Economics For Today
10th Edition
ISBN: 9781337613040
Author: Tucker
Publisher: Cengage Learning
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Question
Chapter 3.A, Problem 7SQ
To determine
The result of the quantity supplied exceeding the quantity demanded in the economy.
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Students have asked these similar questions
If the price of a good starts out below the equilibrium price without a price control, then
(please choose all the answers that are correct)
A.
suppliers will supply less, pushing the price down
B.
consumers will compete to bid the price up
C.
suppliers will compete to bid the price up
D.
the market starts with a surplus of supply over demand
E.
consumers will demand more than the equilibrim quantity
Researchers find that drinking beer has positive health effects. What impact will this have on the price of beer and producer surplus?
Select one:
a. they both decrease
b. the equilibrium market price increases, and producer surplus decreases
c. they both increase
d. the equilibrium market price decreases, and producer surplus increases
Lesson 10 Question 7
Chapter 3 Solutions
Economics For Today
Ch. 3.7 - Prob. 1YTECh. 3.7 - Prob. 1GECh. 3.7 - Prob. 2GECh. 3.7 - Prob. 3GECh. 3.A - Prob. 1SQPCh. 3.A - Prob. 2SQPCh. 3.A - Prob. 3SQPCh. 3.A - Prob. 4SQPCh. 3.A - Prob. 1SQCh. 3.A - Prob. 2SQ
Ch. 3.A - Prob. 3SQCh. 3.A - Prob. 4SQCh. 3.A - Prob. 5SQCh. 3.A - Prob. 6SQCh. 3.A - Prob. 7SQCh. 3.A - Prob. 8SQCh. 3.A - Prob. 9SQCh. 3.A - Prob. 10SQCh. 3.A - Prob. 11SQCh. 3.A - Prob. 12SQCh. 3.A - Prob. 13SQCh. 3.A - Prob. 14SQCh. 3.A - Prob. 15SQCh. 3.A - Prob. 16SQCh. 3.A - Prob. 17SQCh. 3.A - Prob. 18SQCh. 3.A - Prob. 19SQCh. 3.A - Prob. 20SQCh. 3 - Prob. 1SQPCh. 3 - Prob. 2SQPCh. 3 - Prob. 3SQPCh. 3 - Prob. 4SQPCh. 3 - Prob. 5SQPCh. 3 - Prob. 6SQPCh. 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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Similar questions
- Which one of the following statements is incorrect?A. If the market price is above the equilibrium price, a market surplus will develop.B. If the market price is below the equilibrium price, there will be an excess demand for the product.C. If the market price is below the equilibrium price, a market shortage will develop.D. If the market price is above the equilibrium price, there will be an excess supply of the product.E. If the market price is above the equilibrium price, the quantity demanded is greater than the quantity supplied.arrow_forwardWhich one of the following statements is incorrect?At equilibrium:A. demand is equal to supply.B. the quantity demanded is equal to the quantity supplied.C. there is no excess demand.D. there is no excess supply.E. there is no market surplus.arrow_forwardUse the table below to answer the following questions: Quantity Supplied Price Quantity Demanded 5000 $2 12,000 6000 $4 9500 7000 $6 7000 8000 $8 4500 9000 $10 2000 a) If the price in this market is $8, find quantity demanded. b) If the price in this market is $8, find quantity supplied. c) If the price in this market is $8, will there be a surplus (excess supply) or a shortage (excess demand)? d)If the price in this market is $8, how big is the imbalance in the market? e) Find the equilibrium price and quantity. Question 3 options:arrow_forward
- If there is an increase in the price of red meat, a substitute in production for milk, then: Select one: a. The demand for milk will decrease. b. There will be a movement along the supply curve for milk. c. The supply of milk will decrease. d. The supply of milk will increase. e. None of the above will result. Reason:arrow_forwardSelect the change that would increase price and decrease quantity. (sketch the graphs if you need to see the changes) Increase in minimum wage New technology aids production New businesses are opening More people demand the productarrow_forwardWhat effect will each of the following have on the supply of auto tires? The granting of a 50-cent-per-unit subsidy for each auto tire produced.arrow_forward
- Exceptions to the law of supplyarrow_forwardCan the supply of agriculture products keep up with the growing population's demand? cite your sources.arrow_forwardcarefully 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 leftarrow_forward
- Which change would cause a decrease in price and a decrease in the quantity sold? Pick a,b,c, or d a. The granting of a subsidy to producers of the product b. The removal of a price floor on the product maintained by government legislation and rationing c. The granting of a subsidy to consumers of the product d. The removal of a price ceiling on the product maintained by government legislation and purchases of surplusesarrow_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_forwardWhat impact did the advent of online video rentals and streaming have on the in-store movie industry? Use the demand and supply diagram to illustrate your answer. Pay attention to how the equilibrium quantity and price adjust. Make state all your assumptions.arrow_forward
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