A competitive market will OA. create excess supply because producers want profits. OB. move towards equilibrium because producers set the prices. OC. create excess demand because wants exceed needs. O D. move towards equilibrium quantity because both producers and consumers act in their own best interest.

A competitive market will OA. create excess supply because producers want profits. OB. move towards equilibrium because producers set the prices. OC. create excess demand because wants exceed needs. O D. move towards equilibrium quantity because both producers and consumers act in their own best interest.

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter3: Demand And Supply

Section: Chapter Questions

Problem 19RQ: When the price is above the equilibrium, explain how market forces move me market price to...

See similar textbooks

Similar questions

Table 3.9 illustrates the markets demand and supply for cheddar cheese. Graph the data and find the equilibrium. Next, create a table showing the change in quantity demanded or quantity supplied, and a graph of the new equilibrium, in each of the following situations: The price of milk, a key input for cheese production, rises, so that the supply decreases by 80 pounds at every price. A new study says that eating cheese is good for your health, so that demand increases by 20 at every price.
A decrease in demand effects Market Equilibrium in the following way. Select one: O a. Decrease in quantity supplied and decrease in equilibrium price O b. No change to equilibrium c. Decrease in demand and increase in price Od. Increase in quantity demand and equilibrium price
The US government reduces the supply of raw material for production of Covishield,. Simultaneously the vaccine awareness is increasing amidst the rising second wave of the deadly Corona Virus. In the market of Covishield we should observe O a. Reduced demand and reduced supply O b. Reduced supply and unchanged demand O c. Reduced supply and increased demand O d. Increased supply and unchanged demand
Can you please check my work
K How will an increase in the number of sellers of tablets affect the market for this product? A. Demand will increase causing the equilibrium price to increase and the equilibrium quantity to increase. OB. Supply will increase causing the equilibrium price to decrease and the equilibrium quantity to increase. OC. Supply will decrease causing the equilibrium price to decrease and the equilibrium quantity to increase. O D. Supply will increase causing the equilibrium price to increase and the equilibrium quantity to decrease.
A new cattle feed has been found to increase the amount of milk each cow produces. Which of the following is likely to be the impact on the market for milk if this cattle feed is used by most dairies? O a. a leftward shift of the supply curve of milk O b. a rightward shift of the supply curve of milk O C. an increase in the price of milk O d. a decrease in the quantity demanded of milk O e. an increase in the demand for milk
Choose correctly and explain your answer. Typed a
On the diagram to the right, a movement from A to B represents a O A. decrease in demand. B. change in quantity demanded. O C. change in demand. O D. movement up the demand curve. A D2 'D1 Quantity (millions of units per month) Price (dollars per unit)
The following data shows the market for soccer balls: Price ($) 0 Demand 120 Supply |0 10 110 20 20 100 40 Select one: O A. $40 and 120. B. $10 and 110. OC. $60 and 110. O D. $50 and 50. OE. $30 and 100. 30 90 60 40 80 80 50 60 70 70 60 50 100 120 140 Refer to the above information to answer this question. Assume that initially the market is in equilibrium, and the demand increases by 10 units while the supply increases by 40 units. What will be the new equilibrium price and quantity?
Typed and correct answer please. I will rate accordingly. Please choose correct answer.
Not yet an Ashley bakes bread that she sells at the local farmer's market. If the price of flour doubles, the Select one: O a. demand curve for Ashley's bread will incerease. O b. supply curve for Ashley's bread will increase. O c. supply curve for Ashley's bread will decrease. O d. demand curve for Ashley's bread will decrease.
As the technology magazines show more and more large screen smart phones, teenagers buy fewer small screened flip phones. This is a O Change in supply O Change in quantity supplied O Change in demand O Change in quantity demanded