CONNECT F/MICROECONOMICS
21st Edition
ISBN: 2810022151240
Author: McConnell
Publisher: MCG
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Question
Chapter 3.6, Problem 4QQ
To determine
Total surplus in the market.
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If 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.
If the quantity supplied of a product is less than the quantity demanded, then:
A. There is a shortage of the product
B. There is a surplus of the product
C. The product is a normal good
D. The product is an inferior good
When consumers face rising gasoline prices, they typically A. reduce their quantity demanded more in the short run than in the long run.B. reduce their quantity demanded more in the long run than in the short run.C. do not reduce their quantity demanded in the short run or the long run.D. increase their quantity demanded in the short run but reduce their quantity demanded in the long run.E. None of the above .
Chapter 3 Solutions
CONNECT F/MICROECONOMICS
Ch. 3.6 - Prob. 1QQCh. 3.6 - Prob. 2QQCh. 3.6 - Prob. 3QQCh. 3.6 - Prob. 4QQCh. 3.A - Prob. 1ADQCh. 3.A - Prob. 2ADQCh. 3.A - Prob. 3ADQCh. 3.A - Prob. 4ADQCh. 3.A - Prob. 5ADQCh. 3.A - Prob. 6ADQ
Ch. 3.A - Prob. 7ADQCh. 3.A - Prob. 1ARQCh. 3.A - Prob. 2ARQCh. 3.A - Prob. 3ARQCh. 3.A - Prob. 4ARQCh. 3.A - Prob. 5ARQCh. 3.A - Prob. 6ARQCh. 3.A - Prob. 1APCh. 3.A - Prob. 2APCh. 3.A - Prob. 3APCh. 3 - Prob. 1DQCh. 3 - Prob. 2DQCh. 3 - Prob. 3DQCh. 3 - Prob. 4DQCh. 3 - Prob. 5DQCh. 3 - Prob. 6DQCh. 3 - Prob. 7DQCh. 3 - Prob. 8DQCh. 3 - Prob. 1RQCh. 3 - Prob. 2RQCh. 3 - Prob. 3RQCh. 3 - Prob. 4RQCh. 3 - Prob. 5RQCh. 3 - Prob. 6RQCh. 3 - Prob. 7RQCh. 3 - Prob. 8RQCh. 3 - Prob. 9RQCh. 3 - Prob. 1PCh. 3 - Prob. 2PCh. 3 - Prob. 3PCh. 3 - Prob. 4PCh. 3 - Prob. 5PCh. 3 - Prob. 6PCh. 3 - Prob. 7P
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- help me tutors (choose answer correctly) not neccessarily to explan. 1. Evaluate the movement from point A to point B on the graph shows. a. decrease in demand. b. decrease in quantity demanded.c. an increase in quantity demanded.d. an increase in demand. 2. According to the graph, what are equilibrium price and quantity. a. $7, 20 b. $5, 40c. $7, 60 d. $3, 60arrow_forwardWhen the price of good X increases, a. the supply curve for good X will shift to the right. b. the quantity supplied of good X will increase. c. the quantity supplied of good X will decrease. d. the supply curve for good X will shift to the left.arrow_forwardGood X and good Y are substitutes. If the price of good Y increases, then the a. Demand for good X will decrease. b. Demand for good X will increase. c. Quantity demanded of good Y will increase. d. Market price of good X will decrease.arrow_forward
- An increase in the price of a good would :a. Give producers an incentive to produce more. b. Increase the amount purchased by buyers. c.Decrease both the quantity demanded of the good and the quantity supplied of the good. d. Decrease the supply of the good..arrow_forwardA demand gap occurs when A. quantity demanded is greater than quantity supplied. B. when quantity supplied is greater than quantity demanded. C. when supply is lacking. D. when demand is lacking.arrow_forwardFollowing an increase in supply and an increase in demand, the market is producing more at a lower price. What must have happened? Selected answer will be automatically saved. For keyboard navigation, press up/down arrow keys to select an answer. a The change in demand was larger than the change in supply. b The change in demand was smaller than the change in supply. c There is no reason to think that either change was larger than the other. d Some other change must have occurred.arrow_forward
- you are in business and you want to increase your total revenue, should you raise your prices or lower them? a. You should raise them. b. You should lower them. c. You should keep them the same. d. It depends on what you are selling. 1. 2. For a particular good, a 12 percent increase in price causes a 2 percent decrease in quantity demanded. Which of the following statements is most likely applicable to this good? a. The relevant time horizon for consumers of this good is long. b. There are many substitutes for this good. c. The good is a necessity. d. The market for the good is narrowly defined. 3. Which of the following is likely to have the lowest price elasticity? a. vanilla ice cream b. ice cream C. food d. Ben and Jerry's Cherry Garcia ice cream 4. Suppose firm has a 25% sale and that quantity demand rises by 10%. The price elasticity of demand for this good is a. inelastic and equal to 0.4. b. elastic and equal to 1.5O. C. elastic and equal to 0.4. d. inelastic and equal to…arrow_forwardnot use ai pleasearrow_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_forward
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