wha ☆ j New Chrome available: Jordyn Bumgardner 09/19/24 4:21 PM < Question 23 of 31 > This quiz: 50 point(s) possible This question: 4 point(s) possible Submit quiz Price (cents per pack) 120- Price (cents The table shows the demand and supply schedules for gum. Quantity supplied Quantity demanded per pack) (packs of gum per week) 20 180 60 40 140 100 60 100 140 80 60 180 100 20 220 Draw a demand curve and a supply curve using the numbers in the table. Label the curves. Draw a point to show the equilibrium price and equilibrium quantity. Now suppose that the price is 20 cents a pack. What is the situation in the gum market and how does the price adjust? If the price is 20 cents a pack, there is a of gum, so the price of a pack of gum OA. surplus; falls OB. surplus; rises O C. shortage; rises OD. shortage; falls As the market moves toward the equilibrium price, the quantity demanded quantity supplied OA. decreases; decreases OB. decreases; increases OC. increases; decreases OD. increases; increases and the 100- 80- 60- 60 40- 20- 40 80 120 160 200 240 Quantity (packs of gum per week) >>> Draw only the objects specified in the question. Ε LV Time Remaining: 00:22:16 Next
wha ☆ j New Chrome available: Jordyn Bumgardner 09/19/24 4:21 PM < Question 23 of 31 > This quiz: 50 point(s) possible This question: 4 point(s) possible Submit quiz Price (cents per pack) 120- Price (cents The table shows the demand and supply schedules for gum. Quantity supplied Quantity demanded per pack) (packs of gum per week) 20 180 60 40 140 100 60 100 140 80 60 180 100 20 220 Draw a demand curve and a supply curve using the numbers in the table. Label the curves. Draw a point to show the equilibrium price and equilibrium quantity. Now suppose that the price is 20 cents a pack. What is the situation in the gum market and how does the price adjust? If the price is 20 cents a pack, there is a of gum, so the price of a pack of gum OA. surplus; falls OB. surplus; rises O C. shortage; rises OD. shortage; falls As the market moves toward the equilibrium price, the quantity demanded quantity supplied OA. decreases; decreases OB. decreases; increases OC. increases; decreases OD. increases; increases and the 100- 80- 60- 60 40- 20- 40 80 120 160 200 240 Quantity (packs of gum per week) >>> Draw only the objects specified in the question. Ε LV Time Remaining: 00:22:16 Next
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
Related questions
Question
100%
Transcribed Image Text:wha
☆
j
New Chrome available:
Jordyn Bumgardner
09/19/24 4:21 PM
<
Question 23 of 31 >
This quiz: 50 point(s) possible
This question: 4 point(s) possible
Submit quiz
Price (cents per pack)
120-
Price
(cents
The table shows the demand and supply schedules for gum.
Quantity
supplied
Quantity
demanded
per pack)
(packs of gum per week)
20
180
60
40
140
100
60
100
140
80
60
180
100
20
220
Draw a demand curve and a supply curve using the numbers in the table. Label the curves.
Draw a point to show the equilibrium price and equilibrium quantity.
Now suppose that the price is 20 cents a pack. What is the situation in the gum market and how
does the price adjust?
If the price is 20 cents a pack, there is a
of gum, so the price of a pack of gum
OA. surplus; falls
OB. surplus; rises
O C. shortage; rises
OD. shortage; falls
As the market moves toward the equilibrium price, the quantity demanded
quantity supplied
OA. decreases; decreases
OB. decreases; increases
OC. increases; decreases
OD. increases; increases
and the
100-
80-
60-
60
40-
20-
40
80
120
160
200
240
Quantity (packs of gum per week)
>>> Draw only the objects specified in the question.
Ε
LV
Time Remaining: 00:22:16
Next
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps with 1 images
Recommended textbooks for you
Principles of Economics (12th Edition)
Economics
ISBN:
9780134078779
Author:
Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher:
PEARSON
Engineering Economy (17th Edition)
Economics
ISBN:
9780134870069
Author:
William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
Publisher:
PEARSON
Principles of Economics (12th Edition)
Economics
ISBN:
9780134078779
Author:
Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher:
PEARSON
Engineering Economy (17th Edition)
Economics
ISBN:
9780134870069
Author:
William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
Publisher:
PEARSON
Principles of Economics (MindTap Course List)
Economics
ISBN:
9781305585126
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
Managerial Economics: A Problem Solving Approach
Economics
ISBN:
9781337106665
Author:
Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher:
Cengage Learning
Managerial Economics & Business Strategy (Mcgraw-…
Economics
ISBN:
9781259290619
Author:
Michael Baye, Jeff Prince
Publisher:
McGraw-Hill Education