1. What is the equilibrium price? What is the equilibrium quantity? Suppose P_c goes up to 14. New equilibrium price?  New equilibrium quantity?

Critically evaluate: “In comparing the two equilibrium positions in Figure, I note that a smaller amount is actually demanded at a lower price. This refutes the law of demand.”

Nowadays, we can choose either a laptop computer or a tablet to be a portable electronic device. Recently, the consumers of those electronics devices find that the price of tablets increases sharply. What are the effects on the equilibrium price and equilibrium quantity in the market of laptop computers? No diagram is needed but you need to describe how the curve(s) shifts in your written explanation.

What are the effects on the equilibrium price and quantity of chocolate if information becomes available that eating chocolate makes your hair fall out and at the same time the price of sugar that is needed to make chocolate reduces by 10 percent? Clearly state the effect on demand and supply and whether equilibrium price and/or quantity have increased, decreased or whether the outcome is uncertain.

ANSWER ONLY LETTER D ONLY.

QUESTION 11 The number of seats available in an arena is fixed at 20,000. The equilibrium price for a ticket to a basketball game at the arena is $75. The equilibrium price for a ticket to the circus at the arena is $25. Which of the following is true? O The demand for each basketball game must be more than the demand for each circus performance. O Basketball games must be more expensive to produce than a circus performance. O The supply of circus performances must be less elastic than the supply of basketball games. O The demand for each circus performance must be greater than the demand for each basketball game.

24 of 100 Suppose that there is a freeze in California that damages the avocado crop. The effect on the market for avocados will be a in the equilibrium price. of the supply curve and a(n). DOOO leftward shift; decrease leftward shift; increase a rightward shift; increase rightward shift; decrease