Look at the diagram below. What is the slope (also called the gradient) of the demand schedule? a) 5 b) 0 c) Infinity d) Larger than the slope of the supply schedule e) 2 looking at the same diagram above, the consumer surplus in this case is: a) 2 b) 4 c) 10 d)0 e) equal to the equilibrium quantity looking at the same diagram, consider what happens if the costs of production increase. there will be a new market equilibrium and a quantity Q will be sold. what is the new equilibrium price? a) 1 b)0 c) 5 d) somewhere between 1 and 5 e) negative
Look at the diagram below. What is the slope (also called the gradient) of the demand schedule? a) 5 b) 0 c) Infinity d) Larger than the slope of the supply schedule e) 2 looking at the same diagram above, the consumer surplus in this case is: a) 2 b) 4 c) 10 d)0 e) equal to the equilibrium quantity looking at the same diagram, consider what happens if the costs of production increase. there will be a new market equilibrium and a quantity Q will be sold. what is the new equilibrium price? a) 1 b)0 c) 5 d) somewhere between 1 and 5 e) negative
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Look at the diagram below. What is the slope (also called the gradient) of the demand schedule? a) 5 b) 0
c) Infinity d) Larger than the slope of the supply schedule e) 2 looking at the same diagram above, the consumer surplus in this case is: a) 2 b) 4 c) 10 d)0 e) equal to the equilibrium quantity looking at the same diagram, consider what happens if the costs of production increase. there will be a new market equilibrium and a quantity Q will be sold. what is the new equilibrium price ? a) 1 b)0 c) 5 d) somewhere
between 1 and 5 e) negative
Transcribed Image Text:1
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