Name some factors that can cause a shift in the demand curve in markets for goods and services. A change in the wealth of the consumer A decrease in supply An increase in supply A change in the price of a related good. A change in price A change in consumer tastes.

ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
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Q6. Q7.
QUESTION 7
Review the following figure. Suppose the price of gasoline is $1.60 per gallon.
What would happen to the quantity demanded?
▪
What would happen to the quantity supplied?
▪ At $1.60, is the market in equilibrium, a shortage, or a surplus?
P ($ per gallon)
$2.20
51.80
$1.40
$1.20
$1.00
50.60
Excess supply
or surplus
QUESTION 8
E
S
An above-aquilibrium price
Equilibrium price
A below equilibrium price
Excess demand D
or shortage
300 400 500 600 700 800 900
Quantity of Gasoline (millions of gallons)
V
rise
fall
surplus
shortage
no change
a shift in demand
a shift in supply
Transcribed Image Text:QUESTION 7 Review the following figure. Suppose the price of gasoline is $1.60 per gallon. What would happen to the quantity demanded? ▪ What would happen to the quantity supplied? ▪ At $1.60, is the market in equilibrium, a shortage, or a surplus? P ($ per gallon) $2.20 51.80 $1.40 $1.20 $1.00 50.60 Excess supply or surplus QUESTION 8 E S An above-aquilibrium price Equilibrium price A below equilibrium price Excess demand D or shortage 300 400 500 600 700 800 900 Quantity of Gasoline (millions of gallons) V rise fall surplus shortage no change a shift in demand a shift in supply
QUESTION 6
Name some factors that can cause a shift in the demand curve in markets for goods and services.
A change in the wealth of the consumer
A decrease in supply
An increase in supply
A change in the price of a related good.
A change in price
A change in consumer tastes.
QUESTION 7
Review the following figure. Suppose the price of gasoline is $1.60 per gallon.
What would happen to the quantity demanded?
• What would happen to the quantity supplied?
At $1.60, is the market in equilibrium, a shortage, or a surplus?
●
•>
Transcribed Image Text:QUESTION 6 Name some factors that can cause a shift in the demand curve in markets for goods and services. A change in the wealth of the consumer A decrease in supply An increase in supply A change in the price of a related good. A change in price A change in consumer tastes. QUESTION 7 Review the following figure. Suppose the price of gasoline is $1.60 per gallon. What would happen to the quantity demanded? • What would happen to the quantity supplied? At $1.60, is the market in equilibrium, a shortage, or a surplus? ● •>
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