If the price of tomatoes is $5 per pound but then falls to $4 per pound åfter a change in demand. there would have been a shortage at $5 There would be a shortage at $4 there would have been a surplus at $5 there would be a surplus at $4

Price $2.00 $2.50 $3.00 $3.50 O surplus; increase surplus; decrease Quantity Demanded O shortage; increase O shortage; decrease 3,300 2,800 2,300 1,800 Quantity Supplied Using the table above, if the price is $2.50 the market is experiencing a pressure for the price to 300 800 1,300 1,800 and there is

The restaurant industry is highly competitive. The pandemic has likely reduced the demand for restaurant meals. It has also likely raised the fixed costs of a typical restaurant (because owners have needed to reconfigure seating and install new ventilation systems). a)What will these two developments do to the equilibrium price and quantity in the market for restaurant meals? b)What will these two developments do to the number of meals produced and the profits of a typical restaurant in the short run?

For a product the supply curve is p=5+.2q and the demand curve is p=20-.01q^2  p is price q is quantity  what is equilibrium price and quantity  what is consumer price and surplus

True or false. There is no surplus or shortage when there is an equilibrium in the market.

A surplus in a competitive market occurs when the: quantity demanded exceeds the quantity supplied and the price is below the equilibrium price. Oprice is below the equilibrium price. quantity demanded exceeds the quantity supplied. Oprice is above the equilibrium price.

7. Producer Surplus Suppose the demand for tomato juice falls. Illustrate the effect this has on the market for tomato juice. Supply Demand Supply Demand Quantity of Tomato Juice Producer surplus in the market for tomato juice Price of Tomato Juice

In a competitive market, if price is higher than the equilibrium price then the quantity demanded will be lower than the quantity supplied. True or False

Use the table to answer the question. Price $3 $5 5555 $7 $9 $11 $13 $15 Quantity Demanded 70 units 160 units 250 units 200 units (units) 250 220 190 160 130 100 70 Quantity Supplied (units) 40 80 120 160 200 240 280 What is the equilibrium quantity in this market?

Use the figure below to answer the following question. $5 4 3 2 46 8 10 12 14 16 18 20 Quantity Supplied (thousands of bushels per week) The figure above shows three supply curves for wheat. Which of the following would cause the supply of wheat to shift from Sy to Sa Multiple Cholce a tax on wheat production a subsidy for wheat production an Increase In the price of wheat a decrease In the price of wheat Price (per pound)