of tank tops brings a OA. surplus; fall O B. shortage; rise OC. shortage; fall O D. surplus; rise of tank tops at the original price, and the price of a tank top will K Does an increase in the supply of tank tops bring a surplus or a shortage of tank tops at the original price? How does the price of a tank top change as the market moves to its new equilibrium? An increase in the supply OA. surplus, fall OB shortage, rise OC. shortage, fall OD. surplus, rise tank tops brings a of tank tops at the original price, and the price of a tank top will