Look at the graph. A bookstore owner increases the price of art books to $25. Which of these would occur? A higher equilibrium point, because demand and price increased A lower equilibrium point, because the supply will increase A shortage, because the price is lower than equilibrium price A surplus, because the price is higher than equilibrium price

Suppose that the price of nails goes up.  What would we expect to happen in the market for hammers, assuming that nails and hammers are commonly consumed together? Price will increase and quantity will increase.         Price will increase but quantity will remain constant.         Price will decrease and quantity will decrease.         Price will increase and quantity will decrease.         Price will decrease and quantity will increase.

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You are given the following market data for Venus automobiles in Saturnia. Demand: P = 35,000 - 0.5Q Supply: P = 8,000 + 0.25Q where P = Price and Q = Quantity. a. b. C. Calculate the equilibrium price and quantity. Calculate the consumer surplus in this market. Calculate the producer surplus in this market. Use the editor to format your answer