Consider a market in which the demand curve is given by P= 1000-50, and the supply curve is given by P = 1.00. Suppose there is a positive supply shock and the supply curve shifts to the right, so that quantity supplied increases by 100 at each price, What is the new equilibrium price? Give your answer to 2 decimal places.

57 00:22-13 Mc Graw Hill Multiple Choice In which of the following instances will the effect on equilibrium price be dependent on the magnitude of the shifts in supply and demand? supply falls and demand remains constant supply rises and demand falls demand rises and supply falls demand rises and supply rises Save & Exit Submit

Consider the following statement: "The market supply for natural gas is the sum of all prices that natural gas producers are willing and able to sell at for every quantity." What is the flaw in this statement? Select the correct answer.   It should state that market supply is the sum of the quantities of natural   gas that producers are willing and able to sell at every price.   It should state that market supply is the price of natural gas that one firm is willing and able to provide a specified quantity of its product at.   There is no flaw in this statement.   It should state that market supply is the quantity of natural gas that producers are willing and able to sell at one specific price.

If the demand function for a commodity is given by the equation  p2 + 4q = 1200  and the supply function is given by the equation  700 − p2 + 10q = 0,  find the equilibrium quantity and equilibrium price. (Round your answers to two decimal places.)