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- Paste Clipboard 5 2 of 10 Arial B AY 1432 words LX 14°C Partly sunny A 14 Uab x, x² Po Paragraph Styles A Aa A A Font N Styles Question Assume a competitive market is in equilibrium. There is an increase in demand, but no change in supply. As a result, the equilibrium price and the equilibrium quantity A) rises; does not change B) rises, increases C) falls; does not change D) falls, increases Question 2 This diagram shows the market for cocoa. Equilibrium is currently at point x The market for coco a S₁ Auntitu Sheet 2 of 10 Module Code: ECON1543 To which equilibrium point will the market move if there is speculation that the price of cocoa will fall? A) to point 5 B) to point 8 C) it stays at x D) to point 6 English (United Kingdom) Focus Price X 3 -------10 21- X D₂ 01 Editing Dictate VoicePrice of Gasoline P3 P₂ P₁ 0 9₂ 9₂ 52 D S₁ Price Ceiling Quantity of Gasoline Refer to the figure above. With a price ceiling present in this market, what will happen when the supply curve for gasoline shifts from S₁ to S₂? The market price will stay at P₁ due to the price ceiling. A shortage will occur at the price ceiling of P2. The price will increase to P3. A surplus will occur at the new market price of P₂.Figure 3-15 Price P2 в P1 Q1 Q2 Quantity Refer to Figure 3-15. Which area represents producer surplus when the price is P1? BCE ACF ABED DEF
- Price P EQ A B Market for Product X D Quantity What would happen to the equilibrium price of Product X if demand for Product X increased? It would rise. It would fall. It would fluctuate. S It would stay the same. Dage Figure 7-2 Price P₁ P₂ B D O a. ACF O b. ABD O C. DEF O d. BCED E Q₂ 8₂ D Quantity Refer to Figure 7-2. Which area represents consumer surplus at a price of P1? me left:52:46 NEXT PAGEPrice A B P C EQ Market for Product X What would happen to the equilibrium price of Product X if demand for Product X decreased? It would rise. It would fall. Quantity It would fluctuate. S It would stay the same. D
- The equations describing demand and supply curves for pizzasare given as follows:Q= 500 –P and Q= 2P + 200. a.What is the equilibriumpriceand quantity? b.Suppose that the price levelis set by the government at $150. Will there be a shortage or surplus? Explain why . What is the size of the surplus or shortage ?Click on the icon to read the news clip, then answer the following questions. The graph shows the market for milk in Venezuela when a price control is in effect. Draw a shape that represents: 1) consumer surplus. Label it CS. 2) producer surplus. Label it PS. 3) the deadweight loss. Label it DWL. Also draw a shape that show the resources lost from time spend in line. Label it Loss. Moving from a milk market with no price controls to a milk with price controls consumer surplus and producer surplus. OA. increases; increases OB. increases; decreases OC. decreases; increases OD. decreases; decreases In the market for cheese, OA. consumer surplus decreases and producer surplus decreases 60- 50- 40- 30 20- 10- Price (bolivars per gallon) 0 40 $ 300 200 300 400 500 600 700 Quantity (gallons of milk) >>> Draw only the objects specified in the question. 100 Price control D Next SOUPrice A 10 B 8. C 6. H D M 4 K 2 F 20 40 50 60 70 Quantity Using the graph in question 14. If the price is equal to $4, producer surplus is the area O EFK O ABCDGHI O LM O ABC E. 9 00
- If the demand curve for chocolate bars is downward sloping and the supply of it decreases, there is __ in consumer surplus; a. an increase, b. no change, c. it's impossible to tell what will happen to consumer surplus, d. a decreaseBased on the graph answer the question below Price P2 P1 K Q, Q3 Quantity If the price rises from P to P2, producer surplus increases by the area: O a. PPKM b. PKO C. LMK Od. P,MO Clear my choiceClick on the icon to read the news clip, then answer the following questions. www The graph shows the market for milk in Venezuela when a price control is in effect. Draw a shape that represents: 1) consumer surplus. Label it CS. 2) producer surplus. Label it PS. 3) the deadweight loss. Label it DWL. Also draw a shape that show the resources lost from time spend in line. Label it Loss. Moving from a milk market with no price controls to a milk with price controls consumer surplus and producer surplus. OA. increases; decreases OB. decreases; increases Oc. increases; increases OD. decreases; decreases In the market for cheese, OA. the price is below the market equilibrium 9 O 60- 50- 40- 30- 20- Price (bolivars per gallon) 10+ 0 40 $ 100 Price control 300 200 300 400 500 600 700 Quantity (gallons of milk) >>> Draw only the objects specified in the question. D Next
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