Demand and Supply Schedule for Bubble Gum Price Quantity Demanded Quantity Supplied $1.00 25 $1.50 20 $2.00 15 If the producer sells the Bubble Gum for $2.00, which of the following will be true? There will be excess demand, also called a shortage, of 10 units. b. There will be excess supply, also called a shortage, of 10 units. c. There will be excess supply, also called a surplus, of 10 units. d. There will be excess demand, also called a surplus, of 10 units. a. 15 20 25

In this market there will be an excess supply of 1000 gardenburgers at a price of 2. If the price per garden burger is $6 there is a

Price Refer to the below diagram, which shows demand and supply conditions in the competitive market for product X. A shift in the demand curve from D, to Do might be caused by B C Quantity O a decline in the number of buyers in the market. a decline in the price of a substitute good. an increase in incomes if the product is a normal good. an increase in incomes if the product is an inferior good.

8. R 2 00 PRICE (Dollars per unit) 12. Elastic and inelastic supply The following graph shows the supply of a good. E Supply 0 40 30 64 72 QUANTITY (Units) MacBook Pro G Search or type URL & 24 3. 4.

Refer to the table to the right. Over what range of prices is the demand price inelastic? A. between $8 and $16 B. between $12 and $16 C. over the entire range of prices D. between $2 and $8 Price per pound (Dollars) $16 14 12 10 8642 Quantity Demanded of cheese (pounds) 3 45678 9 10