Consider the market for product ABC, when the price is at Php 12, quantity demanded is 6 units and quantity supplied is 3 units. An eight pesos increase in the price would change quantity demanded by 2 units and quantity supplied by 4 units. How much is the gap at price of Php 11? A one peso decrease in the price of the product would _ quantity demanded by _ units. How much is the equilibrium price? How many units is the quantity supplied when price is zero? Choices: shortage ; 3.75 6 decrease ; 0.25 shortage ; 1.5 36 increase ; 0.5 -3 9 increase ; 0.25 5 decrease ; 0.5 surplus ; 1.5 16 surplus ; 3.75
Consider the market for product ABC, when the price is at Php 12, quantity demanded is 6 units and quantity supplied is 3 units. An eight pesos increase in the price would change quantity demanded by 2 units and quantity supplied by 4 units. How much is the gap at price of Php 11? A one peso decrease in the price of the product would _ quantity demanded by _ units. How much is the equilibrium price? How many units is the quantity supplied when price is zero? Choices: shortage ; 3.75 6 decrease ; 0.25 shortage ; 1.5 36 increase ; 0.5 -3 9 increase ; 0.25 5 decrease ; 0.5 surplus ; 1.5 16 surplus ; 3.75
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Question
Consider the market for product ABC, when the price is at Php 12, quantity demanded is 6 units and quantity supplied is 3 units. An eight pesos increase in the price would change quantity demanded by 2 units and quantity supplied by 4 units.
How much is the gap at price of Php 11?
A one peso decrease in the price of the product would _ quantity demanded by _ units.
How much is the
Choices:
shortage ; 3.75
6
decrease ; 0.25
shortage ; 1.5
36
increase ; 0.5
-3
9
increase ; 0.25
5
decrease ; 0.5
surplus ; 1.5
16
surplus ; 3.75
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