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- If the current price of a good is $10, market demand is Qd = 400 - 20P, and market supply is Qs = -50 + 10P, then more of the good is being produced than people want to buy. a lower price will increase the shortage. at the current price there is excess demand, or a shortage, of 150 units. a lower price will increase the shortage and at the current price there is excess demand, or a shortage, of 150 units. All of the aboveAn increase in taste for the good with a simultaneous decrease in subsidies will cause the equilibrium price to fall and equilibrium quantity to increase. True or FalseConsider the market for air travel. If airport fees rise and cause the price of plane tickets to rise, All answers are correct It will cause airlines to lower the number of flights they offer. It will cause consumers to travel less by plane and more by car. It will cause buyers and sellers in the market to adjust their behavior.
- An increase in the population of a country will cause the demand curve to shift outward and supply to increase. true or falseQs = ¼ p + 5Qd = - ¼ p + 8Compute the equilibrium price and quantity.Identify THREE (3) conditions which may lead to an increase in market demand and TWO (2) conditions that may lead to an increase in market supply.
- True or false. There is no surplus or shortage when there is an equilibrium in the market.If price rises Multiple Choice there must have been a decrease in equilibrium quantity. there may have been an increase in demand. there may have been an increase in supply. there may have been a decrease in demand.If the quantity demanded = 300 - 10p and the quantity supplied = 100 + 15p find the value of the price
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