Question 15Suppose the graph above represents the market for college education and is initially in equilibrium at point X. What point would most likely become the new equilibrium point if several new colleges are opened in the area?PriceE•DBQuantityO Point EO Point DO Point CO Point AO Point BQuestion 16Suppose the graph above represents the market for coffee mugs and is initially in equilibrium at point X. What point would most likely become the new equilibrium point if the price of coffee went up dramatically?PriceEX.DBQuantityO Point BO Point DO Point EO Point AO Point C Question 17Which one of the following is an example of scarcity, as defined in the text?O You cannot afford basic health care.O Not enough space is available in shelters for homeless people.O You cannot afford both a new stereo and a new air conditioner.O Adrought reduces the supply of wheatO You go to see a new movie but all tickets are sold out.Question 18Which one of the following is an example of inadequacy, as defined in the text?O Adrought reduces the supply of wheatYou cannot afford a new sports car.O You cannot afford basic health carePeople wait outside a ticket booth for tickets to a concert.O The government sets a price floor for wheat prices.

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Suppose the graph above represents the market for college education and is initially in equilibrium at point X. What point would most likely become the new equilibrium point if several new colleges are opened in the ar Price E •D B Quantity O Point E O Point D O Point C O Point A O Point B

Suppose the graph above represents the market for college education and is initially in equilibrium at point X. What point would most likely become the new equilibrium point if several new colleges are opened in the ar Price E •D B Quantity O Point E O Point D O Point C O Point A O Point B

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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