Microeconomics
13th Edition
ISBN: 9781337617406
Author: Roger A. Arnold
Publisher: Cengage Learning
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Chapter 4.1, Problem 2ST
To determine
The impact of
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How price equilibrium is achieved?
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- Explain what the rationing problem is, and one strategy for dealing with it.arrow_forwardSuppose the price of gasoline is $1.00. Will the quantity demanded be lower or higher than at the equilibrium price of $1.40 per gallon? Will the quantity supplied be lower or higher? Is there a shortage or a surplus in the market? If so, of how much?arrow_forwardIf Goods are not rationed according to price, what happens?arrow_forward
- We often find that for major sporting events (playoffs, Super Bowl, etc.) the quantity of tickets demanded is greater than the quantity of tickets supplied. How would the market solve this problem? Would consumers be better off or worse off? Why?arrow_forward"If a good is inferior, a rise in its price will cause people to buy more of it, thus violating the law of demand." True or false? Explain.arrow_forwardAnalyze the effects of changes in demand and supply on market equilibrium.arrow_forward
- Land in south western Ethiopia can often be used to grow either coffee or khat.suppose the price of coffee increases. Explain how the market for that will be affected.arrow_forwardAnnabelle typically drives her car to school, but she lives near a bus stop and is willing to take the bus instead. If the price of a bus ticket falls, what would happen in the market for cars?arrow_forwardWhen the price is above the equilibrium, explain how market forces move the market price to equilibrium. Do the same when the price is below the equilibrium.arrow_forward
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