Carefully explain what is happening in the following market. Indicate the impact if any on demand, supply, price and quantity A car manufacturer has produced a lot of SUVs, but now is having difficulty selling them. Impact on demand Choose.... Impact on supply Impact on price Impact on quantity Choose.... Choose... Choose... ♦ Increase equilibrium price Shift outwards / to right Decrease equilibrium price Increase equilibrium quantity Excess demand Excess supply Shift inwards/ to left Change in quantity uncertain Decrease equilibrium quantity No impact Increase towards equilibrium Decrease towards equilibrium Change in price uncertain

Carefully explain what is happening in the following market. Indicate the impact if any on demand, supply, price and quantity A car manufacturer has produced a lot of SUVs, but now is having difficulty selling them. Impact on demand Choose.... Impact on supply Impact on price Impact on quantity Choose.... Choose... Choose... ♦ Increase equilibrium price Shift outwards / to right Decrease equilibrium price Increase equilibrium quantity Excess demand Excess supply Shift inwards/ to left Change in quantity uncertain Decrease equilibrium quantity No impact Increase towards equilibrium Decrease towards equilibrium Change in price uncertain

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Answer each question using only the correct option from the drop box provided. Also, explanation should also be from the options available only.

Carefully explain what is happening in the following market. Indicate the impact if any on demand, supply, price and quantity:
A car manufacturer has produced a lot of SUVs, but now is having difficulty selling them.
Impact on demand Choose...
Impact on supply
Impact on price
Impact on quantity
Choose...
Choose...
Choose...
Increase equilibrium price
Shift outwards / to right
Decrease equilibrium price
Increase equilibrium quantity
Excess demand
Excess supply
Shift inwards / to left
Change in quantity uncertain
Decrease equilibrium quantity
No impact
Increase towards equilibrium
Decrease towards equilibrium
Change in price uncertain

If the price of a product was $600, but the supply and demand curves remained unchanged, answer the following:
Price
S
700
600
500
400
300
200
100
D
100 150 200 250 300 350 400 450 500
Quantity
What is the quantity demanded at this price?
What is the quantity supplied at this price?
Are we in equilibrium, shortage or surplus?
What will happen to price?
What will happen to quantity supplied?
What will happen to quantity demanded?
increase
400
equilibrium
150
shortage
decrease
remain the same.
250
200
300
surplus
350
450
100
Choose...

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