QUESTION 3:Table 3Price perCheeseburger$576849Quantity Demanded(Cheeseburgers per Month)Quantity Supplied(Cheeseburgers per Month)1,5005001,2007009009006001,1003001,300a). Refer to Table 3. This market will be in equilibrium if the price per cheeseburger isA) $5.B) $6.C) $7.D) $8.ANSWER:b). Refer to Table 3. If the price per cheeseburger is $6, the price willA) remain constant because the market is in equilibrium.B) decrease because there is an excess demand in the market.C) increase because there is an excess demand in the market.D) decrease because there is an excess supply in the market.ANSWER:c). Refer to Table 3. If the price per cheeseburger is $9, there is a(n)A) market equilibrium.B) excess demand of 500 units.C) excess demand of 300 units.D) excess supply of 1,000 units.ANSWER:

Equilibrium refers to a situation in market at which the demand of goods or services become equal to…

QUESTION 3: Table 3 Price per Cheeseburger $5 6 7 8 9 Quantity Demanded (Cheeseburgers per Month) Quantity Supplied (Cheeseburgers per Month) 1,500 500 1,200 700 900 900 600 1,100 300 1,300 a). Refer to Table 3. This market will be in equilibrium if the price per cheeseburger is A) $5. B) $6. C) $7. D) $8. ANSWER:

QUESTION 3: Table 3 Price per Cheeseburger $5 6 7 8 9 Quantity Demanded (Cheeseburgers per Month) Quantity Supplied (Cheeseburgers per Month) 1,500 500 1,200 700 900 900 600 1,100 300 1,300 a). Refer to Table 3. This market will be in equilibrium if the price per cheeseburger is A) $5. B) $6. C) $7. D) $8. ANSWER:

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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