90 80 70 60 50 40 30 20 120 180 240 300 360 420 480 540 600 660 720 780 840 If a price floor of $60 is imposed in the market above, which of the following is true? O a. There is an excess supply of 300 O b. There is a shortage of 180 O c. There is an excess supply of 420 d. There is an excess supply of 180 10

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a. Select the price at which a shortage would occur in this market 200 T Price $ 1504 100 50+ 0 0 20 D Supply 40 60 Quantity in Units Demand 80 100

Which of the following is consistent with the law of supply? O A. An increase in the market price of oranges causes an increase in the production of oranges. OB. A decline in labor productivity leads to fewer apartment buildings being constructed. OC. A doubling of the price of salt led to a 5 percent drop in the quantity of salt consumed. OD. More passengers chose to travel by airplane after strong price competition. 23

The graph shows the demand curve and the supply curve in the market for newpapers.   Draw a horizontal line at a price at which there is a surplus of newpapers. Label it Surplus.

Dishwashers P. Q The price of dishwashers falls substantially. Other things equal, what happens in the market for dishwashers shown above? Select one: Oa. More dishwashers are now purchased. O b. Supply decreases. O c. Quantity. supplied falls. O d. Supply shifts to the right. Check Next page Solutions Jump to... HW Unit 4 DUE March 3 ►

Other things remaining the same, the law of demand implies that: Select one: O a. as the price of a product increases, the quantity demanded of the same product decreases O b. as the price of a product increases, the quantity demanded of a substitute product decreases c. as the price of a product increases, the demand of the same product decreases demanded of a complementary product decreases O d. as the price of a product increases, the quantity demanded of a complementary product decreases By definition: a substitute is a good that: Select one: O a. has same likeness as another good O b. O c. of lower quality than another good O d. of higher quality than another good that is not used in place of another good

F4 O % 5 Price 90 85 80 75 70 65 60 55 50 45 40 35 30 25 20 15 10 50 Question 7 (2 points) E 0 5 10 15 20 25 30 35 40 45 50 55 60 65 70 75 80 Quantity If the price were to be $65, then this market is experiencing an ___ in the amount of excess supply, 20 units excess supply; 30 units excess demand, 20 units excess demand; 30 units F5 Market for Laptop Chargers A 6 F6 & 7 F7 * 8 F8 →Demand →→-Supply F9 F10 ins F11 1 1 30°F Pri Se