A headline reads "Lumber Prices Up Sharply."  In a competitive market, this situation would lead to a(n) ..........              increase in the price and quantity of new homes.        decrease in the price and quantity of new homes.        increase in the price of new homes and decrease in quantity.        decrease in the price of new homes and increase in quantity.

labeled): Pricel P Market T This is a standard supply and demand graph that represents what's happening in a specific market (the current market price and quantity are + U W Y > X N Q Market Supply Demand Quantity

labeled): Pricel P Market T This is a standard supply and demand graph that represents what's happening in a specific market (the current market price and quantity are + U W Y > X N Q Market Supply Demand Quantity

labeled): Pricel P Market T This is a standard supply and demand graph that represents what's happening in a specific market (the current market price and quantity are + U W Y > X N Q Market Supply Demand Quantity

Price (dollars per gallon) 5.50 5.00 4,50 4.00 3.50 3.00 2.50 2.00 1.50 1.00 0.50 0 DNovember Djuly os 100 200 300 400 500 600 Quantity (gallons per day) 2. The graph above shows the demand and supply of ice cream in a small town in July and November. In July, the equilibrium price is $3.00 and the equilibrium quantity is 200 gallons of ice cream a day. In November, the equilibrium price is $2.50 and the equilibrium quantity is 100 gallons a day. a. What happens to consumer surplus and producer surplus in November compared to July? Calculate the amount of consumer/producer in November and July. b. Calculate the amount of total surplus in November and July.

K A retail chain will buy 700 cordless phones if the price is $40 each and 500 if the price is $50. A wholesaler will supply 550 phones at $20 each and 1950 at $60 each. Assuming that the supply and demand functions are linear, find the market equilibrium point and explain what it means. Market equilibrium occurs when the number of units is and the price is $ per unit.

Which of the following causes a shift in the supply of golf clubs? golf courses reduce the fee they charge to play golf balls become more expensive O golf carts are banned golf club manufacturers no longer have to provide health insurance for their workers

4. What will be the problem created in the following market if the price is $11.00? How will it be corrected? $12.00 11.00 10 00 Price 9.00 8.00 200 400 600 800 1000 1200 Quantity

In 2020, wildfires and wildfire smoke destroyed thousands of acres of wine grape crops in northern California. Describe and illustrate the impact on the market for wine.

Question b