If the price of a good increases and is above the equilibrium price, then: a) suppliers’ inventories will build up, they will reduce output, and lower prices. b) demand will exceed supply and there will be a shortage in the market. c) the demand curve will shift to the left until equilibrium is established at the new higher prices. d) the supply curve will shift to the right until equilibrium is established at the new higher price. e) consumers will bid down the good's price, but there will be no reduction in output.

If the price of a good increases and is above the equilibrium price, then: a) suppliers’ inventories will build up, they will reduce output, and lower prices. b) demand will exceed supply and there will be a shortage in the market. c) the demand curve will shift to the left until equilibrium is established at the new higher prices. d) the supply curve will shift to the right until equilibrium is established at the new higher price. e) consumers will bid down the good's price, but there will be no reduction in output.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Similar questions

Explain Isoquant curve. Explain Isocost line. The difference between the two and what should be tangent?
The two graphs attached show the relationship between the number of items sold per week vs number of weeks since the item arrived at the store. Although both graphs show sales are increasing per week, the graphs look different. If you were the store manager, which item would you order more of during week 9 and why?
Consider the data points in the table below Y. 80.0 60.0 1.0 2.0 3.0 400 200 00 4.0 Graphing these points results in line that passes through the point (3.0, (Round your response to one decimal place) 5435
■CASE STUDY THE PROPERTY MANAGER AS ECONOMIST-PLANNER After graduating from college with honors and a master's degree in eco- nomics, Charles Gill was hired by the local urban renewal authority in his home town of approximately 500,000 people. His responsibilities were in the areas of statistics, financial planning, and research. When activities of the urban renewal authority began to wind down upon completion of a major downtown redevelopment project, one of the directors, a businessman who had acquired some real estate investment property, hired Charles to manage one of his residential rental properties. The area's economy had slowed with the general downturn that occurred throughout the country and severely depressed the price of real estate in many areas, including property in Charles's town. In addition, a local defense factory had closed, leaving hundreds out of work. Charles saw there were suddenly many properties available that were priced far less than they had sold for just a…
explain how the curve shift on a graph and why they shift
Calculate the number of quantity produced when Total revenue is 80 and the average revenue is 10
Kohl's takes its net sales and subtracts the cost of goods sold during the previous period. The result is Kohl's gross sales O net income O gross profit net margin O net purchases
2. A store sells widgets at 25 cents each for small orders or at 20 cents each for orders of 100 or more. Write a program that requests the number of widgets ordered and displays the total cost. Enter number of widgets: 200 Cost is $40.00
for this graph answer the following question what is the total revenue? what is the total profit? what is the maximun point?
4. A decision at the margin Raphael is a hard-working college senior. One Saturday, he decides to work nonstop until he has answered 100 practice problems for his math course. He starts work at 8:00 AM and uses a table to keep track of his progress throughout the day. He notices that as he gets tired, it takes him longer to solve each problem. Time Total Problems Answered 8:00 AM 9:00 AM 40 10:00 AM 70 11:00 AM 90 Noon 100 Use the table to answer the following questions. The marginal, or additional, gain from Raphael's first hour of work, from 8:00 AM to 9:00 AM, is problems. The marginal gain from Raphael's third hour of work, from 10:00 AM to 11:00 AM, is problems. Later, the teaching assistant in Raphael's math course gives him some advice. "Based on past experience," the teaching assistant says, "working on 15 problems raises a student's exam score by about the same amount as reading the textbook for 1 hour." For simplicity, assume students always cover the same number of pages…