In a linear demand equation, what economic information is conveyed by the intercept on the price axis? In a linear demand equation, the intercept on the price axis tells us OOOO A. the lowest price at which there is no shortage. B. the equilibrium price. C. the quantity demanded when the price is zero. D. the price at which the quantity demanded will be the highest. OE. the lowest price at which the quantity demanded will be zero. Similarly, the intercept on the price axis in a linear supply equation gives the OA. the equilibrium price. OB. the price at which the quantity supplied will be the highest. OC. the lowest price at which there is no surplus OD. the highest price at which the quantity supplied will be zero.
In a linear demand equation, what economic information is conveyed by the intercept on the price axis? In a linear demand equation, the intercept on the price axis tells us OOOO A. the lowest price at which there is no shortage. B. the equilibrium price. C. the quantity demanded when the price is zero. D. the price at which the quantity demanded will be the highest. OE. the lowest price at which the quantity demanded will be zero. Similarly, the intercept on the price axis in a linear supply equation gives the OA. the equilibrium price. OB. the price at which the quantity supplied will be the highest. OC. the lowest price at which there is no surplus OD. the highest price at which the quantity supplied will be zero.
Principles of Economics 2e
2nd Edition
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:Steven A. Greenlaw; David Shapiro
Chapter6: Consumer Choices
Section: Chapter Questions
Problem 17P: If a 10 decrease in the price of one product that you buy causes an 8 increase in quantity demanded...
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Transcribed Image Text:In a linear demand equation, what economic information is conveyed by the intercept on the price axis?
In a linear demand equation, the intercept on the price axis tells us
OOOO
A. the lowest price at which there is no shortage.
B. the equilibrium price.
C. the quantity demanded when the price is zero.
D. the price at which the quantity demanded will be the highest.
OE. the lowest price at which the quantity demanded will be zero.
Similarly, the intercept on the price axis in a linear supply equation gives the
OA. the equilibrium price.
OB. the price at which the quantity supplied will be the highest.
OC. the lowest price at which there is no surplus
OD. the highest price at which the quantity supplied will be zero.
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