Survey Of Economics
10th Edition
ISBN: 9781337111522
Author: Tucker, Irvin B.
Publisher: Cengage,
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Chapter 3, Problem 9SQ
To determine
When a shortage occurs in an economy.
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carefully explain what is happening in the market for tea. indicate the impact if any on demand, supply,price and quantity .coffee and tea are demand substitutes. coffee plantations increase the supply of coffee.
choose the suitable answer for QUESTION 2, 3 and 4.
Questions
2) impact on supply
3)impact on price
4)impact on quantity
Answers.
a. decrease equilibrium quantity
b.excess supply
c. increase equilibrium quantity
d. decrease towards equilibrium
e.increase towards equilibrium
f. change in price in uncertain
g.decrease equilibrium price
h.excess demand
i. change in quantity uncertain
j.increase equilibrium price
k. no impact
l.shift outwards/ to right
m.shift inwards/to left
The price of chicken wings decreased. Which of the following is likely to happen:
A.
The supply of chicken wings will increase
B.
The supply of chicken wings will decrease
C.
Quantity supplied of chicken wings will decrease
D.
Quantity supplied of chicken wings will increase
Increase in supply usually __ the price and __ the quantity demanded.(A) lowers, lowers(B) raises, raises(C) lowers, raises(D) raises, lowers
Chapter 3 Solutions
Survey Of Economics
Ch. 3.7 - Prob. 1YTECh. 3.7 - Prob. 1GECh. 3.7 - Prob. 2GECh. 3.7 - Prob. 3GECh. 3 - Prob. 1SQPCh. 3 - Prob. 2SQPCh. 3 - Prob. 3SQPCh. 3 - Prob. 4SQPCh. 3 - Prob. 5SQPCh. 3 - Prob. 6SQP
Ch. 3 - Prob. 7SQPCh. 3 - Prob. 8SQPCh. 3 - Prob. 9SQPCh. 3 - Prob. 10SQPCh. 3 - Prob. 11SQPCh. 3 - Prob. 12SQPCh. 3 - Prob. 1SQCh. 3 - Prob. 2SQCh. 3 - Prob. 3SQCh. 3 - Prob. 4SQCh. 3 - Prob. 5SQCh. 3 - Prob. 6SQCh. 3 - Prob. 7SQCh. 3 - Prob. 8SQCh. 3 - Prob. 9SQCh. 3 - Prob. 10SQCh. 3 - Prob. 11SQCh. 3 - Prob. 12SQCh. 3 - Prob. 13SQCh. 3 - Prob. 14SQCh. 3 - Prob. 15SQCh. 3 - Prob. 16SQCh. 3 - Prob. 17SQCh. 3 - Prob. 18SQCh. 3 - Prob. 19SQCh. 3 - Prob. 20SQCh. 3 - Prob. 21SQCh. 3 - Prob. 22SQCh. 3 - Prob. 23SQCh. 3 - Prob. 24SQCh. 3 - Prob. 25SQ
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- carefully explain what is happening in the market for tea. indicate the impact if any on demand, supply,price and quantity .coffee and tea are demand substitutes. coffee plantations increase the supply of coffee. choose the suitable answer. 1) Impact on demand a. decrease equilibrium quantity b.excess supply c. increase equilibrium quantity d. decrease towards equilibrium e.increase towards equilibrium f. change in price in uncertain g.decrease equilibrium price h.excess demand i. change in quantity uncertain j.increase equilibrium price k. no impact l.shift outwards/ to right m.shift inwards/to leftarrow_forwardOther things being equal, a decrease in the quantity supplied to the market at given prices leads to: a. A higher price and a contraction of demand b. A lower price and a contraction of demand c. A higher price and an expansion of demand d. A lower price and an expansion of demandarrow_forwardQ#14arrow_forward
- E Quantity Refer to the image above. A change from Point A to Point B represents a(n): increase in supply. decrease in supply. increase in quantity supplied. decrease in quantity supplied. Pricearrow_forwardWhen there is an excess quantity supplied of a product at the current price, then: a. the market price must be below equilibrium price. b. the market price will tend to rise. c. the market price must be above equilibrium price. d. the market price will tend to fall. e. both c. and d. will occur.arrow_forwardPrice Supply $4 M 3 2 Demand 40 50 60 Quantity If the price starts out at $4, what will surely happen over time? a) The quantity supplied will fall, quantity demanded will rise and quantity sold will fall. b) The quantity supplied will fall, quantity demanded will rise and quantity sold will rise. c) The quantity supplied will fall, quantity demanded will fall and quantity sold will rise. d) The quantity supplied will rise, quantity demanded will fall and quantity sold will rise.arrow_forward
- What happens to the equilibrium price and quantity of gasoline during a severe hurricane in the Gulf of Mexico? A. Price decrease, Quantity decrease B. Price decrease, Quantity increase C. Price increase, Quantity decrease D. Price increase, Quantity increasearrow_forwardWhen the price of a good is above its equilibrium price: Select one: a. a shortage puts upward pressure on the price. b. a surplus puts upward pressure on the price c. a shortage puts downward pressure on the price. d. a surplus puts downward pressure on the price.arrow_forwardThe price per kilo of sugar is expected to increase next week. What will happen to the demand for sugar today. a. Increase in quantity demand today b. shift to the left of the supply curve next week c. shift to demand curve to the right next week d. Increase in the quantity supplied todayarrow_forward
- In connection with determination of price explain excess demand and excess supply what do they lead toarrow_forwardIf the quantity demanded is less than the quantity supplied, then:A. the price will have to increase to establish equilibrium.B. there will be an excess supply of goods.C. the demand will shift to the right.D. there will be a shortage of goods.arrow_forwardExplain the usefulness on having a knowledge of supply and demand.arrow_forward
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